August 29th, 2010

Weekly Recap (8/23/10-8/28/10)




As if getting a mortgage wasn’t hard enough“:

We all know that lenders today are incorporating much stricter standards for mortgage borrowers, but I have never heard of anything like this before:

When Linda Falcão applied for a mortgage from Wells Fargo, she didn’t realize she would be required to write the type of essay that’s more commonly included with a college application…


HAMP-vs-H4H: Both are failures“:

On Wednesday of this week, Peter Miller — financial expert, nationally-syndicated columnist and long-time friend of HSH — wrote a piece for the Huffington Post titled “Obama Mortgage Modification Plan — 100 Times Better Than Bush.”

Miller compares the number of permanent loan mods made through President Obama’s home affordable modification program (HAMP) against the number of borrowers who successfully refinanced through President Bush’s Hope for Homeowners program (H4H)…


Deposits pages now live on HSH.com“:

For a while now, plenty of our visitors have been asking us if HSH.com has CD rates available. We’re pleased to announce that HSH.com now has three new pages on our website dedicated to certificates of deposit (CDs), money market accounts and high-yield savings accounts


HAMP: Still fundamentally broken“:

Last week I wrote about how one Treasury spokeswoman said that modifications outside of the home affordable modification program (HAMP) were so successful because of all the “tools” making home affordable has made available to servicers. That is, the government’s efforts have spurred private markets to respond with their own, more successful programs.

Even with all the changes to HAMP in its 18-month existence, we still haven’t gotten it right, and two studies released this week confirmed my belief that HAMP remains fundamentally broken, and thus a grand failure…


Giving the recession a visual representation“:

I came across an interactive graphic today (hat tip: Housing Wire) that shows the month-by-month change in unemployment across every county in the entire country from January 2007 until May 2010. Knowing the influence jobs, or the lack there of, have on the housing market, it’s no wonder that the downturn in housing has been so profound and so prolonged.

The graphic is from American Observer, and you have to check it out. CLICK HERE to view what Housing Wire calls a “vivid representation” of the nation’s change in unemployment from one year prior to the recession until late-spring of this year…


Still a great time to refinance“:

Record-low mortgage rates have been about the only stable slice of the economy we’ve seen for some time now. While stringent credit conditions have prevented many homebuyers from cashing in on cheap financing, the sheer persistence of these low rates has given refinance borrowers ample time to take advantage of them.

Every drop in rates opens up at least some refinance opportunity to a new group of borrowers to either get a lower rate, a different term or loan product, and ultimately, a lower monthly payment or a quicker payoff

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

Our bloggers:

Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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