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January 30th, 2011

Weekly Recap (01/24/11-01/29/11)

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Calender1Saturday

Exactly what is a private hard money lender?

Hard money, or private lending, is gaining popularity as financing remains tight. But borrowers need to know exactly how it works before they sign for a loan.

Private hard money lenders are often the only alternative when banks and brokers are unwilling to lend. In today’s economy, they are understandably in high demand…

Friday

White House: This is why HAMP is struggling

At a time when certain Congressmen are saying that Washington should get out of the foreclosure prevention business, other key administration officials are saying that we just need to do a better job.

On Tuesday we wrote how Rep. Randy Neugebauer (R-Texas), the chair of the House Financial Services Oversight Subcommittee, said “All these foreclosure mitigation initiatives we’re taking need to stop.” Neugebauer’s feeling is that these efforts are a) prolonging the crisis; and b) preventing the private market from reentering the mortgage and housing arenas…

Thursday

Underwater after a bankruptcy 3.5 years ago. Can I refinance?

Our “Ask the Expert” section on HSH.com is the perfect place for you to get your mortgage questions answered by our resident expert Keith Gumbinger. Here’s the latest question we’ve received:

Question: Can I find someone to refinance? We filed bankruptcy 3.5 years ago after a failed business. We were never late and never missed a payment on our mortgages (1st & 2nd) or our cars and did not include these in the filing. Since the filing, we have paid off one of the two cars. We have an adjustable rate first mortgage that is set to adjust in 2013 – currently it is at about 6 percent. The second mortgage is fixed at 9.9 percent. Looking at both mortgages, we are slightly underwater. Since the filing we have not taken out any credit at all. Is there any hope of re-financing…

Wednesday

As suspected: Fannie, Freddie reform not coming this month

It was about six months ago when we predicted that the Treasury’s proposal to reform Fannie Mae and Freddie Mac would not be ready by January 2011:

We really don’t see a coherent, well-thought-out proposal being delivered to lawmakers in less than six months. Here are a few reasons why:

1. There will be a new Congress. Congressional elections occur in November and the new Congressmen will just be getting to work by the start of the year…

Tuesday

Should the government stop trying to prevent foreclosures?

At least one congressman thinks so, and said as much yesterday:

A top Republican on the House Financial Services Committee said Monday that the government should abandon its efforts to save homeowners from foreclosure.

Rep. Randy Neugebauer (R-Texas), the chair of the committee’s Oversight Subcommittee, told housing experts that government attempts to prevent foreclosures is prolonging the inevitable for many struggling homeowners and impeding the private market…

Monday

Mortgage rates have become a wait and see scenario

Mortgage rates have been pretty erratic throughout the month of January. Last week, mortgage rates mostly made up for the subtle decline we saw the week before:

HSH.com’s overall mortgage tracker — our weekly Fixed-Rate Mortgage Indicator (FRMI) — found that the overall average rate for 30-year fixed-rate mortgages increased by a mild six basis points, landing at an average 5.11% during a holiday-shortened week. FHA-backed 30-year FRMs, a considerable and crucial part of the first-time homebuying market, ticked just three basis points upward to 4.75% for the week. Borrowers looking to alternatives to the benchmark 30-year FRM might consider a 5/1 Hybrid ARM, which is available at an attractive 3.82%, up just a lone basis point from the week prior. The gap between long-term fixed rates and the most common hybrid ARM should makes them at least a consideration for homebuyers and refinancers with short time horizons. HSH.com’s FRMI and other public data series includes rates for conforming, jumbo, and most recently the GSE’s “high-limit” conforming products and so cover much of the mortgage-borrowing public…

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One Response to “Weekly Recap (01/24/11-01/29/11)”

  1. Tweets that mention Weekly Recap (01/24/11-01/29/11) | HSH Financial News Blog -- Topsy.com Says: January 30th, 2011 at 7:57 pm

    [...] This post was mentioned on Twitter by HSH Associates, Mortgage News. Mortgage News said: [HSH] Weekly Recap (01/24/11-01/29/11) – Saturday "Exactly what is a private hard money lender?" Hard money, or priv… http://ow.ly/1b6pLh [...]

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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.

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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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