The governor signed AB 260 by Assemblyman Ted Lieu (D-Torrance). The measure, which takes effect Jan. 1, tightens restrictions on mortgage brokers so they cannot steer borrowers to riskier, higher-interest loans when they qualify for less-expensive ones.

The new law also bans so-called negative-amortization loans, which offer the option of monthly payments so low that the loan amounts can actually grow over time. The law also limits prepayment penalties to no more than 2% of the loan balance and allows state regulators to enforce federal lending laws.

The governor banned similar legislation last year at the urging of some groups in the mortgage and real estate industries. Read more…

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The 30-year fixed-rate mortgage averaged 4.87% for the week ended Thursday, the lowest since May. It compares with last week’s 4.94% average and 5.94% a year ago.

Watch the video “Fed Boss Sees No Rush to Boost Rates”

Rates on 15-year fixed-rate mortgages were 4.33%, down from 4.36% last week and 5.63% a year earlier. The latest figure is the lowest since Freddie began tracking such loans in 1991.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.35%, down from last week’s 4.42% and 5.9% a year earlier. Those loans haven’t had such low average rates in the four years Freddie has kept such data. The average rate on one-year Treasury-indexed ARMs rose to 4.53% from 4.49%. The prior-year average was 5.15%. Read more…

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Michael Keating, national servicing executive of Bank of America said “Bank of America BAC Home Loans are pleased and fully prepared to welcome these homeowners to the largest and one of the most advanced servicing platforms in the mortgage industry,” also “We are striving to make this a smooth and efficient transition and to begin offering former TBW customers the full range of our world-class services as soon as possible.”

Now, that all loans have been boarded on the BAC Home Loans servicing system. The Buyer Agent Commission (BAC) that is larger than what is generally offered.  Most home sellers offer a commission of 6 percent to the agents that assist to sell their homes.  Half of the commission or 3 percent goes to the agent that listed the home for sale.  The other 3 percent goes to the agent who represents the buyer in the transaction.  By offering an inflated BAC, the listing agent is hoping that the agent representing the buyer will show and recommend their home before the home that only has a 3 percent commission. This service is providing by the Bank of America who assures homeowners that during this transition if TBW, rather than BAC Home Loans Servicing, receives a payment in timely fashion, no late fee or derogatory credit reporting will be imposed with respect to that payment and the payment will not be treated as late for any other purpose. This protection will remain in place through the October payment period.

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The US economic data such as industrial production, housing and car sales in recent weeks have indicated the economy is at a turning point and may be emerging from the recession. This turning point will help the US to lift again in the market and start gaining the economic rise! The economy in this month will probably grow at the rate of 3.2% in this quarter which is very good rise. So, this is a very positive change and might be the indication of ending the longest US recession which really rattles the US badly and gave a heavy lost to the US economy. So, even if we’re out of recession, this is not going to be so easy for a period of time, perhaps another three to six months or even more, before we move into robust growth. After this economical change it might be the indication of positive which was already given by the President Obama and this will help a lot to take US again on the top!

Watch the video “Recession Worst May Be Over”

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US is facing so many problems now a days and the Government is planning to resolve these issues but still they are unable to resolve so good. One of the most important and most discussed issues was the failure of the housing industry that has affected badly the other mortgage and reverse mortgage industries as well. Freddie and Fannie has played a key role in every financial planning with the US government and now Fed is going again with the President Obama and his administration and attempting another deal of buying mortgage assets from the mortgage giants Freddie and Fennie. So, hope this deal might help them to get rid from the financial crisis and people can live their live peacefully again. The Federal Reserve says it will buy up to $600 billion in mortgage-backed assets which will be another attempt to take out the US form the financial crisis. Fed told that it will purchase up to $100 billion in direct obligation form the giants in the Mortgage industry Freddie Mac and Fannie Mae as well as form the Federal Home Loan Banks. These two giants are the main asset of the US financial market and now a day’s they are very busy with the President Obama to resolve the financial issues. In this deal it will also purchase another $500 billion in mortgage-backed securities, pools of mortgages that are bundled together and sold to investors. This $600 billion attempt will also unveil a new program to help the marketwhich is down now and this attempt if successfully work; will also stable the country financially.

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After these clashes on loans, these issues are badly effecting the mortgage industry that people are worried that how to buy homes or take mortgage loans. Now, the warehouse lending market is decimated quickly. In 2007, it was worth to an estimated $200 billion; now there is just $25 billion available — 25% of which belongs to Colonial. With Colonial’s failure, those funds could become even scarier. These scary threats are creating more problems as country is already dying due to economical collapse!

Now the money began drying up when investors started shunning mortgages not guaranteed by government-backed agencies such as Fannie Mae. These loans, made by the independent mortgage bankers, had become closely associated with the worst excesses of the housing bubble. So, now it’s President’s responsibility that how his administration resolve all these issues to save our country! Because, it’s very urgent to take some good steps to solve the Colonial issue and the mortgages problem to save people who are now getting homeless!

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Monday the Great Day!

The speciality of this draw is, it is first of its kind in the US and the first draw is having very short time to spin out the results that is just 10 days!

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The increased median price is not so surprising because it was the seasonal selling time which resulted in higher value. The major aspect which is certain behind the declined prices exceptional to this season selling is the worst economy decline. Lawrence Yun said, “With low interest rates, lower home prices and a first-time buyer tax credit, we’ve been seeing healthy increases in home sales, which are a hopeful sign for the economy”.  This economy down fall not only affected a single area but its impact was wider and remained in widening its impact so far. However, the some of the decline can be traced to an increase in the percentage of foreclosures and short sales. They accounted for 36% of all transactions during the quarter…read more.

Watch the video “Home Prices, Historical Data Chart – Glenn Beck explains the housing bubble, why prices must fall”

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The economy seems to grow annually with 1% rate during the second half of 2009. Also Bernanke said that in one of the clearest signs in the worst recession in the history of US, it may be ending. This is also foreseen by Obama that he sees the beginning of the end of recession. Additionally, unemployment rate has also fallen down for the first time this year and the pace of joblessness has slowed down as of forecasted last month…read more

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Fannie Mae and Freddie Mac mortgage securities yields rise continuously signaling that interest rates on new home loans will climb around middle the forecasted data last month. The significant rise in yields on Fannie Mae’s current coupon 30 years fixed rate mortgage bonds approached 4.80 % from 0.09 %. According to the date project by BloomBerg, this rise is apparent from June 18, to July 31.

Watch the video In-Depth Look – Fannie To Tap $10.7B In Treasury Capital – Bloomberg

Analyst forcasted that the rise in mortgage rates from the record lows earlier this year has cut refinancing, contributing to a 21 % drop in prepayments last month on Fannie Mae and Fredie Mac securities…read more

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