Weekly Recap (11/01/10-11/06/10)by Tim Manni
We hear a lot of first-hand foreclosure stories from our readers. But the Youtube video I saw yesterday takes the cake for the most, how do I say this, unique presentation of a foreclosure story yet.
“Mom Raps About Foreclosure” is a five minute video about, well, a 58-year-old woman rapping about her foreclosure. Clad in the cliché gold chains, sunglasses, sideways baseball cap and big fake rings, this “hip-hop” track chronicles a low-doc ARM loan, the inability to refinance it once the reset came along, a failed modification, and it even delves into the complex world of securitization and MERS.
When you read the results of the Campbell/Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions, it’s easier to understand why September’s Pending Home Sales Index recorded its first decline since June.
For the first time in the Campbell/IMF survey’s history, cash became the number one source of financing for homebuyers. Recently, the FHA has been the predominant source of funding for buyers.
I’ve said it before, the Federal Reserve has been the most successful government entity in providing any substantial form of stimulus or relief to our economy since the downturn began.
The Fed strikes again
Yesterday the Federal Open Market Committee announced plans to spend $600 billion by the second quarter of 2011 on newly-issued Treasuries, and another $250-$300 billion on Treasuries purchased with proceeds of the maturing mortgage-backed securities (MBS) they purchased over the last few years. Overall, the Fed will be spending about $100 billion a month on new and existing Treasuries.
Ever wish you had access to multiple experts that could answer your mortgage questions whenever you had them?
Well you do.
HSH.com’s Ask the Expert section gives you the opportunity to write in and have one of our many experts answer your question(s). For over 30 years, HSH.com has been a reliable mortgage source not only for industry experts, but for homeowners and homebuyers as well. Our Ask the Expert section is just the latest avenue for consumers to get professional answers to their mortgage-related questions.
So you’re ready to refinance, huh?
Having already made the decision to refinance, your next step is to determine how to best manage the costs associated with the transaction. Mortgage borrowers have asked HSH.com a thousand times, “What’s the best strategy for handling my refinance closing costs?”
-Should I pay the refi costs upfront and out of pocket?
-Should I finance them into my loan amount?
-Should I just trade them for a higher interest rate?
The mortgage markets are due for some change. About the only certainty in today’s marketplace is uncertainty. Will tomorrow’s mid-term elections bring the change the mortgage and housing markets so desperately need?
To take a deeper look into the possible change tomorrow’s elections may bring, here’s an excerpt from HSH.com’s latest Market Trends Newsletter:
It is commonplace that the party in power will lose seats during mid-term elections. If the pollsters and pundits are correct, Tuesday might bring a fair sea change to Washington.