Mortgage IT (MIT) Halted ALL SUBPRIME, ALT A, and OPTION ARM production, and origination. Hmmmm... so you are telling me that the leader in option arm is getting cold feet? Maybe they are not big enough to ride THIS ride. Is MIT the type of lender that gets in while the gettin' is good?
CIT is no longer. I honestly can't say anything too much about them but too bad!
American Home Services Beat out Fannie Mae in court to continue servicing mortgages, even though they went Bankrupt this month. What does BK mean anyways right? I can refi someone 1 day out, keep the house, credit boost, SO what it stays on your record. I should probably stop talking about that. Shortly, BK is JUST a slap on the wrist! And should have NO bearing on your mortgage rate (unless you are late). It is EXACTLY like American Home Services states on their website; "restructuring".
It's going to be a bumpy ride this week, as you can tell already, but I truly believe that it will pan out for the best for us hopefuls in the business.
Inflation Report and New Homes Sales Report both came out today. I will most likely comment on those tomorrow along with the FOMC (Federal Open Market Commitee) meeting minutes.
Quick thought, remember.. when the Economy is GOOD, that is BAD for Bonds and Home Rates and visa versa. Some people asked me the other day HOW I know what rates are going to do or what they did, so that is why I am including that.
Sorry I seem a bit long winded today, most likley form missing Monday's gab-fest.
Questions?Comments?
Email me:
Corey.Mullin@gmail.com
http://mortgage-pro-opinion.blogspot.com
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