Los Angeles Mortgage Rates Report: January 14, 2009

The US Treasury Department has been supporting the mortgage bonds market, in order to keep mortgage rates under 5% ... the “flow” of mortgage loans.  The big banks, like B of A, Citi, and Wells, loan direct or buy loans ... t have the horses to ride since they laid off so many workers in 2008. 2- Greed:  Lenders typically made a loan [more...]

Date: 2009-01-14 06:35:15

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Chase pulls out of Wholesale Lending with Mortgage Brokers

I just received this memo from Chase: “Home lending remains an integral part of our firm’s overall financial strategy, and as such, ... -originated loans acquired from Correspondent lenders. Our new strategic direction is supported ... decision, we will no longer accept any new locks and registrations from or purchase any loans [more...]

Date: 2009-01-13 20:24:21

President-elect Barack Obama says preventing foreclosures is ‘number one’

“I think the most important thing when it comes to declining home values is number one, preventing further foreclosures ... January 19, is considering whether or not to direct “some of the remaining bailout money to foreclosure ... would provide lenders with incentives to modify loans that are either already in default or headed [more...]

Date: 2009-01-08 17:11:53

HSBC prepares for rate cut by raising tracker loan cost

HSBC raised its best-buy tracker mortgage rate yesterday amid expectations that other lenders will follow suit after tomorrow's much-anticipated cut ... competitor is its own subsidiary, First Direct, which is expected to shift its tracker rates too [more...]

Date: 2009-01-07 00:01:45

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