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Fixed and Adjustable Mortgage Rates Take Opposite Paths

7:25 am   -   August 23rd, 2007

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

7:24 am   -   August 23rd, 2007

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?

10:28 pm   -   August 13th, 2007

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

5:38 pm   -   August 6th, 2007

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…)



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