From the monthly archives:

January 2008

2008 Fannie Mae Loan Limits

January 28, 2008

We get a lot of questions about these – you may want to bookmark this post
2008 Loan Limits
2008 Conforming Loan Limits News Release
2008 Single-Family Mortgage Loan Limits
Single-Family Mortgage Loan Limits effective January 1, 2008:
First mortgages
One-family loans: $417,000
Two-family loans: $533,850
Three-family loans: $645,300
Four-family loans: $801,950
Note: One- to four- family mortgages in Alaska, Hawaii, Guam, and the U.S. [...]

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Mortgage Rates – Historical Mortgage Rates

January 28, 2008

2008 Mortgage Rates
http://www.freddiemac.com/dlink/html/PMMS/display/PMMSOutputYr.jsp?year=2008
See Historical Mortgage Rates from 1971 – 2007
Monthly Average Commitment Rate And Points On 30-Year Fixed-Rate Mortgages
http://www.freddiemac.com/pmms/pmms30.htm
Historical Mortgage Rates in Excel Format
30 yr Mortgage Rates http://www.freddiemac.com/pmms/docs/30yr_pmmsmnth.xls
15 yr Mortgag Rates http://www.freddiemac.com/pmms/docs/15yr_pmmsmnth.xls
5 yr Mortgage Rates http://www.freddiemac.com/pmms/docs/5yr_pmmsmnth.xls
1 yr Mortgage Rates http://www.freddiemac.com/pmms/docs/1yr_pmmsmnth.xls

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Everybody back in the Ocean?

January 25, 2008

Like the memorable scene from the film Jaws – borrowers, investors and homebuyers fled the mortgage oceans in 2007. Judging by the past week it seems the water looks safe again. We certainly hope it is. One thing the new year calendar year should bring is better loans in the mortgage market.
It [...]

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Federal Reserve Rate Cuts

January 24, 2008

Nice tool for tracking FED activity from CNN and Money
http://money.cnn.com/news/specials/fed/

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10 Year Treasury is at 2003 levels – Time to Refi?

January 24, 2008

Source: BaltimoreSun.com
If you can refinance and you can find a flat fee mortgage then you may want to strongly consider the refinance option.
Refinancing needs
With mortgage rates falling, many consumers are considering refinancing their loans. But the requirements are different in this post-credit crunch. Some things you’ll need:
• Good credit, with a minimum score in the [...]

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Orlando Bankruptcy Increases

January 23, 2008

Overzealous investors trying to flip homes face financial ruin when no buyers emerge for their investment properties.

clipped from www.sun-sentinel.com

South Florida Sun-Sentinel.com

Personal bankruptcies jump 96% in Metro Orlando

Personal bankruptcy jumps 96% in Orlando The mortgage crisis is affecting borrowers at all income levels.

Nearly 7,060 debtors declared insolvency in Orlando’s federal bankruptcy court [...]

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Flat Fee Mortgage – can it rescue the Mortgage Broker Industry?

January 21, 2008

How to Clean Up the Mortgage Broker Mess:
There are a 2 simple yet powerful changes that need to take place for Mortgage Brokers to stay relevant as Congress seeks to take action against the mortgage broker industry.
Flat Fee Mortgage Compensation Model
Loan Contract
1. Flat Fee Mortgage -removing the agency problem in the mortgage business
I have believed [...]

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Mortgage Crisis – Explained

January 18, 2008

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Mortgage Contract on the way?

January 18, 2008

In a follow-up to our prediction in February 2007 -
http://mortgageblog.com/mortgage-contract/mortgage-contract-coming-soon/
Mortgage Contract in the works?
With the house democrats voting 100% in favor of HR 3915 Mortgage Reform and Anti-Predatory Lending Act of 2007 – it appears that a national mortgage contract is going to be adopted for consumers that wish to take out a [...]

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Bank of America Acquires Countrywide

January 11, 2008

clipped from www.prnewswire.com

Creates Largest U.S. Mortgage Lender and Servicer
CHARLOTTE, N.C., Jan. 11 /PRNewswire/ — Bank of America Corporation
today announced a definitive agreement to purchase Countrywide Financial
Corp. in an all-stock transaction worth approximately $4 billion.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050720/CLW086LOGO-b)
The purchase will make Bank of America the nation’s largest mortgage
lender and loan servicer. This [...]

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Jumbo Loan Limits Unchanged

January 4, 2008

Fannie Mae’s 2008 Conforming Loan Limit Remains at $417,000
Fannie Mae (FNM/NYSE) announced that its 2008 conforming loan limits would remain at the limits set in 2006 and 2007, as determined by the Office of Federal Housing Enterprise Oversight (OFHEO). OFHEO’s full announcement can be found at www.OFHEO.gov.
Limits for single-family mortgages purchased by Fannie Mae will [...]

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