State of Home Equity Credit Lines Crying out for home equity lines? Although many investors offer them through retail, wholesale, and correspondent channels, others do not. Don’t look for that to change any time in the near future as investors are dealing with many buy-back issues. That being said, reports from rating agencies such as [...]
Posts Tagged ‘HELOC’
$1.1t 2nd Mortgage Problem, Distressed Home Sales 29% of Market, Banks & Hedge Funds 40% Of MBS Volume
My clock radio went dead, so I was faced with the usual question, “Do I pay to have it repaired, or do I buy a new one?” I went to a local repair shop, and on the door was a sign that said, “WE CAN REPAIR ANYTHING. (PLEASE KNOCK – THE BELL DOESN’T WORK!)” Needless [...]
Why Rates Won’t Rise On March 31, Problem 2nd Mortgages, FDIC’s To Auction $1b In Failed Bank Assets
Often I start the commentary off saying something witty, but I couldn’t think of anything clever so I thought I’d suggest you take a look at this video about seat belts (also embedded below). It is making the rounds, and with good reason. Why Rates Won’t Rise On March 31 The Federal Reserve has a [...]
CPI Up and Rates Follow, Condo Loans in Florida, Home Equity Loans
CitiMortgage, who continues to scale back in sellers, and also being welcomed by warehouse lenders, made some changes to their “Best Efforts Pull-Through (BEPT) Reward program”. Basically, they are making the measurements simpler beginning in August – possibly due to their re-engineering efforts a few weeks ago. No More BofA Broker Condo Loans In Florida [...]
Mortgage Fraud Crackdown, Consumer Confidence Improves
The administration unveiled a new set of incentives for second mortgage modifications: the government will pay mortgage servicers (not originators) $500 upfront and $250 a year for three years for successfully modifying a second mortgage, such as a home equity loan. FBI To Hire Hundreds of Mortgage Fraud Agents The news yesterday also included the [...]
Tax On Small Business, Rates At TARP Banks, End of 2nd Mortgages?, Private MBS Volume
Recently seen bumper sticker: “Honk if you are paying my mortgage”. Tax On Small Business Most mortgage companies in the United States would be counted under the “small business” category. (500 employees or less.) Sure, billions of dollars of closings might pass through their doors, but in terms of revenue, expenses, and employees, they would [...]
Durable Goods & Jobless Claims Down, Chase Exits Warehouse, Tracking TARP Money
OK, I am a sucker for the etrade baby ads, along the right side of the site. Tracking TARP Money Where does your favorite bank stand in receiving TARP money? Well, here you go. Chase Exits Warehouse Business Having only 8 clients left, Chase bailed on their warehouse business. “After consideration and review, the Correspondent [...]
PNC Buys National City For $5.2b Using Treasury Funds
PNC Bank is showing other banks the advantages of capital infusion component of the Treasury’s TARP plan. They’re buying National City Bank for $5.2b which, it can be argued is fully-taxpayer funded since PNC received $7.7b in Treasury’s first round of bank re-capitalizations. This is exactly what Treasury wanted to happen: for banks to take [...]
Existing Home Sales Up, Rates Slightly Better, Down Payment Assistance Overview
Those clever FDIC/Indymac folks! They are sending out letters to their HELOC borrowers, saying, “IndyMac Federal Bank will be selling your home equity line of credit to a third party within the next 90 days.” (Who? We’d all like to know!) “To help facilitate this transaction, IMFB is willing to pay the greater of $500 [...]
Freddie Mac Says Home Prices Could Drop 20% More, Morgan Stanley Freezes HELOCs
What coffee drinker doesn’t want to open up some market commentary and get a coupon for free coffee? (Gosh, I hope that I don’t get sued on this one!). FREDDIE MAC LOSES $821m, CUTS DIVIDEND Freddie Mac lost $821 million in the 2nd quarter after taking $2.5 billion in provisions for credit losses. Revenue fell [...]
