With the US Treasury purchasing $600 billion in mortgage backed securities mortgage rates are falling. There is also a plan being floated where the government would set the 30 year mortgage rate at 4.50% on home purchases – almost 1% below current market rates. The idea being of course that the whole thing started with [...]
Posts under ‘Mortgage Backed Securities’
Loan Servicing Transfer vs. Refinancing
From the Arizona Mortgage Guru mailbag: Question: Well, we just received a notice that IndyMac, who we have a second mortgage with, closed it’s doors. They kindly sent us a notice that they are working with Wells Fargo to offer help refinancing our loan. My concern is this, if we have to go through a [...]
House Passes Key Mortgage “Reform” or, the “No Loan For You” Bill
The US House passed the Mortgage Reform and Anti-Predatory Lending Act (HR 3915). It’s being called as the “anti-predatory” bill, but I’m going to call it the “no loan for you” bill. For those not familiar with the bill’s key provisions, below is a summary from MSNBC : The bill would create a licensing system [...]
