LendingTree Loans Chief Economist Comments on Today’s Surprising Fed Cut
Today the Federal Open Market Committee (FOMC) cut both the fed funds rate and discount rate by 75 basis points, or .75 percent. (more…)
Service Employees International Union Says No to Bank of America Countrywide Deal
The nation’s fastest-growing union, the Service Employees International Union, calls the combination of the United States’ largest mortgage lender with largest bank when both institutions are facing mounting losses and potentially destabilizing risks bad for consumers, bad for business, and bad for America. (more…)
Bank of America Agrees to Purchase Countrywide Financial Corporation
Bank of America Corporation has announced a definitive agreement to purchase Countrywide Financial Corp. in an all-stock transaction worth approximately $4 billion.
The purchase will make Bank of America the nation’s largest mortgage lender and loan servicer. This is an important advancement in the company’s desire to help customers and clients meet all of their financial needs. A mortgage is one of the key foundations of many customer relationships. (more…)
Triad Guaranty Applauds Passage of an Extended Mortgage Insurance Tax Deduction Bill
Triad Guaranty Inc. (NASDAQ:TGIC) is applauding the Congressional passage of new legislation that will allow low-and moderate-income homebuyers and homeowners to continue to deduct mortgage insurance premiums from their federal income tax returns. The new legislation, which President Bush is expected to sign, extends this deduction to loans closed in 2007 through 2010. The previous law was to expire at the end of 2007. (more…)
Mortgage Crisis Will Drive Consumers to Credit Counseling
The Association of Independent Consumer Credit Counseling Agencies says that the mortgage crisis will end up driving consumers to credit counseling. Whether it’s a “subprime crisis” news story or the “For Sale” signs lingering in front of local homes for months, there are reminders everywhere that the housing market is in trouble and that the worst may lay ahead, says the Association of Independent Consumer Credit Counseling Agencies (AICCCA). (more…)
Fixed and Adjustable Mortgage Rates Take Opposite Paths
Fixed mortgage rates declined, with the average conforming 30-year fixed mortgage rate falling to 6.58 percent. According to Bankrate.com’s weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.28 discount and origination points. (more…)
Bank of America Makes Investment in Countrywide Financial
Bank of America Corporation has made an investment in Countrywide Financial Corporation, the largest mortgage lender in the United States.
Bank of America will invest $2 billion in the form of a non-voting convertible preferred security yielding 7.25 percent annually. The security can be converted into common stock at $18 per share. (more…)
First Went Sub-prime, now Alt-A, What’s a Loan Officer to do?
This will work itself out. Performance on mortgages in Alt-A securities combined with their already higher yields will draw investors back but make no mistake, the process of determining what is in a security will be different for a time and investors are going to expect more, not less or even the same information about the credit criterion of the loans in this type security. (more…)
Aegis Mortgage Corporation Suspends Loan Originations
Aegis Mortgage Corporation said today that the company has suspended all loan originations, Mortgage News Review has learned. Apparently Aegis Mortgage Corporation is suffering problems because of the worsening housing and credit markets. (more…)
a la mode Now Offering Free Mortgage Websites
a la mode, one of the most mission critical and influential technology companies in the real estate industry and maker of Mortgage XSites websites for loan officers and mortgage brokers, announced the release of free ‘Originator’ level Mortgage XSites at the National Association of Mortgage Brokers annual convention here. (more…)