Archive for the ‘Mortgage’ Category

We have all been waiting for some relief to our current real estate market conditions, and it arrived today: the new FHA and Fannie Mae- Freddie Mac conforming loan limits have been released by the U.S. Department of Housing and Urban Development (HUD). Read more…

President George W. Bush today signed into law an economic stimulus package that among others includes raising the limits on conforming mortgages financed by Fannie Mae and Freddie Mac to $729,750 from the current limit of $417,000 through December 31 of 2008. It would also indefinitely raise the limit on Federal Housing Administration-backed mortgages to that same level. Such a move is expected to lower the interest rates on those high-cost loans. Read more…

In an effort to further boost the ailing economy, for a second time in eight days the Federal Reserve cut its federal funds rate (the rate banks charge each other for overnight loans) by a half percentage point Read more…

Today’s rate cut by the Federal Reserve would mean lower interest rates on home equity loans and also lower rates on mortgage loans for purchasing real estate. Your monthly mortgage payment could now buy you more home than before. Read more…

Just a couple days after receiving an email from Countrywide’s retail division rejecting the bankruptcy rumor, today I received another email, this time from Countrywide’s wholesale division with the following announcement: Read more…

This morning I received the following email from the Chaz Hinz, a Countrywide Home Loan Consultant:

Many of you may monitor Countrywide’s stock, and you may have noticed unusual activity today. Read more…

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The U.S. Senate on Friday, December 14, 2007, passed S. 2338, the FHA Modernization Act with a 93 to 1 votes, which will reform the Federal Housing Administration (FHA) to give home buyers a safe, low-cost alternative to subprime loans. This is a huge victory for REALTORS® who have lobbied Congress aggressively all year to pass the FHA reform and provide troubled homeowners with safe and affordable refinancing options. Read more…