The Refinance Index reached 2300 in the latest Weekly Mortgage Applications Survey from the Mortgage Bankers Association. Two weeks earlier, the Refinance Index stood at less than half that level. The latest activity has pushed the refinance share to more than half of all applications, MBA said.
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The Federal Open Market Committee announced today that it will again hold its Fed Funds rate at 2.0 percent. This is the rate at which banks loan money to one another, impacts mortgage rates for adjustable rate mortgages and home equity lines of credit.
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Philip A. Laskawy has been named non-executive chairman of Fannie Mae, the Federal Housing Finance Board announced. John A. Koskinen was named non-executive of Freddie Mac. "Both men bring distinguished experience to their new roles," FHFA's director said in the statement.
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While last weekend saw the government takeover of Fannie Mae and Freddie Mac, this weekend brought on the collapse of Lehman Brothers (a 158-year-old investment bank) and the purchase of Merrill Lynch by Bank of America. Once again, the change in the financial markets most likely means mortgage rates are falling, according to Quicken Loans Chief Economist Bob Walters.
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An updated version of vLender.com's Mortgage Web site & Online Marketing System was released late last month, a statement said. Fiserv Inc. issued a recent press release that said Moody's Economy.com home price forecasts have been incorporated into the CASA Automated Valuation Model. CT Lien Solutions has enabled its mortgage document processing system to handle commercial, partial and residential lien releases, a statement said.
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During 2009, residential loan volume is projected at $2.1 trillion, according to Freddie's economic outlook for September. Forecasted volume is better than the $1.9 trillion projected for all of 2008. Last month, Freddie had projected just $1.8 trillion in originations for next year.
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Moody's Investors Service has downgraded the servicer quality rating of Aurora Loan Services, a statement said. Aurora is a subsidiary of Lehman Brothers Bank, which is owned by Lehman Brothers Holdings. "Moody's rating action follows announcement by Lehman that it was filing for Chapter 11 bankruptcy protection after its failure to reach a merger agreement with a stronger strategic partner," the ratings agency said.
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Commercial mortgages from $2 million to more than $1 billion are being promoted by Arlington Richfield Inc. PB Financial Group Corp. is advertising privately funded loans for California borrowers with FICO scores down to 300, in bankruptcy or in foreclosure. Flagstar Bank has advised mortgage brokers and correspondents that it has closed its third-party construction department. Interthinx announced last week that it offers a 24-hour mortgage broker license monitoring service.
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A mortgage fraud scheme where multiple second liens are rapidly and simultaneously filed on the same property has emerged, mortgage fraud attorney Rachel Dollar recently told a group of mortgage bankers. The players are often Eastern Europeans who briefly enter the United States specifically to execute the scheme then immediately return to their own countries with the proceeds. "It's a way to make enough money to really live the rest of their lives in comfort within their own country, and
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Bank of America Corp. issued a statement indicating it would acquire Merrill Lynch & Co. Inc. The deal is a $50 billion all-stock transaction. Lehman Brothers Holdings Inc. intends to file a petition under Chapter 11 of the U.S. Bankruptcy Code, an announcement said. The Federal housing Finance Board issued a statement indicating that Fannie Mae's former chief executive officer and Freddie's former CEO and chairman will not be paid "golden parachute" payments as required under the
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August saw 303,879 foreclosures filed, RealtyTrac reported. Foreclosures jumped from July and were 27 percent higher than year earlier. Real estate owned filings, where the foreclosure was completed and the property became owned by the lender, totaled 90,893 in August, jumping from the month before and more than doubling from August 2007.
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