The Fed ALMOST Got it Right!
November 25, 2008 by Bob Schenkenberger · Leave a Comment
The Fed announced today it will purchase up to $600 billion in mortgage backed securities issued by Fannie, Freddie and Ginnie Mae. As a result, 30 year fixed rates drop to 5.50%. This is great news! What isn’t such great news is that those in need of a “hand up” are NOT going to get [...]
Who’s the winner in todays economic world?
October 24, 2008 by Bob Schenkenberger · Leave a Comment
The First Time Buyer…. They have an opportunity to buy homes today that don’t have inflated values… They don’t have to wait for their home to sell… They have sellers willing to pay their closing costs and buy-down already low interest rates…. They are in the first “Buyers” Market in nearly 8 years…. They have the largest [...]
Is There Money To Lend?
October 13, 2008 by Bob Schenkenberger · 4 Comments
YES, Mortgage money is still available! The liquidity of mortgage money is not a crisis, and people looking to finance a home are able to do so! I just wanted to inform you that it is BUSINESS AS USUAL around here. We are still doing lots and lots of loans. Even if you do not have a [...]
Wall Street Screwed Main St. (and themselves!)
October 10, 2008 by Bob Schenkenberger · Leave a Comment
The subprime mortgage mess, and questionable lending practices may have started this debacle, but the Wall Street brain trust are to blame for the full blown financial meltdown. Greed and suspect ethics are the reason the financial infrastructure of this country is in a state of chaos. But instead of letting these companies be cannabalized [...]
Give me $85 Billion and I’d Throw a Party!
October 9, 2008 by Bob Schenkenberger · 2 Comments
I guess I’m not the only one. It’s really quite maddening! Check this out from the AP Thursday, October 9, 2008 WASHINGTON – Days after it got a federal bailout, American International Group Inc. (AIG) spent $440,000 on a posh California retreat for its executives, complete with spa treatments, banquets and golf outings, according to [...]
Black Monday and the Real Estate Market
September 16, 2008 by Bob Schenkenberger · 3 Comments
This is the BEST article I’ve read about the recent demise of some of this countries largest financial institutions. It is so well researched and written that anything I may add would only detract. So here it is, in it’s entirety. Thanks and credit go to Jeff Corbett with Agent Genius! September 16th, 2008 Black [...]
What Is Happening to Fannie & Freddie
September 12, 2008 by Bob Schenkenberger · Leave a Comment
Major Points Fannie and Freddie have been placed in conservatorship. (Federal government has taken 79.9 percent of common stock and all dividends in return for buying $1 billion of preferred shares.) Top Fannie/Freddie executives have been replaced.) In return, the Treasury will receive new senior preferred stock and warrants on the GSE’s (Government Sponsored Entitites) [...]
Fannie Freddie Bailout
September 9, 2008 by Bob Schenkenberger · 3 Comments
We’ve been getting many questions on the Fannie Mae/Freddie Mac seizures by the U.S. Government. Here is some information to help get your arms around the situation. This from the Wall Street Journal U.S. Seizes Mortgage Giants Government Ousts CEOs of Fannie, Freddie; Promises Up to $200 Billion in Capital By JAMES R. HAGERTY, RUTH [...]
Lenders Becoming More Conservative!
September 9, 2008 by Bob Schenkenberger · Leave a Comment
Fannie Mae has announced that they are lowering the maximum loan-to-value (LTV) ratios for a number of loan types. The three changes that will have the most impact follow: Principal residence, cash-out refinance: Current max is 90%, new max is 85%. This means that if you refinance your primary residence, you can’t get more than [...]
MORTGAGE RATES
September 5, 2008 by Bob Schenkenberger · 1 Comment
Provided By: Rebecca Hansen with Liberty Financial Group NATIONAL OVERNIGHT AVERAGES TODAY LAST WEEK 30 yr fixed mtg 6.14% 6.26% 15 yr fixed mtg 5.67% 5.77% 5/1 ARM 5.81% 5.91% 30 yr fixed jumbo mtg 7.26% 7.36% 5/1 jumbo ARM 6.35% 6.43%