From the category archives:

Breaking News

What Today’s (semi-surprising) Fed Statement Means for Mortgage Rates (Thanks Ben!)

by Alex Stenback 09.21.2011

Today the Fed punctuated it’s two day conclave in the usual manner – by releasing a policy statement. Though it was widely expected that the Fed would address the persistent economic weakness and add additional measures to bolster an obviously stalled-out economy, the exact nature and size of the initiative was a bit of an [...]

0 comments Read the full article →

Good News for the Housing Market: HUD Extends 90 day Anti-Flipping Waiver through 2011

by Alex Stenback 01.28.2011

In this housing market, anything that helps more real estate change hands is a good thing, so we were pleased to see that HUD has extended the anti-flipping waiver through the end of 2011. Originally set to expire Jan 31st of this year, the waiver allowed for the re-sale of properties less than 90 days [...]

1 comment Read the full article →

Thornburg Down, Not Getting Back Up

by Alex Stenback 04.01.2009

Thornburg Mortgage, a lender which specialized exclusively in high credit quality Jumbo (loans greater than $417K) loans has announced it will file bankruptcy and liquidate.  Bloomberg reports: “Our dissolution was created by one issue – the inability to support the equity requirements for financing our mortgage securities portfolio, given the continued decline in mortgage- backed securities prices,” [...]

0 comments Read the full article →

PBO’s Remarks on the Housing Plan: May be Boon for Would-be Refinancers

by Alex Stenback 02.18.2009

Update: Here’s a Q&A that answers some of the questions we posed below.  Of note: [Refinance] Eligible loans will now include those where the new first mortgage (including any refinancing costs) will not exceed 105% of the current market value of the property. For example, if your property is worth $200,000 but you owe $210,000 or [...]

1 comment Read the full article →

The Fed Acts to Push Mortgage Rates Lower

by Alex Stenback 11.25.2008

In it's first action to directly influence mortgage rates and the housing market, the Federal Reserve has announced that they "will initiate a program to purchase the direct obligations of housing-related government-sponsored enterprises (GSEs)–Fannie Mae, Freddie Mac, and the Federal Home Loan Banks–and mortgage-backed securities (MBS) backed by Fannie Mae, Freddie Mac, and Ginnie Mae." There's [...]

0 comments Read the full article →

Star-Tribune on Centennial Mortgage & Funding

by Alex Stenback 03.29.2008

Jim Buchta provides some additional color to the story we broke right here yesterday: Bill Walsh said that such orders, issued in this case for what he calls "substantial financial problems," are unusual for a company this size…in 2006, the latest year for which data was available, Centennial closed 1,828 mortgages. We’d like to re-iterate [...]

2 comments Read the full article →

Breaking News: Lender with 9 Local Branches Can’t Fund Loans, Ordered to Cease and Desist

by Alex Stenback 03.28.2008

We’ve only got a single source on this for now (working on more) so we’ll leave the name of this outfit blind until we can get some confirmation.  Name now confirmed as Centennial Mortgage and Funding, out of Bloomington, see update below.——– The word is a south-metro headquarted Mortgage lender Centennial Mortgage and Funding, a [...]

8 comments Read the full article →

Fed Cuts Rates: Will Mortgage Rates Rise as a Result?

by Alex Stenback 03.18.2008

Moments ago, The FOMC (Federal Open Market Commitee, or "The Fed") released it’s policy statement accouncing a .75% cut to both the Federal Funds Rate, and The Discount Rate, which now stand at 2.25%, and 2.50%, respectively.  This comes on the heels of a .25% cut to the discount rate on Sunday, and caps off [...]

0 comments Read the full article →

Minnesota May Pass Nations Strongest Foreclosure Moratorium

by Alex Stenback 03.05.2008

Audio only from MPR.  A few highlights we pulled from a quick listen: The measure would block foreclosures for a full year. Applys to owner occupied properties only. It is intended to force lenders to modifyout the loan, rather than foreclose. Borrowers would be required to Keep making payments – 65% of payment at the [...]

2 comments Read the full article →

← Previous Entries