VALDOSTA — More than $13 million in federal grants and loans have been disbursed to homeowners, renters and businesses in Berrien, Brooks, Cook, Glynn and Lowndes counties since President Joe
This morning I head to Dallas, Texas, where, if you ask Redfin, prices are up 5 percent for the year. Or Zillow will tell you prices are down 2 percent. Can’t we all agree on something? Certainly, we can all agree that inflation is simply too many dollars chasing too few goods. How about when too many houses are chasing too few insurance companies? No insurance company wants to be the last one standing. (Today’s “Mortgage Matters: The Weekly Roundup” at 11AM PT, 2PM ET, focuses on how LOs and brokers are dealing with the homeowners insurance nightmare.) In California, home to plenty of insurance companies dropping insuring homes, the Insurance Commissioner is an elected position. Ricardo Lara doesn’t want to lose his job, so doesn’t allow insurance companies to raise their premiums to compensate for risk. So, they drop out. “With the average premium priced over $1,400, some homeowners are opting to drop home insurance altogether. But thi
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Why aren’t there 103’s on rate sheets? With 30-year mortgage rates firmly in the 7 percent range, the market has moved too fast for any kind of substantive premiums for lenders or MLOs to offer borrowers. Put another way, there aren’t any securities trading at prices like 101 or 103 that offer above par pricing that can be passed along. And with volumes continuing to decline, it will take a while for the secondary markets to catch up with the primary markets. As one fellow capital markets vet wrote to me, “I don’t even see premium pricing in the capital markets. There have been days where at best I saw par pricing on 6.5s, maybe 50 bps above. Even high-quality borrowers with FICOs above 780 and reasonable ratios need to bring money to the table. On that note, anything to add would be a nod to LLPAs in general, and the LLPAs that were handed down by the FHFA over the last year for 2nd homes and investments… With high bond coupons trading right o
/PRNewswire/ Fannie Mae (FNMA/OTCQB) is reminding homeowners and renters that have been or may be impacted by a natural disaster, including those affected.