September 2012

Found 1 blog entry for September 2012.

Friday before a 3-day weekend. The perfect time to announce bad news.  

Fannie Mae and Feddie Mac are going to raise guarantee fees, which they charge to lenders, an average of 10 basis points. To give you some persepctive, basis points for lenders averaged 26 points in 2010, and 28 in 2011. The 10 point increase represents more than a 25% jump in guarantee fees. This large increase WILL affect your mortage rate.

 

Do you remember the 1992 film "Newsies"? It tells the story of a group of paperboys who went on strike because the newspapers were charging them more to deliver their papers. This point increase is similar; the lenders are being charged more fees for FHA loans. The difference is you definitely will not be singing

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