FREE MORTGAGE NEWS 4U.COM by Brenda Jarvis

November 20, 2008

WASHINGTON, D.C. (November 19, 2008) — The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending November 14, 2008.  The Market Composite Index, a measure of mortgage loan application volume, was 398.6, a decrease of 6.2 percent on a seasonally adjusted basis from 425.0 one week earlier.  On an unadjusted basis, the Index decreased 7.2 percent compared with the previous week and was down 41.3 percent compared with the same week one Read Full Article

November 20, 2008

In an announcement to Wholesale and Correspondent brokers today, HSBC Mortgage Corp. said it would cease conducting business through those channels effective immediately: "We wish to advise you that unprecedented market conditions have made it necessary for HSBC Mortgage Corporation (USA) to cease Wholesale/Correspondent origination operations effective immediately. HSBC Mortgage Corporation (USA) will continue to process any loans that are registered as of November 18, 2008. Floating Read Full Article

November 13, 2008

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending November 7, 2008.  The Market Composite Index, a measure of mortgage loan application volume, was 425.0, an increase of 11.9 percent on a seasonally adjusted basis from 379.9 one week earlier.  On an unadjusted basis, the Index increased 10.5 percent compared with the previous week and was down 40.0 percent compared with the same week one year earlier. The Refinance Index Read Full Article

November 10, 2008

"And according to a federal report, unemployment claims went up by 300,000. And that's just Republicans in Washington." --Jay Leno "Some of the smaller elections across the country on Tuesday were very close. The election for mayor in a small town in Minnesota was a tie, so they decided to choose a winner with a coin toss. Unfortunately, the economy is so bad, no one had a coin." --Conan O'Brien "Barack Obama promised a new America in which the powerless will have a voice. So, he's Read Full Article

November 10, 2008

With few surprises in the election results, investors focused on the prospects for the economy. The outlook for economic growth moved progressively lower during the week, and Friday's weak Employment data reinforced this view. The reports on manufacturing, construction, and factory orders released this week showed declines as well. A sluggish economy is generally consistent with reduced inflationary pressures and is favorable for mortgage rates, and rates moved lower each day from Monday Read Full Article

November 6, 2008

Three Republican hardliners on GSE reform will not be returning to the Senate Banking Committee in January, and the panel could have a new chairman in the wake of Democrats winning the White House and larger majorities in the House and Senate. During their terms Republican senators John Sununu (N.H.), Elizabeth Dole (N.C.), and Chuck Hagel (Neb.) co-sponsored several bills to tighten regulation of Fannie Mae and Freddie Mac but their efforts did not garner much Democratic support. Sens. Read Full Article