2011 The year of the Re-finance

let's take a look

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After helping corporations issue over $1 trillion of debt a record-low yields, the Fed is now turning its attention to consumers' balance sheets, says John Lekas, senior portfolio manager at Leader Capital where he runs theLeader Short-Term Bond Fund.

"They're going to continue to buy" Treasuries until the yield on the 30-year bond hits 2.75%, Lekas predicts. That, in turn, will drive 30-year fixed rate mortgages to around 3.75%, which "reloads the consumer with a 30-year stream of income," he says, estimating savings of about $400 per month for the average U.S. household.

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http://finance.yahoo.com/tech-ticker/2011-outlook-deflation-and-dow-4200-followed-by-%22wave-of-refinancings%22-535470.html;_ylt=Alsw3.Ta2MT8fZ3L2VFX6JVk7ot4;_ylu=X3oDMTB2ZDUzYTg0BHBvcwMxNQRzZWMDYXJ0aWNsZUxpc3QEc2xrA2hlcmU-?tickers=^DJI,TLT,XHB,UUP,UDN,^VIX,DBC

FHA Tightens Credit Score Requirement

NEW YORK (CNNMoney.com) -- The once wide-open doorway to homeownership closed a teensy bit more this week when a key government agency announced a proposal to no longer allow mortgages for borrowers with very low credit scores.

The Department of Housing and Urban Development said that it intends to require borrowers to have scores of at least 500 to qualify for FHA-insured loans. The agency has not required a minimum score before.

The practical impact of this move will be extremely limited; during the second quarter of 2010, no FHA-insured loans were issued to borrowers with sub-500 scores. And, in fact, less than 1% of borrowers were below 580; most loans went to borrowers with scores above 620

http://money.cnn.com/2010/07/16/real_estate/tighter_FHA_requirements/index.htm?source=cnn_bin&hpt=Sbin

Mortgage Modification Program Modifying

let's take a look:

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NEW YORK (CNNMoney.com) -- Attention delinquent borrowers: If you want to get into the Obama administration's mortgage modification program, you'd better have your paperwork ready..............

................................Of the 1.2 million people who've started trial modifications, fewer than 300,000 have received permanent assistance. Another 278,000 have washed out of the program either because they didn't send in timely payments, hand in the required documents or meet the eligibility criteria

http://money.cnn.com/2010/05/28/news/economy/loan_modification_paperwork/index.htm?source=cnn_bin&hpt=Sbin

Borrow at 3% Lend at 6% Golf at 4:00pm

let us take a look

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.................With millions of homeowners losing their homes to foreclosure during this recession, megabank JPMorgan Chase plans to argue against the Obama administration's latest weapon in its fight to stem the problem -- principal cuts for struggling borrowers -- by citing the sanctity of contracts and the borrower's "promise to repay."

In testimony to be delivered Tuesday afternoon, David Lowman, chief executive officer for home lending at the "Too Big To Fail" behemoth, will fight back against the program which calls for lenders and investors to decrease the outstanding debt owed on a home mortgage. While his competitors at Bank of America, Wells Fargo and Citigroup plan to dance around the issue -- judging from their prepared remarks -- Lowman cut right to it: borrowers don't deserve it.

"Like all loans, mortgage contracts are based on a promise to repay money borrowed," Lowman's prepared remarks read. "Importantly, there is no provision in the mortgage contract, express or implied, that the lender will restore equity or reduce the repayment amount if the value of the collateral -- be it a home, a car or a stock market investment -- depreciates.

http://www.huffingtonpost.com/2010/04/12/jpmorgan-chase-argues-aga_n_534898.html

Mortgage relief slow!

The second time is the charm? lets take a look?

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New Push on Mortgage Relief

In the latest move to bolster its $75 billion foreclosure-prevention plan, the Obama administration on Monday will outline new efforts designed to increase the number of borrowers who receive mortgage relief.

The Treasury Department on Monday will announce plans to appoint officials to monitor the actions of the largest mortgage servicing companies on a daily basis. It also will announce it is requiring mortgage companies to develop and report to the administration their plans to increase the number of completed modifications, a Treasury spokeswoman said.

While more than 650,000 borrowers have been given trial mortgage modifications under the plan, few borrowers have received permanent modifications. Many borrowers complain that it is difficult to get a permanent fix even once they have made trial payments; some have been required to send in duplicate paperwork or even ended up further behind on their mortgage payments.

http://online.wsj.com/article/SB125952206832568569.html?mod=WSJ_hps_LEFTWhatsNews

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