The News Review:
- Fannie Mae facing short-term debt refinancing risk
- Before Refinancing, Crunch Hidden Numbers
- LibertyStreet Financial Group Launches New Government-Backed …
- Expanded loan limits for home buyers to end Dec. 31
- Taylor Wimpey mulls land bank sale as it looks to refinance
Fannie Mae facing short-term debt refinancing risk
Reuters
The importance of the companies to the housingmarket has increased as the credit crisis deepened, and led thegovernment in September to force them into conservatorships toensure they have enough capital to operate. Risks of using more short-term debt issues include risinginterest rates and the possibility the company may not drawenough demand to refinance maturing securities, Fannie Mae saidin the filing. The company is “increasingly” exposed to thoserisks, it said. Fannie Mae on Monday reported a record $29 billion thirdquarter loss as it wrote-down a tax-break and costs of thehousing downturn mounted. The loss eroded the net worth of thecompany to levels that raised chances of a capital injection bythe U.
Related from Murtoughsupply: Earnings slip at Sovran Self-Storage
Before Refinancing, Crunch Hidden Numbers
TheStreet.com
Enter the details of your current loan and your new mortgage, and the calculator will tell you how much lower your monthly payments will be and when you stand to break even. Say you have 15 years left on a $200,000 mortgage at 8. 5% on a home originally worth $250,000. You want to refinance to take advantage of the current lower rate of 6. 22% on a new 15-year mortgage that covers the remaining balance of your original loan. Your closing costs total $3,000.
LibertyStreet Financial Group Launches New Government-Backed …
MarketWatch
The
remaining available loan amount comes to the borrower in the form of
lump sum upfront money, tenure equal monthly payments for life (as long
as one of the borrowers is living in the home), or an open-ended line of
credit. The money received is tax-free. When the borrower, or the later
of two borrowers, passes, the heirs may either refinance the loan and
keep the home or sell the residence and retain the difference between
the sale price and the loan balance. Through Reverse Mortgage loan programs, LibertyStreet seeks to dispel
many of the misconceptions associated with the product, explaining up
front that:
–
Seniors WILL NOT lose their homes. They retain ownership until
they sell or pass on to their heirs. –
Reverse mortgages ARE NOT expensive, when done through a firm
that is trustful, truthful and transparent. –
You CAN use the money for whatever you wish.
Expanded loan limits for home buyers to end Dec. 31
San Jose Mercury News, USA
place_ad_here(“adPosBox”); to ensure they will get loans made under the old guidelines funded and closed by year’s end. “Most lenders are discontinuing those by Dec. 15,” said Rob McCarthy, owner of mortgage brokerage the Honte Group in Campbell. He said the reduced loan limit might affect the refinancing or purchase plans of hundreds of his clients, whom he’s been e-mailing lately to get the word out. Time will be short for some customers. For Wells Fargo loans made through mortgage brokers, for example, brokers must lock in rates for “high-balance conforming loans” by Nov. 17 and close the transactions by Dec.
Taylor Wimpey mulls land bank sale as it looks to refinance
Telegraph.co.uk, United Kingdom
“We remain of the view that there will not be a recovery in the UK housing market in the short term,” the company said. “We welcome the significant interest rate reduction announced last week, and are hopeful that if this is passed on to consumers, then it will help the market to return to stability more quickly. Increased mortgage availability and a return of customer confidence remain the key requirements for a sustained market recovery. “The shares closed down 2½ at 10¾p.