February 2008 - Blown Mortgage

February 2008

Mortgage Market Minute 2/29/08

We're back with another edition. Same t-shirt, full-color. Work with me as I learn video editing! Today's update - Fannie, Freddie and AIG losses and a potential major shift in underwriting guidelines as the GSE's that would make broker-ordered and in-house appraisals unacceptable as documentation for conforming loan home values.

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AIG Takes $11 Billion Charge

How does $11 billion roll off your lips? I find it a little sickening to try saying the words "lost $11 billion" and it's not even my money. AIG reported today that not only did it find a way to lose $5.29 billion bucks this quarter; but it also reported a charge of $11.12 billion [...]

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Bush Doesn’t Want Bankruptcy Law Changed

President Bush urged Congress to reject a new bill that would allow bankruptcy judges to modify the terms of home loans included in bankruptcy cases.  From the Market Watch story on the bankruptcy bill to change mortgage terms: President Bush urged Congress to reject a Senate bill that would change bankruptcy laws by allowing judges [...]

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Week over week refinance applications are down 30.4% as mortgage interest rates continue to rise on fears of inflation.  They are up slightly at 5% above 2007 levels.  Rates are up almost a full 20 basis points (.18%).  The slowdown in refinance applications makes sense in light of the recent wild swings of the mortgage [...]

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Mortgage Market Minute 2/26/08

We're bringing back the Mortgage Market Minute. In this video I talk Case-Shiller, Countrywide eliminating option arms on the wholesale side, and Wells Fargo whacking LTV's in California. Bear with us as we get back up to speed and stay tuned for more video from Blown Mortgage.

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