My CA Mortgage

Have a fun during this holiday weekend!  Stay Safe!

The number of Americans filing for their first week of unemployment insurance fell slightly last week, according to a weekly government report released Thursday.
There were 460,000 initial jobless claims filed in the week ended May 22, down 14,000 from an upwardly revised 474,000 the previous week, according to the Labor Department’s weekly report.
The report also [...]

Recently US Bank’s National Wholesale Sales Division has made several changes for originators brokering to them. A week ago USB came out with revised credit scores for all government loans, both FHA and VA. FHA Streamline Refinance (non-credit qualifying) Non LP or DU now require a 640 minimum FICO score (loan amounts over $417,000 require [...]

US Bank’s wholesale group announced that after Wednesday all government loans, both FHA and VA, must follow its new minimum FICO score and trade line requirements. Loans under the FHA Streamline Refinance (non-credit qualifying) Non LP or DU program will require a 640 minimum FICO score (loan amounts over $417,000 require a minimum 680 FICO [...]

Fannie Mae announced that it will tighten lending requirements for its interest-only loans and adjustable rate mortgages. If a borrower wants an IO mortgage through Fannie, for example, he or she will have to make down payments of 30% of the sale price. For ARM’s, Fannie will only buy those underwritten to ensure that borrowers [...]

Existing home sales jumped 6.8% in March, with home buyers racing to get a tax credit that expires in April, according to a real estate industry report released Thursday.
The National Association of Realtors reported that existing home sales rose last month to a seasonally adjusted annual rate of 5.35 million units, up from the revised [...]

The SEC claims that Goldman Sachs had marketed a packages of mortgages put together by a hedge fund that would profit if the mortgages fell in value. The mortgages did indeed fall in value with the bulk defaulting, and the SEC claims that Goldman neglected to fully disclose the role of the hedge fund in [...]

The government is just starting to crack down on these banks, hedge funds and wall street over this mortgage melt down.  Dont be surprised to see some HUGE fines and some high profile banks and investors go to jail.  The party is over for wall street, the dust is settling and its time to figure [...]

If an agent or company is having trouble originating loans in this interest rate environment, the rest of the year might not be much better. We’ve been in a 45 basis point range in the 10-year Treasury for nearly 4 months (3.54-3.99%), and mortgage prices have also been in a narrow range. It seems that [...]

President Obama’s foreclosure prevention plan has helped nearly 228,000 delinquent borrowers keep their homes, the administration said Wednesday.
That’s up from a month ago, when roughly 168,000 people received long-term mortgage modifications.
Another 781,000 troubled homeowners were in trial modifications, through March, officials said. Of these, 108,000 have been approved for permanent modification by servicers and are [...]