Ladewig AM Market Brief

By
Mortgage and Lending NMLS 291249

Mortgage rates are slightly lower again Wednesday, following European debt markets after the Bank of England added to evidence that other countries are facing the slowdown the U.S. has suffered.

FNMA 30 yr Mortgage Backed Securities
DOWN for the forth day 1.2 basis points to 6.254%.  A Basis Point is 1/100 of a percent.
'
Other Markets
10 Year T-Bill down 2 basis pts to 3.82%.

DJI Stocks up 75 in early trading

Crude Oil rose $2.34 a barrel to $116.87

Links to additional industry news.

*A Basis Point is 1/100 of a percent.

 

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Rainer
4,997
Charlene Sandoval
Keller williams West sound - Gig Harbor, WA
Relocation and Real Estate Gig Harbor Washington

What is the deal with Dwn pymt assistance, is it in fact going by the wayside as of October 1,2008. I have heard a few versions from various brokers and agents.

 I was told the last time they tried to do away with DPA there was a injunction filed to stop it . Another broker has told me that legislation has been passed and that it will in fact end October 1st. I know that we all like to have deadlines to support our business but I would love to find out if anyone know s for sure.

Aug 20, 2008 11:14 AM #1
Rainmaker
610,285
Bill Ladewig
Escondido, CA
Experience Is Your Advantage

FHA has been trying to do away with DPA for years.  The new 2008 housing bill just signed into law outlawed DPAs as of October 1. 

There is a little light on the horizon.  A bipartisan bill was introduced in the House of Representative to reinstate down payment assistance. 

Make your opinion heard when asked to contact your representatives. 

Aug 20, 2008 11:37 AM #2
Rainer
4,997
Charlene Sandoval
Keller williams West sound - Gig Harbor, WA
Relocation and Real Estate Gig Harbor Washington

Thank you for the clarification , I hwas told tha one of the reasons fo rthem wanting to do away with it is the strong default rate. Is this true? 

The banks must have soemthing up their sleeve as to what they will do with all theser homes they are going to own.

Aug 20, 2008 12:29 PM #3
Rainmaker
610,285
Bill Ladewig
Escondido, CA
Experience Is Your Advantage

FHA has claimed a higher default rate on loans with DPA and that is disputed by the DPA providers.  I think the real answer is somewhere in the middle.  There are millions of 100% VA borrowers that have made their payments as agreed so 100% financing is not the culprit, the culprit is sloppy underwriting.

The new proposed legislation requires borrowers to have minimum credit scores to qualify for a FHA loans with DPA and that is a good thing.

There are millions of potential buyers who need assistance and will make their payments as agreed and intelligent credit underwriting can be applied to sort the good guys from those who are looking for a free ride.

Aug 20, 2008 01:38 PM #4
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Rainmaker
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Bill Ladewig

Experience Is Your Advantage
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