Ok… April Fools – at least for two of them! There haven’t been any press releases that John Stumpf & Wells Fargo have been asked to participate in a Fed-assisted bail out of any particular large lender. But who knows? There have been rumors of Wachovia, WaMu, and SunTrust – but they are only that:
HUD
HUD Secretary Alphonso Jackson, the highest ranking U.S. housing regulation official, announced his resignation today, effective April 18. He cited family reasons, but the FBI has been examining the ties between Jackson and a friend who was paid $392,000 by Jackson’s department as a construction manager in New Orleans after Hurricane Katrina. Also the housing
Why are some investors putting restrictions on FHA loans that HUD doesn’t have? If the United States government stands behind (issues) debt, why wouldn’t the rates be very low? Many investors have put more restrictive guidelines in place, and it’s not new to put overlays on guidelines on loans that Fannie or Freddie will buy,
Below is the official news release from the Office of Federal Housing Enterprise Oversight announcing the new super-conforming loan guidelines that will be in effect until December 31, 2008. Check Loan Limits For Your Area TEMPORARY CONFORMING LOAN LIMITS RELEASED FOR HIGH COST AREAS Washington, DC – The Office of Federal Housing Enterprise Oversight (OFHEO)
California is the first to get the higher FHA loan limits up to a cap of $729,750. The counties that qualify for the highest amount are Alameda, Contra Costa, Marin, Napa, San Francisco, San Mateo and Santa Clara, Orange, Los Angeles, Monterey, San Benito, Santa Barbara, Santa Cruz and Ventura. HUD Secretary Alphonso Jackson said
Fixed rates are even versus last week and ARM rates open the week down .125% from last Monday, but the volatility continues with rate swings of up to .375% on any given day. This is proof that credit markets are still not functioning properly, and that’s the topic on Capitol Hill Thursday when Fed Chairman