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February 20th, 2011 (Modified on February 22nd, 2011)

Weekly Recap (02/14/11-02/19/11)

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Calender1Saturday

Hurry up if you want a Freddie Mac refinance

Changes going into effect at Freddie Mac on May 1, 2011 may mean that some refinancing options for homeowners will be going away.

Even with political discussions currently underway concerning of the long-term fate of Freddie Mac and Fannie Mae, consumers should still be aware of guideline changes by either of these two mortgage giants that will affect them (and you!) over the short term…

Friday

Fannie & Freddie will be the next president’s problem

If you follow this blog regularly, or even Google News for that matter, you know the latest big news in the mortgage world: the Treasury has laid out three strategies to reform our country’s mortgage system. Sure, last Friday’s presentation of the plans made a big splash, but the truth is, concrete Fannie, Freddie reform is a long way off.

Sure, debate will be waged on Capitol Hill where both political parties will fight hard to preserve or eliminate different aspects of our mortgage system, but I’m banking on the final plan of action to be made under the next president’s watch…

Thursday

Could Dodd-Frank be a dud?

You will commonly hear the Dodd-Frank bill come up in the midst of all the conversation surrounding the recently-announced strategies for reforming Fannie Mae and Freddie Mac. The reason is, Dodd-Frank is a major piece of legislation that has already begun to take form, and is expected to continue to influence the landscape of the market and ultimately impact the structure of the GSE reform.

The Dodd-Frank bill is commonly referred to as “the most sweeping financial reform since the Great Depression” (or something very akin to that). Proof that Dodd-Frank is living up to that moniker is the Consumer Financial Protection Bureau (CFBP), slated to open up shop this July…

Wednesday

The cost of mortgages is going up!

There was a great deal of fanfare that came along with the announcement that the U.S. government was going to introduce plans to reform the heart and soul of the American mortgage market.

Despite all the attention that the Treasury’s announcement received last Friday, the truth is, the reform of Fannie Mae and Freddie Mac is still in the earliest of stages and the Treasury’s three strategies were general outlines at best. As we outlined on the day before the Treasury’s announcement, we expected a few common threads throughout all the proposals

Tuesday

MBA calls for HARP extension until 2012

Back in early 2010 when the home affordable refinance program (HARP) was extended until June 30, 2011 (Making Home Affordable.com actually lists HARP’s expiration date as June 10, 2011), I challenged the logic behind that decision.

Despite all of this negativity surrounding HARP, the Mortgage Bankers Association (MBA) recently called upon HARP’s overseer to extend the program until December 2012, when HARP’s sister program, HAMP, is set to expire…

Monday

Mortgage rates continue to rise, but far from normal

After the markets experienced such devastating declines after the housing market crashed, countless discussions ensued about “when will we return to ‘normal’?” There are two schools of thought when it comes to the markets attaining a degree of normalcy. Either markets have a long way to go to become “normal” once again (regaining levels prior to the crash), or they must establish a “new normal” based on current market conditions and expectations.

For factors like home prices, which never experienced a national decline until the market crashed a few years back (sending millions of homeowners’ equity out the window), the expectation is that prices need to regain those levels to make it back to normal and to salvage all those investments (underwater homes). As far as mortgage rates go, numerous government programs as well as economic hardships established a “new normal” range for rates to wander in over the last few years…

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2 Responses to “Weekly Recap (02/14/11-02/19/11)”

  1. Tweets that mention Weekly Recap (02/14/11-02-19/11) | HSH Financial News Blog -- Topsy.com Says: February 20th, 2011 at 8:56 pm

    [...] This post was mentioned on Twitter by HSH Associates, Mortgage News and Boise Home Loans, boise mortgage. boise mortgage said: Weekly Recap (02/14/11-02-19/11) | HSH Financial News Blog http://bit.ly/hKhvxm [...]

  2. jovan Says: February 21st, 2011 at 6:08 am

    We still (emphasis) have an unnatural balance of low rates and prices. Mortgages remain unavailable for many. Many think rates are going to up finally (be allowed to) rise. Appears value will continue descending.

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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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