In Mesa, Arizona, Wednesday, the President presented the Homeowner Affordability and Stability plan, a multi-pronged effort to support the housing market. The story made the front page of nearly every newspaper in the country. The president’s plan is worrisome: Incent mortgage servicers to work...

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Today Mortgage Rates ended where they started.  Prior to Obama’s Foreclosure Plan speech  MBS reached their worst, which I am confident, put lenders fingers on the trigger.  During the speech the majority of the losses were recouped.  Overall we did see a good amount of action in the MBS today,...

Mortgage Backed Securities reacted negatively to the days new of socialism, by giving up 19bp (30 YR 4.5% FNMA).  Lenders released a mid day price increase which hit both FHA and confirming mortgage rates.  Once the Subsidy chatter hit the wires, the DOW recouped its losses, while MBS gave...

What a day in the Mortgage market! Mortgage Backed Securities (MBS) were taken out behind the woodshed today. The FNMA (30 YR 4.0%) MBS shed -78bp, which is a huge one day move.  Lenders were slow to pull the trigger on re-pricing today, by day end I only counted 2 deteriorating market emails from the...

“The Federal Reserve will employ all available tools to promote the resumption of sustainable economic growth and to preserve price stability.” (FOMC PR) The Federal Open Market Committee voted to leave the Fed Funds Rate unchanged today.  It remains within a target range of 0.000-0.250...

Caveat emptor…  the majority of Loan Mod companies in existence are not legit.  I have not found one that can guarantee or promise a Mod.  They have no problem overloading individuals with statistics, such as 97% response rate.  Guess what, by calling your lender and talking to a customer service...

The Fed has taken Historic Action and has established a Target Range vs. a Flat Rate. Target range for the federal funds rate of 0 to 1/4 percent. (This should be interesting for Prime? Credit and Money is NOW Cheep. Didn’t we do this in 2001-2003?) Given the overall decline in the U.S. Economy,...

http://www.flickr.com/photos/wwworks/2959833537/in/photostream/ Preface: The reason for this post is due to the increased activity in mortgage applications and potential clients I have spoken with over the last two weeks, who have informed me after receiving a Personalized Mortgage Plan that they are...

Image courtesy: The Wall Street Journal) Those of you who know me or work with me, know I am not a fan of Loan Modifications. Yesterday the Government announced that Half (1/2) of all recent Loan Mods are in default again.  Earlier this year and under pressure from the government, mortgage lenders made...