Bank of America Announces Nationwide Homeownership Retention Program for Countrywide Customers-Long Beach Real Estate

Bank of America Announces Nationwide Homeownership Retention Program for Countrywide Customers-Long Beach Real Estate

Long Beach HomesOwners of Long Beach Homes and Long Beach Condos who are occupying their homes are finally being offered an option to save themselves from Short Sale and Foreclosure through Bank of Americas new relief program for Countrywide customers.  Restrictions do apply so be sure to read all of the details in the related links. 

 

Countrywide customers finally get some relief through the Bank of America Nationwide Homeownership Retention Program. 

 

Program will systematically modify troubled mortgages with up to $8.4 billion in interest rate and principal reductions for nearly 400,000 Countrywide Financial Corporation customers nationwide.

 

 

Beginning December 1, 2008, Countrywide will proactively contact subprime and Pay Option ARM borrowers whose loans are scheduled for an interest rate change.

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Posted on October 07, 2008 03:00:00 by Laurie.Manny
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Long Beach Mortgage Rates Report: September 18, 2008

Long Beach Mortgage Rates Report: September 18, 2008

Remember when I talked about the whipsaw effect, yesterday? Rates with no lender compensation to the broker, called "par" rates in the industry *, are 5.875% now.  That's .375% higher than the 5.5% I reported yesterday.


Will mortgage rates come back down?


Maybe.  They SHOULD since they are backed by the full faith and credit of the US Treasury.  They SHOULD start behaving like the 10-year treasury bond yield, which is down .06% in yield today.  They SHOULD be at the 5.5%  mark....but they're not.

 

The mortgage default crisis spread to the world's largest insurance company, prompting yet another government bailout.  Mortgage bond traders are starting to think that the US Treasury is going to have to start offering classes of debt, to deal with the crisis.


Stratification of debt, like the old Resolution Trust Corporation bonds, will most likely take us back to where mortgage-backed securities trade at a wide premium to Treasury debt.  This isn't happening but mortgage bond traders are speculating that it might. If it does, then the demand for a 30 year mortgage, loaned to you, the American borrower, is not as high as a direct obligation of the US government.

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Laurie Manny
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Posted on September 18, 2008 23:58:27 by Laurie.Manny
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Long Beach Mortgage Rates Report: September 17, 2008

Long Beach Mortgage Rates Report: September 17, 2008

 

Holy Heat Miser, Batman...it's a meltdown!


Had you taken my advice this weekend, and immediately locked your mortgage rate yesterday, you would have lost out.  The par rate for a 30-year fixed rate conforming loan was 5.625% yesterday- today that par rate is 5.5%.  My advice would have cost you .125% in rate.  Alas, my mortgage rates report is not about "catching the bottom" as much as it is about "avoiding the top"; it's about mitigating market risk.  From my explanation on the Zillow Mortgage Blog:

 

My approach is with an aversion to risk so I'm biased towards locking rather than floating a rate.  What I do try to find is overreactions in the MBS market so that you won't lock your mortgage rate at the top nor float your mortgage rate when higher rates are imminent.  My customers RARELY catch the "bottom" but they miss out on many "tops" when locking their rate.

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Laurie Manny
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Main Street Realtors
Belmont Heights
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Long Beach California 90803

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Posted on September 17, 2008 01:01:02 by Laurie.Manny
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Long Beach Mortgage Rates Report: September 13, 2008

Long Beach Mortgage Rates Report: September 13, 2008

 

Long Beach MortgageThe mortgage backed securities market has improved dramatically since the new FHFA seized Fannie Mae and Freddie Mac.  An implicit government backing of mortgage bonds became explicit with that single event.  The rate difference, or spread as we call it, between govʼt bonds and mortgage bonds, has narrowed from abnormally high margins.  This means that mortgage rates dropped as much as .375% since the govʼt takeover.  Alas, I think that party is a bit short-lived.  The exuberance appears to be a bit irrational and the reality of impending bank failures has worried the mortgage backed securities market again. 

 

Short-term, Iʼm advising clients to lock-in these low rates and be done with it.


For borrowers with a 30 day time period until closing, Iʼm advising that they lock as well.  Rates may spike up and come back down,  to these below 6% levels, but I donʼt see a great opportunity for the medium-term to improve upon todayʼs already low rates.

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Laurie Manny
Long Beach Realtor

(562) 212-5420

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Main Street Realtors
Belmont Heights
244 Redondo Avenue
Long Beach California 90803

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Posted on September 13, 2008 03:08:50 by Laurie.Manny
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Long Beach Mortgage Rates Report for August 29, 2008

Long Beach Mortgage Rates Report for August 29, 2008

Weird things are happening in the mortgage-backed securities market.  Strong buying, in the 30 year-fixed rate loans, has dropped rates .25% since my last report,  The ARM rates, however, have RISEN.  A weird phenomenon, indeed.  I'm only quoting two loan programs (the others make no sense):


Mortgage rates  for August 29, 2008.  Loan amounts up to $417,000:


5/1 ARM              5.750%

30 Year Fixed      6.125%

All rates offered to the borrower with 1 point cost.  Rate quotes assume a purchase transaction with a 20% down payment, 720 credit score, and full income qualification.  Rates are subject to fluctuation.  Custom rate quotes and rate lock advice are available by calling (858)-777-9751.


Short-term, this is about as good as it gets.  I think we'll see some higher rates, in the next 7-10 days, with rates coming back down to this level by the end of September.  I'm befuddled for the 3 month trend so I'll stay neutral.


MORTGAGE RATE TREND:

Next 7 days:      Higher 

Next 30 days:     Neutral

Next 3 months:    Lower? (I'm stumped)


Long Beach mortgage rates report is offered courtesy of Brian Brady.  Contact Brian for more information about a home loan.



http://www.longbeachrealestatehome.com/004274

Laurie Manny
Long Beach Realtor

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Main Street Realtors
Belmont Heights
244 Redondo Avenue
Long Beach California 90803

value wizard

 

Long Beach Real Estate Blog

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Posted on August 29, 2008 11:39:41 by Laurie.Manny
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