Conventional wisdom, the lending version, holds that refinance loans are inherently less risky than purchase loans, but a recent analysis from the Urban Institute (UI) refutes this contention. In fact, Linda Goodman, Co-director of UI's Housing Finance Policy Center says rampant refinancing probably played a major role in the housing crisis. Goodman, writing in UI's Urban Wire blog says despite ample evidence that it was risky products rather than lending to riskier borrowers that majorly contributed to the crisis, many continue to blame government policies toward homeownership. However, at the height of the boom it was refinanced loans that were more likely to default. This was largely due to people treating their homes as ATMs through cash out refinances. Eighty-four percent of refinances

May 18, 2017 Download our Mobile App: Download our Mobile App: Housing News Refis Actually Did More Damage During The Housing Crisis -UI Conventional wisdom, the lending version, holds that refinance loans are inherently less risky than purchase loans, but a recent analysis from the Urban Institute (UI) refutes this contention. In fact, Linda Goodman, Co-director of UI's Housing Finan... (read more) Housing News Purchases Increase, Pull-Through Declines -EllieMae The average period necessary to close a mortgage shortened again in April, dwindling by another day from the March timeline to 42 days . This was the shortest processing period in the 17-month overview of data provided in Ellie Mae's Origination Insi... (read more) MBS Commentary MBS Live Day Ahead: Rally Intact But At Risk For a Bounce I can't emphasize this enough: when bond markets have a day like they had yesterday, it's often followed shortly thereafter by a correction.  In the case of a true rally with staying power, that will be a temporary correction, lasting one day.... (read more) Housing News Household Debt Tops Pre-Recession Level This may, or may not be a cause for celebration. The New York Federal Reserve Bank, using credit data from Equifax, reports that Americans are now back to owing as much money as they did before the housing crash . Aggregate household debt rose for th... (read more) Rob Chrisman Fannie and Freddie News; MERS/HMDA update; Politics and Rates Imagine being able to keep the money you earn!? Per Mr. Mel Watt, Fannie & Freddie might have to keep their profits to avoid rescue . Mr. Watt, who happens to be speaking here in North Carolina at the AMC and who happens to be the director of the... (read more) MBS Commentary MBS Live Recap: Game-Changing Rally or Massive Head-Fake Today will either go down as a game-changing rally in the course of bond traders' decision making process for 2017, or as an epic head-fake that provided LO's a great opportunity to lock a few top tier deals at sub 4% 30yr fixed rates.  Eith... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.81% +0.00% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.81% 0.00 0.00 15 Yr. Fixed 6.05% 0.00 0.00 30 Yr. FHA 6.39% +0.01 0.00 30 Yr. Jumbo 6.90% -0.01 0.00 7/6 SOFR ARM 6.26% -0.01 0.00 30 Yr. VA 6.40% 0.00 0.00 Updates Daily - Last Update: 7/25 15 Yr. Fixed Rate 6.05% +0.00% Rate Change Points Freddie Mac 30 Yr. Fixed 6.74% -0.01 0.00 15 Yr. Fixed 5.87% -0.05 0.00 Updates Weekly - Last Update: 7/24 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.84% +0.02 0.62 15 Yr. Fixed 6.14% +0.03 0.69 30 Yr. Jumbo 6.75% -0.06 0.70 Updates Weekly - Last Update: 7/23 MBS / Treasuries UMBS 30YR 5.5 99.33 +0.02 Price / Yield Change MBS UMBS 5.5 99.33 +0.02 UMBS 6.0 101.26 +0.01 GNMA 5.5 99.58 +0.01 GNMA 6.0 101.22 0.00 Pricing as of: 7/25 8:06PM EST 10 Year US Treasury 4.3883 -0.0099 Price / Yield Change US Treasury 2 YR Treasury 3.932 +0.009 5 YR Treasury 3.954 -0.007 7 YR Treasury 4.157 -0.007 10 YR Treasury 4.388 -0.010 30 YR Treasury 4.931 -0.008 Pricing as of: 7/25 8:06PM EST Latest Video Sudden dollar jump Mnuchin: We need to fix Fannie and Freddie Weekly jobless claims down 4K to 232K Around the Web NAFCU FHFA's Watt reiterates true housing finance reform depends on Congress feedproxy.google.com Tax Reform Could Deliver a Tax Hike for Homeowners: New Research Calculated Risk Blog Sacramento Housing in April: Sales down 3%, Active Inventory down 16% YoY consumerfinancemonitor.com CFPB and FTC confirm scrutiny of ancillary products CNBC House oversight panel chairman Chaffetz reportedly planning to depart Congress June 30 consumerfinancemonitor.com Senate Leader Mitch McConnell skeptical of Dodd-Frank reform feedproxy.google.com NAR Midyear Forecast: Existing-Home Sales Poised to Climb 3.5 Percent in 2017 Market Watch Mnuchin says he expects Fannie, Freddie to continue to pay dividends Market Watch Washington dysfunction' won't stop Fed from hiking interest rates in June CNBC UBS modifies Fed calls, sees next rate hike in June CNBC 7 line items that pad the costs of selling your home CNN Mnuchin: Housing finance reform a 'priority' for Trump White House Freddie Mac Mortgage Rates Edge Down

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