03/06/2009 Mortgage Monitor

MARCH 06, 2009

BOND YIELDS PUSH MORTGAGE RATES UP IN LATEST FREDDIE MAC SURVEY
The 30-year fixed-rate mortgage averaged 5.15 percent with an average 0.7 point for the week ending March 5, 2009, up from last week when it averaged 5.07 percent. Last year at this time, the 30-year FRM averaged 6.03 percent.
Click Here for more details. Click Here for historical rates.

HOMEOWNER AFFORDABILITY AND STABILITY PLAN
The plan claims it will help up to 7 to 9 million families restructure or refinance their mortgages to avoid foreclosure. The plan is purported to assist responsible homeowners on the verge of defaulting, in addition would prevent neighborhoods and communities from being pulled over the edge, as defaults and foreclosures contribute to falling home values, failing local businesses, and lost jobs.
Click Here to learn more. Click Here for full guidelines.

MORTGAGE BANKRUPTY BILL APPROVED IN HOUSE
The House approved "cram down" legislation that would allow troubled homeowners to ask bankruptcy judges for relief from mortgage debts.
Click Here to read more.

APRIL 1 2009 – LICENSING DEADLINE
The Mortgage Brokers, Lenders and Servicers Act, as amended requires each mortgage broker, lender and servicer licensee/registrant to be registered / licensed with the Office of Financial and Insurance Regulation by 04/01/2009. Low Number of registrations received Click Here to read more. Click Here to verify loan officer registration.

Mike Paige