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August 7, 2007 at 1:00 PM #9747August 7, 2007 at 1:18 PM #71419
kewp
ParticipantAwesome! Great to see that the Fed is willing to sacrifice the homedebtor to save the dollar!
Having a bunch of dollars in my wallet and no mortgage, I’ll admit to a bias here.
August 7, 2007 at 1:18 PM #71535ParticipantAwesome! Great to see that the Fed is willing to sacrifice the homedebtor to save the dollar!
Having a bunch of dollars in my wallet and no mortgage, I’ll admit to a bias here.
August 7, 2007 at 1:18 PM #71540ParticipantAwesome! Great to see that the Fed is willing to sacrifice the homedebtor to save the dollar!
Having a bunch of dollars in my wallet and no mortgage, I’ll admit to a bias here.
August 7, 2007 at 4:03 PM #71482SD Realtor
ParticipantGood for the Fed… One thing that confused me though is that even if the Fed would have lowered the rates, where would that have helped?
Just about every ARM that I know of resets to the Libor. Similarly every other vehicle is based on the long bond. The current 10 year yield is already back to being inverted. (I think) Even if the Fed did crank down the rates I guess yes that would have enabled some liquidity for banks but I just don’t see how it would have lubricated the secondary market.
SD Realtor
August 7, 2007 at 4:03 PM #71605ParticipantGood for the Fed… One thing that confused me though is that even if the Fed would have lowered the rates, where would that have helped?
Just about every ARM that I know of resets to the Libor. Similarly every other vehicle is based on the long bond. The current 10 year yield is already back to being inverted. (I think) Even if the Fed did crank down the rates I guess yes that would have enabled some liquidity for banks but I just don’t see how it would have lubricated the secondary market.
SD Realtor
August 7, 2007 at 4:03 PM #71597ParticipantGood for the Fed… One thing that confused me though is that even if the Fed would have lowered the rates, where would that have helped?
Just about every ARM that I know of resets to the Libor. Similarly every other vehicle is based on the long bond. The current 10 year yield is already back to being inverted. (I think) Even if the Fed did crank down the rates I guess yes that would have enabled some liquidity for banks but I just don’t see how it would have lubricated the secondary market.
SD Realtor
August 7, 2007 at 4:12 PM #71611Arty
ParticipantIt won’t help the housing marktet at all I think. Just like during the tech bubble burst, it didn’t prevent a lot of stocks from tanking. It will only stablize bank cash flow problem if it is not too serious. I could be wrong of course.
August 7, 2007 at 4:12 PM #71603ParticipantIt won’t help the housing marktet at all I think. Just like during the tech bubble burst, it didn’t prevent a lot of stocks from tanking. It will only stablize bank cash flow problem if it is not too serious. I could be wrong of course.
August 7, 2007 at 4:12 PM #71488ParticipantIt won’t help the housing marktet at all I think. Just like during the tech bubble burst, it didn’t prevent a lot of stocks from tanking. It will only stablize bank cash flow problem if it is not too serious. I could be wrong of course.
August 7, 2007 at 4:32 PM #71491ak1
ParticipantI just went to BankRate.com to peruse 30yr fixed rates.
Got sent to AmeriSave.comI looked at a 700K home value with 10% down for a 630K mortgage. 700K is middle range home value in Fremont, CA.
Got back the following results:
30year fixed. 7.625% Apr 7.989%, total payment $4732/mos
30year fixed with Interest Only option. 7.75% with Apr 8.131%, total payment $4341/mosIf that’s any indication of what’s out there for a 10% down that’s a pretty drastic jump from a few weeks back.
August 7, 2007 at 4:32 PM #71606ParticipantI just went to BankRate.com to peruse 30yr fixed rates.
Got sent to AmeriSave.comI looked at a 700K home value with 10% down for a 630K mortgage. 700K is middle range home value in Fremont, CA.
Got back the following results:
30year fixed. 7.625% Apr 7.989%, total payment $4732/mos
30year fixed with Interest Only option. 7.75% with Apr 8.131%, total payment $4341/mosIf that’s any indication of what’s out there for a 10% down that’s a pretty drastic jump from a few weeks back.
August 7, 2007 at 4:32 PM #71614ParticipantI just went to BankRate.com to peruse 30yr fixed rates.
Got sent to AmeriSave.comI looked at a 700K home value with 10% down for a 630K mortgage. 700K is middle range home value in Fremont, CA.
Got back the following results:
30year fixed. 7.625% Apr 7.989%, total payment $4732/mos
30year fixed with Interest Only option. 7.75% with Apr 8.131%, total payment $4341/mosIf that’s any indication of what’s out there for a 10% down that’s a pretty drastic jump from a few weeks back.
August 7, 2007 at 5:00 PM #71506ParticipantPulled this link off of http://ml-implode.com/
Loan Underwriting changes at OptionOne Mortgage:
http://www.oomc.com/post/_marketing/phaseVII/phase7pg_price.html
The whole list of changes is very interesting especially the following:
“# Florida Condos: Option One will not accept submissions secured by condos in Florida”
If other lenders go the same way Florida Condos could be in significant trouble.
August 7, 2007 at 5:00 PM #71621ParticipantPulled this link off of http://ml-implode.com/
Loan Underwriting changes at OptionOne Mortgage:
http://www.oomc.com/post/_marketing/phaseVII/phase7pg_price.html
The whole list of changes is very interesting especially the following:
“# Florida Condos: Option One will not accept submissions secured by condos in Florida”
If other lenders go the same way Florida Condos could be in significant trouble.
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