By Inman News, Tuesday, March 24, 2009.
The Federal Reserve’s initiatives to keep mortgage rates down are spurring a rush to refinance that will test the operational capacity of lenders, but low rates won’t translate into higher home sales unless unemployment stabilizes, the Mortgage Bankers Association said today.
The MBA has dramatically revised its forecast for 2009 mortgage refinancings, saying it expects lenders will fund $1.96 trillion in refinance loans this year.
That’s an $824 billion increase from last month’s forecast, when the MBA said it expected $1.13 trillion in refinancings in 2009. Last year, by comparison, lenders refinanced only $765 billion in loans.
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Posted via email from Title Insurance This is a multipart message in MIME format. ——=_NextPart_000_000A_01C9BD98.F88BCD00 ——=_NextPart_001_000B_01C9BD98.F88BCD00 By Inman The Federal Reserve’s initiatives to keep mortgage rates down are spurring a The MBA has dramatically revised its forecast for 2009 mortgage That’s an $824 billion increase from last month’s forecast, when the MBA Read more Continuing Education for Title Agents Free classifieds for the btn_viewmy_160x33 ——=_NextPart_001_000B_01C9BD98.F88BCD00 v:* {behavior:url(#default#VML);} = The Federal Reserve’s initiatives to keep mortgage rates down are = The MBA has dramatically revised its forecast for 2009 mortgage That’s an $824 billion increase from last month’s forecast, when the = Continuing Education for Title Agents Free classifieds for the Title = ——=_NextPart_001_000B_01C9BD98.F88BCD00– ——=_NextPart_000_000A_01C9BD98.F88BCD00 R0lGODlhoAAhAOYAAP////j8/vf39+74/PH4+u/v7+Xx9t/v9dbv9+bm5tDs9svq9c/m8Mbo9N7e ——=_NextPart_000_000A_01C9BD98.F88BCD00– The U.S. Treasury Department on Wednesday launched the Making Home Affordable program, which was announced recently by President Barack Obama. The program’s two branches — refinance and modification — are estimated to apply to some 9 million homeowners either behind on payments or at risk of falling behind due to dropping home values, job loss, or other hardship. The modification program will be effective only or mortgages originated on or before Jan. 1, 2009 on owner-occupied, single-family one- to four-unit properties that serve as a primary residence, the Treasury said. Borrowers in bankruptcy are not eligible, but those facing foreclosure will see foreclosure action suspended during a trial period or while borrowers are considered for preventative options. Within hours of the announcement, the government-sponsored entities (GSEs) and a variety of the largest U.S. lenders and servicers began rallying in support for the program. Freddie Mac (FRE: 0.37 -9.76%) quickly announced the launch of two initiatives to compliment the administration’s housing plan. Freddie’s new relief refinance mortgage product, which can be as high as 105 percent of the property’s value, is designed to reduce interest rates or amortization terms for borrowers “to improve their position for long-term homeownership success….” Freddie also rolled out a modification initiative to begin April 1; borrowers with Freddie-owned or -guaranteed mortgages originated on or before Jan. 1 will be eligible to receive a workout “in some cases…before they fall behind on their mortgage payments,” Freddie said in a media statement. http://www.housingwire.com/2009/03/05/lenders-gses-rally-modification-plan-support/ Go to Source
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News, Tuesday, March 24, 2009.
rush to refinance that will test the operational capacity of lenders, but
low rates won’t translate into higher home sales unless unemployment
stabilizes, the Mortgage Bankers Association said today.
refinancings, saying it expects lenders will fund $1.96 trillion in
refinance loans this year.
said it expected $1.13 trillion in refinancings in 2009. Last year, by
comparison, lenders refinanced only $765 billion in loans.
Title Industry
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By Inman
News, Tuesday, March 24, 2009.
spurring a
rush to refinance that will test the operational capacity of lenders, =
but low
rates won’t translate into higher home sales unless unemployment =
stabilizes,
the Mortgage Bankers Association said today.
refinancings, saying it expects lenders will fund $1.96 trillion in =
refinance
loans this year.
MBA
said it expected $1.13 trillion in refinancings in 2009. Last year, by
comparison, lenders refinanced only $765 billion in =
loans.
Industry
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UAABASBFIAAAOw==Lenders Rally Behind Loan Modification Plan
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