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Home prices are falling in most major U.S. cities, as reported by Bloomberg BusinessWeek. At least 10 major U.S. markets, including New York, are at their lowest point since the housing boom of 2006-2007. According to The Standard & Poor’s/Case-Shiller city index, home prices fell in 19 out of the 20 major cities. The record … Continue reading Affordable Financial Services’ Weekly Finance Review The housing market may be impacted by the possibility of a government shutdown. The Wall Street Journal reported on April 7 that Housing and Urban Development Secretary Shaun Donovan told Senate lawmakers that he is “very concerned” that if the government shuts down as a result of lawmakers failing to reach an agreement on a … Continue reading Affordable Financial Services’ Weekly Finance Review The number of mortgage applications fell 6.5% last week, according to the Mortgage Bankers Association. The MBA also reported that refinancing activity also fell by 6.5% to 64.9% of total applications last week, down from 65.7% the week before. The four-week moving average for all mortgage applications was down 2.5%. Adjustable-rate mortgages made up 5.5% … Continue reading Affordable Financial Services Finance Review The Washington Post reported today that Fannie Mae will charge people more to get a home loan — even for those with perfect credit and can afford to put down a large down payment. The cost for a home loan may be even higher for those with less-than-perfect credit who do not have that much … Continue reading Fannie Mae: Home Loans Will Cost More This Year Bloomberg reported today that U.S. banks may face more than $100 billion in costs as more investors demand that issuers of mortgage-backed securities repurchase bad loans. According to Paul Miller of FBR Capital Markets, U.S. banks such as JPMorgan Chase & Co. and Bank of America Corp. could face a price tag between $54 billion and … Continue reading Mortgage Buybacks May Cost Banks Over $100 Billion Bloomberg recently reported that mortgage-bond yields that guide home-loan rates have reached their highest levels in four months, suggesting that borrowing costs may rise from record lows. As of 9:30 Monday morning, Fannie Mae’s current-coupon 30-year fixed-rate mortgage bonds went up to 3.71%, tracking 10-year Treasury notes today as those yields rose from 3.64%. This is … Continue reading Mortgage-Bond Yields Reach Four-Month High Economic experts are predicting another drop in home sales that will continue throughout the middle of next year, CNNMoney.com reported today. However, the housing market could bounce back by the middle of 2011, citing economic factors. Fiserv, a market analytics company, initially predicted in February a 4% increase in home prices through the end of 2011. … Continue reading Home Prices May Keep Falling Throughout 2011 Today’s Wall Street Journal reported that it will cost taxpayers another $154 billion to keep Fannie Mae and Freddie Mac afloat under the most likely scenario for home prices. But if the economy slides back into a recession and the housing market worsens, then the price tag to the taxpayers can be higher than that. The … Continue reading Fannie, Freddie May Need $154 Billion to Survive — Maybe More TheStreet.com reported yesterday that Citigroup saw its mortgage repurchase reserves jump by 30% in the third quarter of this year, foreseeing an increase in repurchase requests by Fannie Mae and Freddie Mac. According to TheStreet.com, Citigroup had $952 million in reserves for Q3 2010 —more than three times the amount the bank had reserved during the … Continue reading Citigroup Anticipates More Mortgage Buybacks Fannie Mae announced on Friday that its Housing and Community Development division will now be called Multifamily Mortgage Business, or Multifamily. According to its press release, the new name parallels the government-sponsored entity’s Single-Family Mortgage Business, more clearly conveys what the business does and emphasizes the multifamily mortgage business platform. The Associated Press reported on Friday … Continue reading Affordable Financial Services Weekly Finance Review |
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