Interest rates dropped like a rock today. Right when the Federal Reserve was talking up a fed rate increase, the employment numbers came in way below the consensus. The 38,000 created jobs in May was forecast to be 162,000. More numbers to digest: The Labor Department also reported Friday that ... » Learn More about Mortgage Rates Drop – Employment Numbers Stink
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Break Up The Big Banks – Political Rhetoric or Reality?
The general political rallying cry of "break up the big banks" is an obsolete statement, and as retired Democratic Congressman and Financial Services Committee Chairman Barney Frank put it on CNBC the other day, “they don’t know what they’re talking about”. Barney Frank was one of the architects ... » Learn More about Break Up The Big Banks – Political Rhetoric or Reality?
A Sample of Pending California Real Estate Legislation
As a Government Affairs Chair for the California Association of Mortgage Professionals I was recently in Sacramento advocating for the consumer of housing, discussing housing issues and pending legislation with our state Senators and Assembly Members. One thing of interest, our representatives in ... » Learn More about A Sample of Pending California Real Estate Legislation
Private Mortgage Insurance Cost Jumps for Moderate Score Borrowers
Private Mortgage Insurance (PMI) companies have adopted a more serious stance on risk-based pricing. PMI companies are cherry-picking borrowers above a 760 credit score, and they are not that keen on insuring borrowers below 700. Looking at the typical PMI pricing for a 3% down loan, you will see ... » Learn More about Private Mortgage Insurance Cost Jumps for Moderate Score Borrowers
Success – Bill to Prohibit a Homebuyer’s Tax Introduced to Congress
A new piece of bipartisan legislation, H.R. 4893, the Risk Management and Homeowner Stability Act has been introduced. Congressman Mark Sanford (R-SC), joined by Congressmen Brad Sherman (D-CA) and Randy Neugebauer (R-TX), is seeking to amend the Budget Control Act of 1974. H.R. 4893 ensures that ... » Learn More about Success – Bill to Prohibit a Homebuyer’s Tax Introduced to Congress