Business is NOT Usual in the Mortgage Industry
Thinking about buying a home or refinancing?
Business as Usual does not apply to the lending business these days – especially the home mortgage business. In case you haven’t noticed, lending standards are changing everyday, banks and other lending institutions continue to try, die or sigh.
If you don’t read Dan Green regularly, give it some consideration – if you’re interested in what’s happening in the mortgage industry. Dan doesn’t serve up canned goods. His Daily Mortgage Reports offer real time, real person insight and analysis of what’s happening with YOUR potential to buy a home – in plain English.
Here’s part of what he is saying today:
If you plan to buy a new home in 2008 or 2009, give a lot of thought to moving up your time frame.
Mortgage approvals are about to get more scarce and more expensive for everyone.
The Supporting Evidence From The News
- FHA is increasing its mortgage insurance premiums and up-front loan fees for a lot of borrowers
- With IndyMac's demise, other banks should follow and Alt-A loans may go the way of Sub-Prime
- Fannie and Freddie are in financial crisis again and may be forced to add mandatory loan fees for everyone
- Banks are doing the unthinkable just to get suspect loans off their books
- Wall Street is losing its appetite for "guaranteed" mortgage bonds
California Mortgage News
Yesterday Governor Schwarzenegger signed a California Mortgage Bill.
Lenders must now call California homeowners or visit them in person and explore restructuring options before foreclosing on their homes under legislation signed Tuesday by Gov. Arnold Schwarzenegger.
The new law also doubles the amount of time tenants have to relocate from a foreclosed property to 60 days and requires owners to maintain foreclosed properties.
