Welcome to the latest in a new series of audio news stories from Quicken Loans Relationship Marketing Manager Mark Smith. Today's podcast is titled "Uncle Sam rescues Fannie Mae and Freddie Mac" and details the Federal Government's bailout of mortgage giants Fannie Mae and Freddie Mac.
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The yield on the 1-year Treasury was 1.72 percent on Wednesday, according to data published by the U.S. Department of the Treasury. The 1-year yield tumbled from 1.90% a week earlier. The 6-month London Interbank Offered Rate was 3.98% as of Oct. 1, Bankrate.com reported. A week earlier, LIBOR stood at 3.47%.
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During August, mortgage servicers completed 86,594 foreclosure sales, data released today from the HOPE NOW alliance indicated. Foreclosure sales fell from 91,752 in July. Of 1.1 million subprime ARMs with resets scheduled between January 2008 and August 2008, only 1 percent of the loans that were current prior to the reset date subsequently defaulted.
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The maximum loan amount on a home-equity conversion mortgage will soon be raised to $417,000, the National Reverse Mortgage Lenders Association announced. The new limit applies to all U.S. countys. The exisiting limit, which will likely stay in effect through this month, was higher in some counties.
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By a vote of 74 to 25, the U.S. Senate passed the Emergency Economic Stability Act. The bill includes a $700 billion package to buy toxic mortgages. Other provisions to the bill include an increase to $250,000 from $100,000 the maximum insurance coverage for bank deposits.
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Thornburg Mortgage Inc. said it was unable to complete an exchange offer because it couldn't resolve reverse repurchase agreement with its counterparties. It was forced to return $189 million in badly needed capital. The company also said it laid off 16 percent of its staff.
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From January through July, Lenders One originated $20 billion, a press release said. The level of activity represented record growth, according to the statement. Growth in membership, which currently stands at 125, has also maintained a record pace so far this year.
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The Securities and Exchange Commission issued guidance on mark-to-market accounting. The Mortgage Bankers Association commended the SEC for permitting the use of discounted cash flow fair value measurements under FAS 157 when no active market for a security exists. The American Bankers Association also lauded the move. But the Consumer Mortgage Coalition said the guidance offers little help for the fair value accounting issue.
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A lawsuit filed in U.S. district court against Chevy Chase Bank, FSB, was granted class action certification in 2007. The case had the potential to force the bank to rescind more than 7,000 option adjustable-rate mortgage borrowers who were allegedly given inadequate disclosures. But a U.S. court of appeals reversed the class action certification on Sept. 24.
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Delinquency of between 30 and 59 days has remained below 7 percent on nonprime mortgages, according to a report from the State Foreclosure Prevention Working Group. Delinquency remained around where it stood in October and was slightly lower than in January. But delinquency of at least 90 days has risen from just above 10 percent in October to more than 13 percent in the most recent study.
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