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FreddieFannieMacMae or Nothing

FNMA and FHLMC are not doing well.<br /><br />The government is trying to bail them out. They are getting tighter with loans so that no one will get a loan from them.<br /><br />The state of underwriting is ridiculous.<br /><br />Here’s an idea. Merge them into one. Why not? Besides non-occupant co-borrowers and possibly condo financing, they are the same thing! When one changes guides, then the other does.<br /><br />Can you imagine the Billions this would save?<br /><br />Oh, you don’t like that idea? How about getting rid of them both and letting the free market make guides under the auspices of let’s say HUD and let them...

Mortgage fraud reports are up

By Alan J. Heavens<br />INQUIRER REAL ESTATE WRITER<br /><br />Efforts to tighten lending standards appear to have had little effect so far, as reports of mortgage fraud increased 42 percent in the first quarter of 2008 from the same period of 2007.<br /><br />A study released this week by Mortgage Asset Research Institute in Reston, Va., showed areas already affected by high rates of foreclosure are experiencing increased fraud levels.<br /><br />Florida led the nation in the number of mortgage-fraud complaints, followed by California. Illinois, Maryland and Michigan tied for third place, according to the survey.<br /><br />Florida and California also are among the top three states in mortgage...

RATES DROP! Thank you Fed!

Wow….attention everyone! The Federal tax over has lowered long term rates. Rates today dropped by 3/8!!! I am quoting basically 5.75% with no points on a 30 year fixed! Share this:TwitterFacebookGoogleTumblrLinkedInEmailPrintPocketRedditPinterestLike this:Like...

What will happen in wake of bailout

By Alan J. Heavens<br />Inquirer Real Estate Writer<br /><br />If you were hoping to retire on your Fannie Mae/Freddie Mac stock portfolio, you’ll need another plan quickly.<br />Had you postponed house-shopping until fixed rates slid below 6 percent, you can start looking now – rates on 30-year fixed mortgages fell to as low as 5 7/8 percent yesterday – but only if your credit is impeccable and your price range is at or below the conforming loan limit of $417,000.<br /><br />Waiting for home prices to drop further? That will continue to happen, though probably not at the pace of the last two years.<br /><br />Looking for a home...

Philadelphia area beats U.S. in pending home sales

<span class=”Apple-style-span” style=”font-family: arial; font-size: 12px; line-height: 13px; “><div id=”article” style=”width: 627px; padding-top: 10px; padding-right: 10px; padding-bottom: 10px; padding-left: 10px; margin-top: 0px; margin-right: 0px; margin-bottom: 10px; margin-left: 0px; “><div class=”story-content” style=”margin-top: 15px; “><p class=”byline” style=”font-size: 10px; color: rgb(102, 102, 102); margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; “>By Alan J. Heavens</p><p class=”byline lastline” style=”font-size: 10px; color: rgb(102, 102, 102); padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 12px; margin-left: 0px; “>INQUIRER REAL ESTATE WRITER</p><div class=”body-content” style=”font-size: 12px; “><p>The eight-county Philadelphia region outperformed the nation as the number of home-purchase agreements signed here in July rose...

Lehman, Merrill and onward

Monday morning and the Street has hit us with a double whammy.<div><br /></div><div>Lehman goes chapter and B of A swallows up Merrill.</div><div><br /></div><div>Now what?</div><div><br /></div><div>Consolidation, under normal economic conditions, would have a problem merging two gigantic organizations but now there are desperations.</div><div><br /></div><div>The free market economy seems to be having issues, but it needs a smart (not bloated) government to help smooth the way to make sure the nosedive does not continue.</div><div><br /></div><div>As I have said in previous posts, it is now more than ever that we dissolve Fannie and Freddie. Sell paper direct just like GNMA and make sure the money is there to do it.</div><div><br /></div><div>Since the major...

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