Like Tree0Likes

CNBC.com: VIDEO: Mortgages: Surcharges Anger VERY IMPORTANT-- PLS WATCH

Reply
Old 12-11-2007, 09:49 AM
  #1
Registered
VIP Member
Thread Starter
 
berns29scarab's Avatar
 
Join Date: Jul 2004
Location: Brick, NJ
Posts: 6,969
Default CNBC.com: VIDEO: Mortgages: Surcharges Anger VERY IMPORTANT-- PLS WATCH

http://www.cnbc.com/id/15840232?video=606449997
berns29scarab is offline  
Reply With Quote
Old 12-11-2007, 09:57 AM
  #2
Registered
VIP Member
Thread Starter
 
berns29scarab's Avatar
 
Join Date: Jul 2004
Location: Brick, NJ
Posts: 6,969
Default

this should definately motivate buyers and sellers...IF there looking to do FHA mortgages
berns29scarab is offline  
Reply With Quote
Old 12-11-2007, 09:58 AM
  #3
Registered
 
Join Date: Feb 2006
Location: Tallahassee, FL
My Boats: 1987 Donzi 22; 2008 Donzi 28 ZXO
Posts: 1,654
Default

It's not as shocking as the newscast makes it out to be. If your credit is in the low 600's you should expect things like this... High 600's is 3/4 of a point, that's really not going to stop anyone from buying a house.
VetteLT193 is offline  
Reply With Quote
Old 12-11-2007, 09:59 AM
  #4
Registered
VIP Member
Thread Starter
 
berns29scarab's Avatar
 
Join Date: Jul 2004
Location: Brick, NJ
Posts: 6,969
Default

Quote:
Originally Posted by VetteLT193 View Post
It's not as shocking as the newscast makes it out to be. If your credit is in the low 600's you should expect things like this... High 600's is 3/4 of a point, that's really not going to stop anyone from buying a house.
you would be surprised...especially if they've been shopping and already have been pre-approved at X rate with X costs...its definately not good
berns29scarab is offline  
Reply With Quote
Old 12-11-2007, 10:01 AM
  #5
Registered
 
Sloman's Avatar
 
Join Date: Sep 2003
Location: Crownsville, Maryland
My Boats: 2002 Sonic 31
Posts: 452
Default

These type of rate hikes are killing the mortgage buiseness how many people in todays market have above a 680 score and under 70%ltv good luck to the first time home buyer looks like FHA is the only way to go
Sloman is offline  
Reply With Quote
Old 12-11-2007, 10:10 AM
  #6
Registered
 
Join Date: Feb 2006
Location: Tallahassee, FL
My Boats: 1987 Donzi 22; 2008 Donzi 28 ZXO
Posts: 1,654
Default

Quote:
Originally Posted by Sloman View Post
These type of rate hikes are killing the mortgage buiseness how many people in todays market have above a 680 score and under 70%ltv good luck to the first time home buyer looks like FHA is the only way to go
The 'average' credit score is 678. So, half the people in the US have a higher score than that. I'm also willing to bet that the bottom 30%+ were never in the housing market to begin with. So, this maybe affects 20% of buyers.
VetteLT193 is offline  
Reply With Quote
Old 12-11-2007, 10:14 AM
  #7
Registered
VIP Member
Thread Starter
 
berns29scarab's Avatar
 
Join Date: Jul 2004
Location: Brick, NJ
Posts: 6,969
Default

Quote:
Originally Posted by VetteLT193 View Post
The 'average' credit score is 678. So, half the people in the US have a higher score than that. I'm also willing to bet that the bottom 30%+ were never in the housing market to begin with. So, this maybe affects 20% of buyers.
lmfao...dont believe what you read about credit scores !! Myself and everyone else out there doing any kind of lending would love for the average score to be 678. I run between 12 and 15 applications a day for both automotive and home purchases and the average score you mention is definately not the case.
berns29scarab is offline  
Reply With Quote
Old 12-11-2007, 10:39 AM
  #8
Registered
 
Sloman's Avatar
 
Join Date: Sep 2003
Location: Crownsville, Maryland
My Boats: 2002 Sonic 31
Posts: 452
Default

The people with that "average " score are already in homes and already have great rates this going to do nothing but slow a already slow market
Sloman is offline  
Reply With Quote
Old 12-11-2007, 12:12 PM
  #9
Registered
 
Join Date: Feb 2006
Location: Tallahassee, FL
My Boats: 1987 Donzi 22; 2008 Donzi 28 ZXO
Posts: 1,654
Default

Quote:
Originally Posted by berns29scarab View Post
lmfao...dont believe what you read about credit scores !! Myself and everyone else out there doing any kind of lending would love for the average score to be 678. I run between 12 and 15 applications a day for both automotive and home purchases and the average score you mention is definately not the case.
My wife is a mortgage broker.
VetteLT193 is offline  
Reply With Quote
Old 12-11-2007, 03:11 PM
  #10
Registered
 
Von Bongo's Avatar
 
Join Date: Dec 2001
Location: Iowa - Missouri
My Boats: 1997 Cig Kevlar - powered by Boyd
Posts: 3,904
Default

The 680 doesn't surprise me as much as the 70% LTV. I would guess that a majority of the loans made exceed 70% thereby capturing the most income as possible.

FNMA/FHLMC is doing their utmost to recapitalize, sold prefered stock, cut dividends by 50%, but it's also another step in an otherwise tight housing credit market. Things will get tighter before it's over.

I wonder how long before a class action by shareholders against FNMA/FHLMC
Von Bongo is offline  
Reply With Quote
Reply

Related Topics
Thread
Thread Starter
Forum
Replies
Last Post
berns29scarab
Insurance and Finance
2
12-12-2007 08:54 AM
offthefront
General Boating Discussion
41
03-30-2007 02:08 PM



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -5. The time now is 12:57 PM.


Copyright 2011 OffShoreOnly. All rights reserved.