More than a month ago on Monday, October 5, The FHA Taxpayer Protection Act of 2009 - HR 3706 - authored by Rep. Scott (Goober) Garrett (R-NJ) was introduced to Congress.
If passed It would increase the minimum down payment for FHA insured mortgages from 3.5% to 5% and the law would prohibit financing FHA closing costs. BUT WAIT there is more!
One tiny fact looms large and questions the Congressman's competence to propose any laws governing FHA is that FHA already no longer allows closing costs to be computed in the loan amount. This changed last year. See FHA Regs 4155 page 35
This ill advised, poorly researched, legislation will not help our recovering market or even our future mortgage stability. FHA is not the culprit or even one of the culprits in the recent mortgage fiasco. That blame lies at the feet of sub-prime mortgages and Wall Street greed.
FHA, with a 3% downpayment had been stabile source of financing for almost 80 years. Actually, because closing costs used to be computed in the loan the previous LTV was more like 2.25%. The minimum down payment was recently increased to 3.5%.
If you feel Congressman Garret's bill must be defeated then email your congressman at: Congressional Email
P.S. I know it serves no intelligent purpose to Gooberize Congressman Scott but it makes me feel good.
Rate Lock Advice and Mortgage Market Update
November 13, 2009, 3:00 PT
RATE LOCK ADVISORY
Lock Advice: FLOAT
Favorable repricing may be possible from early investors. MBS prices are up +6/32
RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice changes throughout the day .
Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage
Down 0.01% at 5.05% on Nov.13
Fannie Mae Mortgage Backed Securities
MBS Opened at 4.558% Down 0.035%.
10 Year Treasury Currently 3.420% Down -0.03%
DJI Stocks $10,270.47, Up 73, 0.72%
European and Asian Markets Up 0.062%
Nymex Crude Oil Currently $76.35 Down $0.59
Take 5 minutes to watch this humorous and educational video... The big bailout banks find another way to rip off the consumer... just in a nick of time for them, but not for us. See TBWS Video
Rates 11-13-09, 3:00 AM PT
30 Year Fixed to $417,000
Rate 4.625% Point 1.000, APR 4.769%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required
President signs the First Time Buyer Tax Credit Extension Read Story
Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.
Rate Lock Advice and Mortgage Market Update
November 13, 2009, 9:40 PT
RATE LOCK ADVISORY
Lock Advice: FLOAT
Favorable repricing may be possible from early investors. MBS prices are up +6/32
RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice changes throughout the day .
Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage
Unchanged at 5.06% on Nov.13
Fannie Mae Mortgage Backed Securities
MBS Opened at 4.558% Down 0.035%.
10 Year Treasury Currently 3.440% Down -0.01%
DJI Stocks $10,294.73, Up 97.26, 0.95%
European and Asian Markets Up 0.062%
Nymex Crude Oil Currently $77.08 Up $0.14
Take 5 minutes to watch this humorous and educational video... The big bailout banks find another way to rip off the consumer... just in a nick of time for them, but not for us. See TBWS Video
Rates 11-13-09, 8:00 AM PT
30 Year Fixed to $417,000
Rate 4.625% Point 1.125, APR 4.785%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required
President signs the First Time Buyer Tax Credit Extension Read Story
Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.
Rate Lock Advice and Mortgage Market Update
November 12, 2009, 8:00 PT
RATE LOCK ADVISORY
Lock Advice: FLOAT
MBS prices are down -1/32 from Tuesday's close.
Jobless Claims came in a little lower than expected.
RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice changes throughout the day .
Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage
Unchanged at 5.08% on Nov.11
Fannie Mae Mortgage Backed Securities
MBS Opened at 4.593% Down 0.02%.
10 Year Treasury Currently 3.480% Down -0.02%
DJI Stocks $10,277.95, Down -13.31, -0.13%
European and Asian Markets Up 0.087%
Nymex Crude Oil Currently $78.20 Down $1.08
Take 5 minutes to watch this humorous and educational video... The big bailout banks find another way to rip off the consumer... just in a nick of time for them, but not for us. See TBWS Video
Rates 11-12-09, 8:00 AM PT
30 Year Fixed to $417,000
Rate 4.75% Point 0.625, APR 4.867%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required
President signs the First Time Buyer Tax Credit Extension Read Story
Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.
It was the best of times and then it was the worst of times, until it was the best of times again, before returning to the worst of times, which lasted until it was the best of times once more, and then settling into being the worst of times... which became the best of times and then...
What bothers me most about Soros and his merry band of financial thugs is on one hand they portray themselves as liberal thinkers, looking out for the little guy, while crushing the little guy in the other.
A Tale of Four Trial Modifications at IndyMac Bank by Mandelman
The Story You Are About to Read is 100% TRUE...
IndyMac Bank, now One West Bank, whose major shareholders include liberal billionaire George Soros and his young ward, computer industry all-around good guy, Michael Dell, appears to have embarked on a mission to defraud as many people as possible out of their homes through a clever trial loan modification scheme. Here's how one homeowner was introduced to the bank's underhanded tactics.
This is the story of how IndyMac offered a homeowner in the Inland Empire region of Southern California four separate trial loan modifications over the past six months. Let's say that they're family name is Geithner, just for fun... The Geithner Family. They have two kids. We'll call them Danny and Fanny.
Read Mandelman's entire article on Implode.com Mandleman
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Make Experience Your Advantage. Bill has closed thousands of home loans since 1970 as a FHA and VA Specialist. Bill's mortgage classes have taught lending to hundreds of loan officers and Realtors.
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