Frank Bill Seeks to Limit Mortgage Securitization
U.S. House Financial Services Committee Chairman Barney Frank wants to limit how much banks can securitize when repackaging mortgages on the secondary market, according to a Bloomberg report.
During a briefing in Washington yesterday, he told reporters it should be illegal to “securitize 100 percent of anything,” adding that those who securitize loans should be required to take into account a borrower’s ability Read more
Stimulus Bill to Push Refinance Volume 55 Percent Higher
The $800 billion stimulus bill signed into law last week will have a massive impact on refinance volume, but not so much on purchases, according to market research firm iEmergent.
The company, which provides mortgage volume forecasts, updated its 2009 forecast as a result of the bill, noting that purchase activity would increase slightly and refinance volume would jump 55 percent.
For 2009, iEmergent expects Read more
Stimulus Bill To Be Signed Tomorrow
Unless something completely unexpected happens, President Obama is expected to sign the American Recovery and Reinvestment Act of 2009 (better known as the Stimulus Bill) tomorrow, February 16, 2009. It’s a huge and mind-boggling piece of legislation, but the good news is that the part most affecting mortgages and real estate can be summed up by the following points:
The best news – an $8,000 tax credit for first-time home buyers Read more
Bill Gross Says Don’t Refi Yet
With all this talk about super low rates, it may sound like the perfect time to lock in a low rate on a new home purchase or a refinance.
But before you get pressured to lock it in, consider the fact that mortgage rates could fall even further in the near term.
At least, that’s what bond expert Bill Gross believes. He told CNBC the 30-year fixed could fall another 50 to 100 basis points to as low as Read more