Top Jumbo Mortgage Lenders in Fourth Quarter 2008
Most mortgage rates we see advertised are for conforming mortgages, which for sake of simplicity, are good for loan amounts up to $729,750.
But what about those of us looking for larger loans, otherwise known as jumbo mortgages? Who’s offering them and at what price?
Well, as I recently noted in an article, Return of the Jumbo, it looks as if this type of financing is making a bit of a comeback, after Read more
Freddie Mac Lost $50 Billion in 2008
Mortgage financier Freddie Mac finished up a stellar 2008, dropping another $23.9 billion in the fourth quarter thanks to mark-to-market declines and credit-related expenses.
For the entire year, the GSE lost a whopping $50.1 billion, or $34.60 per diluted common share, compared with a net loss of $3.1 billion, or $5.37 per share, in 2007.
Freddie set aside $7.2 billion for credit losses and real estate Read more
Utah is Fastest Growing State in 2007-2008
http://www.census.gov/Press-Release/www/releases/archives/population/013049.html
Press release which reports that Utah with a population growth of 2.5% was the fastest growing state in the period from July 1, 2007 to June 30 2008. Arizona, Texas, North Carolina and Colorado were also among the five fastest growing states. Texas gained the most people, 484,000, while Michigan and Rhode Island were the only two states whose population Read more
Zillow: $2 Trillion Down the Drain in 2008
American homeowners stand to lose more than a combined $2 trillion in home equity by year-end, according to a report released today by Zillow.
The real estate information company calculated that home prices have fallen 8.4 percent nationally year-over-year during the first three quarters of the year, placing millions underwater in the process.
It is now estimated that 11.7 million American households owe Read more
Bailout is 2008 Word of the Year
Another year, another word of the year tied to the ongoing housing crisis.
Merriam-Webster unveiled its word of the year for 2008, selecting the term “bailout” because it received the highest intensity of lookups over the shortest period of time.
The online dictionary defines it as “a rescue from financial distress,” though more opinionated readers could perhaps define it more strongly.
FHA Loan Production More Than Doubles in Fiscal Year 2008
FHA lending is popular.
During fiscal year 2008, the FHA endorsed over 1.2 million single-family mortgages, up from 532,000 a year earlier, HUD said in its annual report.
That figure includes 111,661 Home Equity Conversion Mortgages (reverse mortgages), with the grand total representing $177 billion in new mortgage endorsements, up from $60 billion in 2007.
HUD credited the recent rise in FHA Read more