Prior to joining MLV & Co., Mr. Tanenbaum was a Senior Associate on the Real Estate Equity Research Team at FBR Capital Markets. Mr. Tanenbaum most recently focused on the Mortgage REIT, Structured Finance REIT, and Triple-Net REIT sectors. In his four years with FBR, Mr. Tanenbaum also worked on teams that covered Office, Industrial, Diversified, and Multifamily REITs and Real Estate Operating Companies. He holds a Bachelor of Science from Cornell University and is pursuing a Masters in Real Estate, with a Concentration in Finance and Investment, from New York University.

To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.

The average 15-year fixed mortgage stepped up to 3.38 percent, while the jumbo 30-year fixed mortgage jumped to a three-month high of 4.73 percent. Adjustable mortgage rates were mostly higher, with the average 5-year ARM rising to 3.14 percent and the 7-year adjustable climbing to 3.33 percent.

Mortgage rates increased thanks to more good news on the economy, a pat on the back from the Fed, and a Greek debt restructuring. Although the Federal Reserve is sticking with their late-2014 timetable for boosting short-term interest rates, a more upbeat tone from the Fed did not go unnoticed by investors. After talking down the economy at every opportunity in recent months, the Fed appears to have been swayed – at least a little – by the trend of improving economic data.

The last time mortgage rates were above 6 percent was Nov. 2008. At the time, the average 30-year fixed rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.15 percent, the monthly payment for the same size loan would be $972.21, a difference of $269 per month for anyone refinancing now.

SURVEY RESULTS

30-year fixed: 4.15% — up from 4.11% last week (avg. points: 0.40)

15-year fixed: 3.38% — up from 3.34% last week (avg. points: 0.33)

5/1 ARM: 3.14% — up from 3.03% last week (avg. points: 0.33)

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

For a full analysis of this week’s move in mortgage rates, go to http://www.bankrate.com.

The survey is complemented by Bankrate’s weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. One thing is clear from this week’s poll – the panelists don’t expect mortgage rates to fall. The overwhelming majority, 79 percent, predict an increase in mortgage rates over the coming week while the remaining 21 percent forecast that rates will remain more or less unchanged.

For the full mortgage Rate Trend Index, go to http://www.bankrate.com.

In prepared written testimony, Appraisal Institute President Sara W. Stephens, MAI, told the U.S. Sentencing Commission, “We believe the Commission should adopt a special rule for determining the fair market value of real property if the mortgaged property has not been disposed of by the time of the sentencing. However, this rule should require use of real estate appraisals prepared by qualified appraisers in accordance with the Uniform Standards of Professional Appraisal Practice, as opposed to tax assessments, to ensure fairness and consistency.”

Stephens said the Appraisal Institute and the American Society of Farm Managers and Rural Appraisers oppose the proposed amendments to the federal Mortgage Fraud Sentencing Guidelines because the amendments propose using tax assessments, and not real estate appraisals, to determine fair market value when the property in question has not been sold.

“Real estate appraisals prepared by qualified real estate appraisers in accordance with the Uniform Standards of Professional Appraisal Practice are clearly preferable to tax assessments for the circumstances described in the amendments,” Stephens said in her written testimony.

She said that condition and quality inspections are necessary as part of a credible and thorough valuation of a property, noting that tax assessments do not include such inspections. She also said tax assessments rely on public records data, which can be inaccurate and therefore reduce the reliability of the valuation.

Stephens also noted that reassessment periods vary widely by jurisdiction, and that some jurisdictions have not reassessed property in several decades. “In these cases, if a tax assessment is used in the calculation of a mortgage fraud sentence, it is likely to overstate the loss to the bank, and potentially inflate the sentence of someone convicted of mortgage fraud,” she noted, adding that fairness requires use of a real estate appraisal.

Stephens also said that assessed value may not conform to market value. And she said the two appraisal organizations recommend that the Commission establish a special rule relating to the qualifications of real estate appraisers. “We suggest those performing these appraisals have earned a designation from a nationally recognized professional appraisal association who awards the designation based on demonstrated competency that requires approved classroom training in appraisal practice, experience requirements, and preparation of a demonstration appraisal report or appraisal review report or a comprehensive qualifying examination,” she said in her written testimony.

Stephens appeared at the hearing, held in the Thurgood Marshall Federal Judiciary Building, on behalf of the Appraisal Institute and the American Society of Farm Managers and Rural Appraisers, which together represent more than three-fourths of all professionally designated real property appraisers in the United States.

Section 1079A of the Dodd-Frank Act requires the U.S. Sentencing Commission to review and, if appropriate, to amend the federal sentencing guidelines applicable to mortgage fraud and financial institution fraud offenses and to consider whether the guidelines appropriately account for the potential and actual harm to the public and the financial markets from those offenses.

According to its website, the U.S. Sentencing Commission is an independent agency in the judicial branch of government. The Commission was created by the Sentencing Reform Act provisions of the Comprehensive Crime Control Act of 1984 and is charged with the ongoing responsibilities of evaluating the effects of the sentencing guidelines on the criminal justice system, recommending to Congress appropriate modifications of substantive criminal law and sentencing procedures, and establishing a research and development program on sentencing issues. The seven voting members on the Commission are appointed by the President and confirmed by the Senate, and serve six-year terms.

Fourth quarter and full-year 2011 financial results review;
Fourth quarter and full-year 2011 financial results supplement;
Consolidated financial statements; and
Core tables, providing additional financial information about the company.

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters. www.FreddieMac.com

SOURCE Freddie Mac

Buying a home can be the largest and most important financial decision one can make, so it is important to be aware of all the factors that go into making a responsible purchasing decision.

“The first step is figuring out how much you can afford to spend on homeownership, which means an honest assessment of the household balance sheet,” said Tim Massey, Regional President Indiana, M&I, a part of BMO Financial Group. “Once you have a clear idea of where you stand financially, you can then make a responsible decision of what you can afford, including your down payment, monthly mortgage costs and other expenses like utility costs, property insurance and taxes.”

M&I offers the following tips for Hoosiers looking to buy a home.

Choosing the right mortgage for you

Your mortgage needs to fit in with the rest of your financial priorities – which could mean increased flexibility or security. Consider the following when choosing your mortgage:

– Choose a shorter amortization period – The shorter the life of the mortgage, the lower the overall cost. Consider choosing a 20-year amortization rather than a 30-year amortization to save you money on interest costs and help you become debt-free sooner.
– Fixed vs. variable – Variable-rate mortgages have been a winning strategy over the long term, but fixed rate mortgages (currently at historic lows) provide cost certainty and peace of mind.
– Stress-test your mortgage payments – Use a mortgage payment based on a higher rate to stress-test your budget; total housing costs (mortgage payments, property taxes and insurance, etc.) should not consume more than one-third of household income.

Applying for pre-approval

A pre-approval establishes the amount you can reasonably afford to pay for your first home. Consider the following benefits to getting pre-approved:

– Have a good idea of your finances – You will receive a better idea of how much you are qualified to borrow, saving time looking at homes that meet your affordability range. Your term and amortization, as well as estimated monthly payments, are provided at approval so you can use these figures when planning your overall budget.
– Moving quickly – If you are pre-approved for a mortgage, you’ll be able to move quickly to make an offer when you finally find the perfect home for you.

National Journal Editor-in-Chief Ron Fournier and Economy Managing Editor Kristin Roberts will interview HUD Secretary Shaun Donovan and FHFA Acting Director Edward DeMarco and moderate a panel discussion with Senators Isakson and Merkley to explore principal reduction initiatives, foreclosure prevention programs and other strategies to address high foreclosure rates and restore the health of housing and mortgage markets.

This event will be hosted by National Journal and underwritten by 1st Alliance Lending.

Application will be made to list the securities on the EuroMTF market of the Luxembourg Stock Exchange

Barclays Capital Inc., Citigroup Global Markets Inc., and J.P. Morgan & Co. are the joint lead managers. The co-managers include BNP Paribas Securities Corp., CastleOak Securities, L.P, Credit Suisse Securities (USA) LLC, FTN Financial Capital Markets, UBS Securities LLC, and Williams Capital Group L.P.

Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America’s secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of Fannie Mae. Nothing in this press release constitutes advice on the merits of buying or selling a particular investment. Any investment decision as to any purchase of securities referred to herein must be made solely on the basis of information contained in Fannie Mae’s applicable Offering Circular, and no reliance may be placed on the completeness or accuracy of the information contained in this press release.

You should not deal in securities unless you understand their nature and the extent of your exposure to risk. You should be satisfied that they are suitable for you in light of your circumstances and financial position. If you are in any doubt you should consult an appropriately qualified financial advisor.

Benchmark Notes is a registered mark of Fannie Mae. Unauthorized use of this mark is prohibited.

SOURCE Fannie Mae

The average 15-year fixed mortgage rebounded to 3.38 percent, while the jumbo 30-year fixed mortgage increased to 4.65 percent. Adjustable mortgage rates were mixed, with the average 5-year ARM rising to 3.12 percent, while the 10-year adjustable retreated to 3.64 percent.

Mortgage rates crept higher this week due to both better U.S. economic news and the latest bailout of Greece. But a Greek debt default has only been delayed, not averted, and fears about the ramifications of Europe’s debt crisis seem sure to resurface soon. When that happens, expect bond yields and mortgage rates to pull back. Mortgage rates are closely related to yields on long-term U.S. government bonds.

The last time mortgage rates were above 6 percent was Nov. 2008. At the time, the average 30-year fixed rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.16 percent, the monthly payment for the same size loan would be $973.37, a difference of $268 per month for anyone refinancing now.

SURVEY RESULTS

30-year fixed: 4.16% — up from 4.10% last week (avg. points: 0.39)

15-year fixed: 3.38% — up from 3.35% last week (avg. points: 0.33)

5/1 ARM: 3.12% — up from 3.03% last week (avg. points: 0.33)

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

The company offers a wide array of mortgage refinancing benefits; for example, reducing interest rate and total amount of payment, cash out refinancing, refinancing with bad credit rating, allowing Adjustable Mortgage payment rate and cash out facility on investment assets. Consumers hailing from any of the 50 states across the nation can get access to their refinancing program. However, their e-lone program is obtainable at lest minimum time.

It is important to make comparison between different loan refinancing programs. It is a fact that many people tend to compare when it comes to refinance. According to a survey conducted by Harris Interactive, 61% consumers in United States compare refinancing rates. With the introduction of on-line loan rate tracking equipment, consumers are looking at the mortgage rate on a daily basis. Not only the consumers but also banks and brokers are also getting benefit by this electronic process. Moreover, e-loan system operates such a smooth and fast way it makes the loan application easy and handy.

We know that people with sound credit score, equity enriched property and consistent income can get any mortgage whenever they wish. But, those with bad credit face trouble to secure a comfortable mortgage for them. Here with Quicken you will find that a large section is devoted to assist consumers with bad credit and help them find a custom made solution for them. Therefore, it is recommended to keep a look out for any of the program that Quicken offers. Sometimes, they do campaign for different promotion of their schemes and conduct refinancing seminars to widen the platform in more varied ways and to reach at more number of consumers and cater to their needs.

The FDIC conducted the sale through a competitive auction held on August 9. MountainView closed the acquisition of the portfolio on September 1 in conjunction with Statebridge Company, LLC, the Denver-based special servicer that will be utilized to service the loans. Geneva House, LLC, an affiliate of Statebridge, is co-investing with MountainView as a minority investor.