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The fourth quarter was not a stellar time for home sales according to Fannie Mae's Housing Forecast for December. While existing sales are projected to improve from 289,000 to 299,000, new home sales will drop from 151,000 to 125,000. In the same quarter of 2009 only 76,000 new homes sold, but existing...
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I thought I'd done it all right: Excellent credit (782), documented income, 70% LTV, watched rates waiting til just the right time, applied and locked a great rate at the end of October. I'd heard of the troubles in the industry, but this is my 5th mortgage/refi, I thought it wouldn't be...
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Originally published in the December 2010 issue of Asset Securitization Report There is a reasonable chance that the incoming Congress will finally attempt to tackle the contentious issue of GSE reform. However, radical changes to the GSEs (with some discussion of eliminating them entirely) have the...
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Americans are still waiting for the housing market to hit bottom according to survey data released this week from the Third Quarter Fannie Mae National Housing Survey . It found that a declining number of both homebuyers and renters think this is a good time to buy and an overwhelming and growing majority...
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Despite the anticipation for sluggish growth into the first part of 2011, Fannie Mae, in their November 2010 Economic Outlook , sees GDP growth driven by consumer spending as well as improvements in most sectors of the mortgage market. Additionally, the report calls for a recovery in homebuilding next...
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Thomas M. Hoenig, president of the Federal Reserve Bank of Kansas City, characterized the recent housing collapse as a classic asset-price bubble spurred by low interest rates, easily accessible and often-unsound financing, over-optimism about housing price trends, and a high - and difficult to control...
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I've been very busy over the past few weeks answering questions regarding the foreclosure mess and the accompanying “robo-signing” dilemma. What surprises me are not the concerns over systematic risks surrounding the issue or whether or not fraud has occurred, but the fact that everyone I’ve...
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Our mortgage banking clients continue to experience delays in the loan purchasing process. This issue reflects an increase in refinance application volume. The uptick in production activity combined with heightened compliance requirements and a greater number of investor overlays has clogged back shop...
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The key term is "as in condition", which means that Fannie Mae is selling the property "as is" and the purchaser is purchasing the property "as is". Your friend may have a few alternatives if the lender/appraiser has conditions that must be completed prior to closing the...
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Yesterday I received this note from an industry veteran: "In reference to your statement 'The entire mortgage business is bruised and battered,' I have to take issue with that characterization. Yes, the industry is certainly contending with a number of issues, several of which are complex and intimidating...