Private equity firms are jumping into distressed housing as the U.S. government plans to market 200,000 foreclosed homes as rentals to speed up the economic recovery.

It’s happened before and it happened again today: Mortgages Rates hit new all time lows today. Please note, that the actual interest rate you would have been quoted last week and this week may not have changed, but based on raw data from more than 20 leading lenders as well as feedback from the MBS …

Continue reading Record Low Rates Are Here Once Again !!!

Rates for U.S. 30-year mortgages climbed from the lowest level on record after Federal Reserve officials pledged to keep their benchmark interest rate near zero through at least late 2014 to help bolster the economy.

The average rate for a 30-year fixed loan rose to 3.98 percent in the week ended today from 3.88 percent, the …

Continue reading Rates are on the move…

Acting Federal Housing Finance Agency (FHFA) Director Edward J. DeMarco responded Friday to a request from 16 House Democrats to explain the statutory authority that DeMarco has claimed prohibits FHFA from offering principal reduction as part of loan modifications on loans it owns or guarantees.

After setting new records on Friday, Mortgage Rates are absolutely flat to start the week. That means that Best-Execution remains most appropriately at 3.875% although 3.75% continues to be as close as it’s ever been to getting equal recognition. Depending on the scenario in question, lower rates are available and in most cases, could make sense.

The Appraisal Institute has apparently had enough and has decided to fight back against what it perceives as unwarranted blame for depressed home prices . In a press release the Institute says, ” Don’t blame the real estate appraiser if it turns out that house you’re trying to sell or buy isn’t worth what you …

Continue reading Appraisers are Fighting Back…

Foreclosure activity hit its lowest level in four years in 2011, decreasing by a third from the previous year according to data released today by RealtyTrac. One in every 69 housing units in the U.S. was subject to a filing during the year, 1.45 percent of the total housing stock. Activity also decreased for the …

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Statement of FHFA Acting Director Edward J. DeMarco on Michael Williams Announcement “Today Michael Williams announced his intention to step down as Chief Executive Officer of Fannie Mae after 21 years of service to the company. Over these years, Mr. Williams has served Fannie Mae in many capacities, most notably as the executive responsible for …

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There sure is a lot going on for a holiday-shortened week. First off, the Fed sent Congress a little missive on how to fix the housing and mortgage market . Among the ideas is forming a national strategy to facilitate the conversion of foreclosed properties into rentals, allowing banks to rent their repossessed homes rather …

Continue reading Your Holiday Update !!!

The information reviewed at the December 13 meeting indicated that U.S. economic activity expanded moderately despite some apparent slowing in the growth of foreign economies and strains in global financial markets. Conditions in the labor market seemed to have improved somewhat, while overall consumer price inflation continued to be more modest …

Continue reading Affordable Financial Services’ Weekly Finance Review