In the aftermath of the FDIC stepping in to take-over IndyMac Bank and Federal suggesting of helping prop up Fannie Mae and Freddie Mac to preserve liquidity in the markets ...
Here's what I've picked up this morning:
"Expect some rate uncertainty this week as the Financial sector is still reeling from Fannie and Freddie and the newest Major Mortgage player to go under-IndyMac Bank. The market is reacting positively in pre market trading to the news that the Fed and the Treasury Dept will lend to Fannie and Freddie who hold 1/2 of all US mortgages. This is not good for BONDS which are expected to continue to fall, maintaining Fridays weakness. The TNOTE yield begins the day trending back upward toward the 4.00% benchmark. I would expect rates to increase by at least .25% of a basis point today." From James Bowen
I don't totally agree though ... I think rates will actually slide just a bit this week as investors and markets take a sigh of relief in the government stepping in to calm nerves. No reason to float though, if you're buying or refinancing a home ... Lock now!
If you're looking for a lender to handle your FHA or Conventional purchase or refinance, of course I highly recommend First Financial Trust ... call James Snyder 219-762-7200 or email at jamess@fftmortgage.com
More Than 600 Mortgage Broker Companies Could Lose Their Licenses
from Headlines - Inside INdiana Business with Gerry Dick
A majority of Indiana's mortgage brokers are on the verge of not being able to do business in the state. Secretary of State Todd Rokita says many have failed to comply with a phase-in period of a 2007 law calling on each licensed mortgage office to employ a principal manager to supervise business affairs. Rokita says despite a July 1 deadline, roughly 70 percent of Indiana's licensed mortgage brokers are operated by leaders who have not even tried to take the state's Principal Manager Assessment. More than 600 companies are being notified their licenses will be revoked on August 5 if a properly credentialed principal manager is not in place.
First Financial Trust won't.
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