The jumbo mortgage market shrank during the housing downturn. Jumbo mortgages, defined as loans with an original balance exceeding $417,000, contracted disproportionally after the onset of the housing crisis with house prices plunging and the private mortgage market shattered. As the housing market begins to recover and the private mortgage market heals, Goldman Sachs examine the future prospect of the jumbo mortgage market.
Growth opportunities in the jumbo mortgages market are significant...Read Full Story
Mortgage giant Freddie Mac (OTCBB:FMCC) announced today that it started creating bonds supported by certain performing modified mortgage loans held in the company’s mortgage-related investment portfolios.
Freddie Mac (OTCBB:FMCC) already completed $1 billion of securitization. According to the government-controlled mortgage financier, the loans were modified to help borrowers who were at risk of foreclosures to stabilize markets and prevent losses. Freddie Mac emphasized that loans should be...Read Full Story
Freddie Mac: “Mortgage Rates Continue Upward Trend”
From Freddie Mac today: Mortgage Rates Continue Upward Trend
Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey(R) (PMMS®), showing fixed mortgage rates trending higher for the third consecutive week and putting pressure on refinance momentum. … 013, up from last week when it averaged 3.51 percent. Last year at this time, the 30-year FRM averaged 3.78 percent.
15-year FRM this week averaged 2.77...Read Full Story
The federal government has imposed a 90-day halt on foreclosures of homes with mortgages owned or backed by the FHA (Federal Housing Administration) in areas of Oklahoma devastated by this week’s tornado.
Earlier this week, President Obama officially declared five counties in Oklahoma to be disaster areas. Shortly after the Department of Housing and Urban Development offered foreclosure relief and other housing aid to certain families living in those counties.
The 90 day hold on foreclosures...Read Full Story
Mortgage rates spiked yesterday. Treasuries and mortgage backed securities got absolutely smacked around after starting the day with a pretty decent rally. It all fell apart during Ben Bernanke’s Q&A session following his testimony to the Joint Economic Committee of Congress. Some MBS issues sold off as much as a point in about the span of ten minutes. MBS are up this morning, but given recent volatility as well as stronger than expected economic data this morning, I have little confidence...Read Full Story