The News Review:
- Mortgage Q&A: Refinance proposal has kink
- Tricky Real Estate Market Sees Home Sales Down, Commercial Demand Up
- Housing regulator: Freezing mortgage rates a bad idea
Mortgage Q&A: Refinance proposal has kink
Washington Times – Mar 28, 2008
The second “step” of the two-step loan is to pay the balance off at a new rate that’s calculated with a predetermined formula for the remaining 25 years. A $292,000 loan with a fixed rate of 6. 75 percent amortized over 25 years will create a P&I payment of $2,017. This explains why your payment shoots north to the tune of $396.
Tricky Real Estate Market Sees Home Sales Down, Commercial Demand Up
Martha's Vineyard Gazette – Mar 28, 2008
She estimates the Island has 84 realty offices and up to 500 realtor licenses. The number of participants in new realtor orientation classes on the Cape and Islands has slipped dramatically from 20 to 25 in a class last year to four or five participants in recent classes. Bankers, however, say their residential mortgage and mortgage refinancing business is solid and they are ebullient about demand in the commercial market. “Residential buyers are being cautious,” said Paul J. Watts, senior vice president at Bank of Martha’s Vineyard. But, he said, commercial business is strong. “Very strong.
Related: Stacy Keen Appointed Director of Sales and Marketing for The Wyland…
Housing regulator: Freezing mortgage rates a bad idea
USA Today – Mar 28, 2008
“It may take another six months or so, but hopefully we’ll start pulling out of it. ”
He said that government-sponsored enterprises Fannie Mae and Freddie Mac are taking steps that should help keep mortgage rates lower. Regulators eased capital requirements for the two biggest U. mortgage finance sources so they can provide more funds for stressed mortgage markets. “Fannie and Freddie are doing billions and billions a month refinancing people out of subprime mortgages and I think that is the way to go,” Lockhart said. In response to questions, Lockhart said he supported the idea of consolidating the regulation of Wall Street investment banks and other financial market participants that have come under criticism as credit markets have come near seizing up… mortgage finance sources so they can provide more funds for stressed mortgage markets. “Fannie and Freddie are doing billions and billions a month refinancing people out of subprime mortgages and I think that is the way to go,” Lockhart said. In response to questions, Lockhart said he supported the idea of consolidating the regulation of Wall Street investment banks and other financial market participants that have come under criticism as credit markets have come near seizing up. “I think that’s a good idea,” he said, adding that Fannie Mae and Freddie Mac need a strong regulator as they keep growing. One reason they need to be strongly regulated is to prevent the possibility that, should they get in trouble, they could cause problems for the whole financial system, he said. “Systemic risk is a big issue with these two companies.
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