Tag Archives: private lenders

President Obama Extends HAMP For A Year

About one-fifth as many homeowners got help from HAMP as was expected so the Obama administration is extending the program for a year. All these attempts to interfere with the free market only delay the recovery of the housing market. … Continue reading

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Easy Credit, Easy Go – The Housing Boom And Bust

The housing boom was built on restrictions on land use in coastal California and other places, reducing the available amount of land to develop, and the enforced lowering of mortgage lending standards. Who drove this lowering of lending standards? Was … Continue reading

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Little Market Demand For Mortgage-Backed Securities

Would you buy bonds backed by mortgages? How secure will such bonds be if home prices fall another 10%? Or 20%? That’s the big reason why there’s not much market appetite for buying mortgage-backed bonds. Jumbo mortgages loans are particularly … Continue reading

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What Will Happen To Fannie Mae, Freddie Mac?

These mortgage giants have sucked up hundreds of billions of taxpayers funds. They’re still bleeding money. The housing market, despite these subsidies, remains a disaster. Time magazine reports: Fannie Mae and Freddie Mac — just the companies’ names sound like … Continue reading

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Who Profits From Jumbo Mortgages?

Fannie Mae and Freddie Mac are no longer buying jumbo mortgages. The private market can’t compete with Fannie and Freddie, which are owned by the US government and get lower-interest loans. Now that the government is getting out of the … Continue reading

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Mortgages up to $729,750 receive government backing

You can expect the Obama administration to recommend reducing the size of mortgages eligible for government backing. Currently, mortgages up to $729,750 receive government backing. The Obama administration is trying to clean up the mess at Fannie Mae and Freddie … Continue reading

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Don’t Blame Fannie/Freddie

Source: McClatchy’s review of federal housing data found that the private sector, not the government or government-backed companies, was behind the boom in risky subprime mortgages, which are high-cost loans to low-credit borrowers. Private lenders issued more than 84 percent … Continue reading

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New FHA Program To Reduce Foreclosure

From the Washington Post: The Bush administration rolled out a program yesterday that aims to help thousands of struggling borrowers refinance into more affordable, government-backed mortgages and thus provide some relief for the foreclosure crisis that’s contributed to crippling the … Continue reading

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Congressional Help For Homeowners

From the WSJ: Congress is expected to pass legislation in coming days that could help hundreds of thousands of homeowners refinance into mortgages backed by the Federal Housing Administration — if their lenders agree to forgive part of the loan … Continue reading

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Foreclosure Help Only Delaying Inevitable?

The Washington Post writes March 15 that the president’s help package may only prolong uncertainty. Bush’s private lenders and nonprofit organizations assembled by the Treasury Department, called Hope Now, is streamlining the process for refinancing, modifying mortgages for distressed homeowners … Continue reading

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