What is FNMA smoking

BrianBallsOfSteel | Jan 30, 2013 08:12 PM ET the hell of it is, even if the MTM price of the mortgage goes down...if they hold it until maturity, or until it is paid off...ie the house is sold...then no loss occurs...only a reduced return compared to the current rate...this is the fallacy of MTM accounting...

Harryjh | Jan 30, 2013 08:24 PM ET It`s a fact. Times change and interest rates follow the times. In the 80`s the rates were 18 to 20% for aaa mortgage borrowers. Home prices in the mid $20s to $35,000. Now, rates are 3.5%, No Points, and homes are in the $80,000 t0 $450,000 range excluding high end properties. Prices are continuing to drop even if the propaganda states they are rising. Short sales continue to put pressure on the appraiser to come in with the value needed for the refi or purchase loans to close. Since 1972, I`ve seen rates up and down, but nothing like today, where lenders are requiring prior to doc conditions that make no sense. Fear is the order of the day and stress in the real estate lending community is the result of insane lender underwriting conditions. Stability in real estate values ca

stupid_liberal | Jan 30, 2013 09:04 PM ET hey stu, why dont we talk about the Community Reinvestment Act? Because it is irrelevant to the discussion...thats why. ---- So, forcing banks to lend to the poor is irrelevant to the housing crisis? A true democrat idiot speaks. And yes, Obama just extended the anti-redlining restrictions. People, as long as democrat idiots can get away with lies and anti-economic debt, USA will stay in decline. And this doesn`t count the unfunded liabilities from the democrat entitlements. The only two meaningful questions are 1. when will it implode and 2. who will THE Obama Media blame. We know idiots like Brian will eat up everything THE Obama Media say and write. Effing idiots get what they deserve, eventually. Facts are stubborn things. -Stu

BrianBallsOfSteel | Jan 30, 2013 10:11 PM ET we are talking about refinances today...not brokedick mortgages 5-10 years ago...so your bringing up the CRA is irrelevant to this discussion... you are right that the CRA was a dumb idea...I agree with you...but that is not what this article is about...

tarandfeathers | Jan 30, 2013 10:17 PM ET And what happens to home prices when interest rates go up Ballsofbutter? I rest my case!

Masterpiece25 | Jan 30, 2013 10:28 PM ET Harryjh, you nailed it. The hoops I had to jump through to get my last property were utterly f`ing retarded. I also lost 2 deals as a result of said retardation $%&@!

Masterpiece25 | Jan 30, 2013 10:30 PM ET For instance, I had to show the underwriters a signed rental contract....for a house I hadn`t even purchased yet! What is FNMA smoking??

rob1951 | Jan 30, 2013 10:44 PM ET Are we already back to the house as piggybank refi take money out mentality. Mortgage rates are way too low 3.6% loans don`t even cover the projected default rate let alone inflation. A true non FED sponsered mortgage rate would be about 7% about par to a corporate C grade Junk Bond which is what a mortgage really is. We need to let the market set interest rates and home prices to what real income levels and private capital dictate as appropriate. While we are at it, the government needs to stop underwritting student loans. Easy term low or no money down non maket based loans just create unwanted inflation and government debt for the rest of us.

BrianBallsOfSteel | Jan 30, 2013 11:50 PM ET tarandfeathers | Jan 30, 2013 10:17 PM ET And what happens to home prices when interest rates go up Ballsofbutter? I rest my case! ========= dont rest so fast, tarhead... just when do you think rates will skyrocket...somewhat higher rates will get people off their asses to buy! but do you really think rates will be going up a lot very soon? Do you? rates will be low for a long long time...even if they go up 25pct...still low...very low...might just get people off their asses... that is part of the fed rationale buying MBS`s...give the banks a ready market for mortgages...so they arent so concerned that they have to hold all the mortgages they write... but we are talking about REFI`s...not original mortgages...re-read the article and then come back with a cogent point.

BrianBallsOfSteel | Jan 30, 2013 11:51 PM ET Masterpiece25 | Jan 30, 2013 10:30 PM ET For instance, I had to show the underwriters a signed rental contract....for a house I hadn`t even purchased yet! What is FNMA smoking?? ========= that means you couldnt qualify without the rental income...what is it, did you read a book on income property? LOL.






Start a Conversation - Add Comments

Your Comment: ( Please enter all fields and security code. )

Name:
Email:
Website:
Topic:
Comments:
 
Word Verification:
 

Latest Comments

Higher-End Homes Selling Again - Duck_Dodgers | Dec 20, 2012 12:04 PM ET... - by fiscalC

Mortgage Applications Fall for a Third Straight Week - 720MP | Jan 3, 2013 07:52 AM ET if it leaves out 25 percent then the information is worthless

StormT | Jan 3, 2013 08:10 AM ET And yet....................there`s a housing recovery? H... - by QVV335

Home Prices Log Best Gain Since 2006: Case-Shiller - sidfeinberg | Feb 26, 2013 09:06 AM ET As I always say,,,Buy now or get priced out. Real estate is up 6% in ONE month, you gotta love it. The recovery is in 5th gear and housing is leading the way. B... - by Cous1455

Home Re-Sales Jump Amid Mixed Economic Data - sidfeinberg | Dec 20, 2012 10:10 AM ET You must buy now or you will be priced out. Real estate is up 14% this year. You will see 20% gain in 2013 The housing market is booming, stocks... - by Xbox28

Is the Refi `Apocalypse` Really Upon Us? - LoganMohtashami | Jan 30, 2013 01:23 PM ET It`s here already Anyone who could refinance already did last year an barring a HARP 3.0 program all that is left is the scraps from HARP 2.0 I told you a w... - by HNNW8



What is FNMA smoking

Real Estate Agent Directory

Are you looking for a real estate agent in your area? At housing news blog, you can search for your local realtor and real estate service by using our agent search features.

Real Estate Agent Directory

Get listed!

Are you a real estate agent? Get listed for free with us! Complete a real estate agent profile form and get listed in a few days. Click on the link below to get started!

Free agent profile!