Archive for May, 2009

Mortgage Rates Increase Dramatically

Posted: 27th May 2009 by Greg Phillips in Mortgage Related
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Click Here To Join The Message Board Discussion Today the bubble busted as lenders continued to offer low rates despite the continued increase in the note rate. Lenders were holding out and hoping the the fed commitment up to 1.25 trillion for purchasing mortgage securities would stabilize if not lower note prices. Unfortunately they have steadily increased [...]

S. 896 Helping Families Save Their Homes Act of 2009

Posted: 20th May 2009 by Greg Phillips in Mortgage Related
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Click Here To Join The Message Board Discussion Today President Obama signed S. 896 Helping Families Save Their Homes Act Of 2009 into law. The bill places additional restrictions and requirements on Homeowners and Mortgage Servicers. It also gives government the authority to get more involved in the Loan Modification process. It permanently enforces the [...]

HUD May Allow FHA Down Payment To Come From First-Time Homebuyer Tax Credit

Posted: 12th May 2009 by Greg Phillips in Mortgage Related, Real Estate Related
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Click Here To Join The Message Board Discussion The National Association of Realtors held their mid year Legislative Meetings & Trade Expo in Washington, D.C. today. They along with many other supporters are trying to find ways for people to be able to purchase homes. One suggestion which found support was being able to use the First-Time [...]

H.R. 1728 – Mortgage Reform and Anti-Predatory Lending Bill of 2009

Posted: 7th May 2009 by Greg Phillips in Mortgage Related
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Click Here To Join The Message Board Discussion The House of Representatives voted on H.R.1728 today which is called the Mortgage Reform and Anti-Predatory Lending Bill of 2009. They passed this bill by a vote of 300 to 114 which seems to make passage of the bill in some shape or form inevitable. The bill [...]

HVCC Home Valuation Code of Conduct

Posted: 1st May 2009 by Greg Phillips in Mortgage Related
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The Home Valuation Code of Conduct or HVCC was passed as a part of the Housing and Economic Recovery Act of 2009. It mandates that lenders use an Appraisal Management Company or AMC when ordering appraisals on Conforming Loans. (Fannie Mae and Freddy Mac) The law was created to prevent inflation of home values when [...]