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Posts Tagged ‘mortgage business’

Discarding Fannie Mae and Freddie Mac = A Nightmare

August 12th, 2013 Comments off

While the Republican-led House Financial Services Committee is supporting legislation to totally eliminate Fannie Mae and Freddie Mac from the mortgage business with no government interference , the Democrat-majority Senate Banking Committee says the government needs to be a backstop to make certain borrowers of modest means can continue to obtain financing. Even President Obama, as MHProNews reported here Aug. 7, states the mortgage industry would be better served with more private sector involvement. Meanwhile, as HousingWire reports, Fox News blogger Peter Morici and USA Today both say eliminating Fannie and Freddie would raise the cost of borrowing to a level that would be out of reach of the middle class.

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MH gets Small Bite of Fannie Mae Multifamily

February 4th, 2013 Comments off

Daily Markets informs MHProNews the $33.8 billion in multifamily loans that Fannie Mae and its lenders processed in 2012 builts nearly 560,000 units of housing. “In 2012 the multifamily market was strong, with solid fundamentals remaining in place,” said Jeffery Hayward, Senior Vice President, Head of the Multifamily Mortgage Business, Fannie Mae. “Private capital continued to return to the market, an important step to restoring a more normal lending environment.” In addition, 98 percent of the multifamily loans were through the Delegated Underwriting and Servicing (DUS) program, which requires lenders to have “skin in the game.” Manufactured housing communities received $912 million in 2012 from Fannie Mae, $377 million more than in 2011.

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Mortgage Apps Rise

December 5th, 2012 Comments off

According to Mortgage Bankers Association’s (MBA) data, refinancings accounted for 83 percent of new mortgage business, up from 81 percent the week before, as mortgage applications rose five percent, apparently with little concern for the fiscal cliff issue. Tying the all-time low, the average contract rate for a 30-year FHA-insured loan fell two basis points to 3.34 percent. Nationalmortgagenews tells MHProNews 30-year fixed rate mortgages (FRMs) with jumbo loan balances rose four points to 3.79 percent. Tracking the market since 1990, MBA’s survey covers 75 percent of the retail residential mortgage market.

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