MMag Interest Rate Markets May 15, 2008

• Grant America Program Approved by HUD
The only government grant program to be reviewed and approved for use in conjunction with FHA loans. -- Global Direct Sales, LLC,Scott Nash,Indian Island Maine 05/08/2008

• Mortgage Applications Decrease In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 25, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 567.0, a decrease of 11.1 percent on a seasonally adjusted basis from 637.6 one week earlier. On an unadjusted basis, the Index decreased 10.2 percent compared with the previous week and was down 14.2 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia 05/01/2008

• ICBA Urges Quick Passage of First-Time Homebuyer Tax Credit
Washington, D.C. With new data showing home prices and sales continuing to plummet, the Independent Community Bankers of America (ICBA) urged Congress to quickly pass a first-time homebuyer tax credit as part of the pending economic stimulus legislation advancing in Congress. In March, the year-over-year median home price declined by the largest amount in nearly four decades, while home sales plunged to a 16-1/2 year low. -- The Independent Community Bankers of America,Bill Grassano,Washington dc 04/25/2008

• Home Appraisal Rules May Negatively Affect Consumers
Proposed home appraisal rules will drive up costs for homeowners and limit their choices -- CMPS Institute,Josephine Nicholas, 04/24/2008

• MBA and CMSA Oppose Creating Different Credit Rating Process for Structured Securities
The Mortgage Bankers Association (MBA) and the Commercial Mortgage Securities Association (CMSA) joined with the Real Estate Roundtable and the National Association of Realtors® to send a letter to Senate Banking Committee Chairman Christopher Dodd and Ranking Member Richard Shelby opposing proposals to differentiate between ratings for structured finance products and ratings for other asset classes, such as corporate and municipal bonds. The letter, sent to Senators Dodd and Shelby today, in advance of a Senate Banking Committee hearing tomorrow on Turmoil in U.S. Credit Markets: The Role of the Credit Rating Agencies, warns that differentiating between ratings would only serve to further erode investor confidence and threaten an already fragile economy. -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia 04/23/2008

• Mortgage Applications Decrease In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 18, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 637.6, a decrease of 14.2 percent on a seasonally adjusted basis from 743.4 one week earlier. On an unadjusted basis, the Index decreased 13.4 percent compared with the previous week and was down 3.2 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,Carolyn Kemp,Washington District of Columbia 04/23/2008

• Senate Banking Committee Chairman Discusses Industry Concerns on Rating Agency Reforms with SEC Chairman
The Senate Banking Committee yesterday held a hearing to discuss turmoil in the U.S. credit markets and the role of the credit rating agencies. During questioning with Chairman Christopher Cox of the Securities and Exchange Commission, Senate Banking Committee Chairman Dodd raised concerns regarding a proposal to provide a separate rating category for structured securities and referenced an April 21, 2008 joint letter from the Mortgage Bankers Association (MBA), the Commercial Mortgage Securities Association (CMSA), and The Real Estate Roundtable warning that differentiating between ratings would only serve to further erode investor confidence and threaten an already fragile economy. During this exchange, Chairman Cox indicated that the SEC will actively solicit industry comments for rating agency regulatory changes during the public comment period for new regulations, which are anticipated to be released in the summer/fall 2008. -- Mortgage Bankers Association of America,Jason Vasquez,Washington District of Columbia 04/23/2008

• Real Interest Rates Hit -12.55% As Inflation Explodes
Mike Larson examines what real interest rates are and what they mean for the economy. In this issue of Money and Markets, Mr. Larson takes a closer look at the real and nominal interest rates and how they can affect the economy. -- Weiss Research, Inc.,Mike Larson,Jupiter Fl 04/21/2008

• Bankrate: Inflation Concerns Nudge Mortgage Rates Higher
Fixed mortgage rates continue to hopscotch back and forth over the 6 percent threshold, with the average conforming 30-year fixed mortgage rate rising to 6.03 percent this week. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.31 discount and origination points. -- BankRate.com,Kayleen Keneally,North Palm Beach Florida 04/17/2008

• REFIs, FHA Lead Increase In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 11, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 743.4, an increase of 2.5 percent on a seasonally adjusted basis from 725.6 one week earlier. On an unadjusted basis, the Index increased 2.7 percent compared with the previous week and was up 16.4 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia 04/17/2008

• Foreclosure Shorts
-- Bill Draving Company, Inc.,Bill Draving,San Antonio Texas 04/15/2008

• Fed’s Dangerous Mortgage Rules Harmful to Consumers
What every home owner and buyer needs to know about the Fed’s mortgage proposals -- CMPS Institute,Josephine Nicholas,Ann Arbor Mi 04/11/2008

• MBA Applauds Senate Passage of Housing Stimulus Legislation
Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association today issued the following statement following the Senate's passage of housing stimulus legislation. -- Mortgage Bankers Association of America,John Ferber,Washington District of Columbia 04/11/2008

• MBA Issues Comments on Proposed HOEPA Rule
The Mortgage Bankers Association today filed comments with the Federal Reserve in response to the Board's proposed rule to amend Regulation Z under the Truth in Lending Act (TILA) and the Home Ownership and Equity Protection Act (HOEPA). In its comments, MBA commended the Board for its thoughtfulness and offered recommendations on how the proposed rule can be improved to better protect consumers without causing decreased credit availability and increased consumer costs. -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia 04/10/2008

• Mortgage Applications Increase In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 4, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 725.6, an increase of 5.4 percent on a seasonally adjusted basis from 688.3 one week earlier. On an unadjusted basis, the Index increased 5.7 percent compared with the previous week and was up 10.9 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia 04/10/2008

• MBA's Kittle Testifies on FHA's Role in Current Mortgage Market
David G. Kittle, CMB, Vice Chairman of the Mortgage Bankers Association (MBA) and President of Principle Wholesale Lending, Inc. of Louisville, KY testified today before the Senate Appropriations Subcommittee on Transportation, Housing and Urban Development and Related Agencies. In his testimony, Mr. Kittle discussed the important role the Federal Housing Authority (FHA) will play in the current mortgage market turmoil. -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia 04/10/2008

• A NEW SENSE OF URGENCY AS THE HOUSING SLUMP DEEPENS
The Commerce Department reported this week that sales of new homes in February dropped 1.8 percent for the slowest sales pace since 1995. The median home price also deflated to $244,100, down 2.7 percent from a year earlier. -- Maximum Real Estate Solutions,Bradley Ganzer, Fl 04/07/2008

• Mortgage Applications Decrease In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending March 28, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 688.3, a decrease of 28.7 percent on a seasonally adjusted basis from 965.9 one week earlier. On an unadjusted basis, the Index decreased 28.1 percent compared with the previous week and was up 4.8 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia 04/02/2008

• Foreclosure Shorts
News from the Froeclosure Front .. -- Bill Draving Company, Inc.,Bill Draving,San Antonio Texas 04/02/2008

• MBA Releases 4th Quarter 2007 Commercial Real Estate/ Multifamily Finance Quarterly Data Book
The Mortgage Bankers Association (MBA) today released its Commercial Real Estate/Multifamily Finance Quarterly Data Book for the fourth quarter of 2007. The Data Book compiles the most up-to-date information on topics of interest to financial investment industry participants and observers. -- Mortgage Bankers Association of America,Jason Vasquez,Washington District of Columbia 03/28/2008

• MBA's Quinn Hails FHFB's Decision to Allow Home Loan Banks to Increase Market Liquidity
Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) applauded today's action by the Federal Housing Finance Board (FHFB) that will temporarily permit the Federal Home Loan Banks to purchase up to six times their capital in Fannie Mae and Freddie Mac mortgage backed securities (MBS). The FHFB estimates this could inject approximately $100 billion in liquidity into the MBS market. -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia 03/26/2008

• Mortgage Applications Spike In Latest MBA Weekly Survey; Refis Up 82 Percent
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending March 21, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 965.9, an increase of 48.1 percent on a seasonally adjusted basis from 652.0 one week earlier. On an unadjusted basis, the Index increased 46.1 percent compared with the previous week and was up 41.1 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia 03/26/2008

• OFHEO, Fannie Mae and Freddie Mac Announce Initiative to Increase Mortgage Market Liquidity
OFHEO, Fannie Mae and Freddie Mac today announced a major initiative to increase liquidity in support of the U.S. mortgage market. The initiative is expected to provide up to $200 billion of immediate liquidity to the mortgage-backed securities market. -- Freddie Mac,Information,MCLEAN va 03/24/2008

• The Recession List - Top 10 Industries to Fly and Flop in 2008
VoIP Providers And Corn Farmers Can Expect To Have Bumper Years In 2008 And Beyond, According To The Latest Research Released By Business Information Analysts At IBISWorld -- IBISWorld,Harvey Jones,Los Angeles CA 03/24/2008

• Existing-Home Sales Rise in February
Sales of existing homes increased in February and remain within a fairly stable range, according to the National Association of Realtors(R). -- National Association of Realtors®,Walter Molony,Washington dc 03/24/2008

• Bankrate: Fixed mortgage rates plunge
Fixed mortgage rates fell sharply in the past week, with the average conforming 30-year fixed mortgage rate now 5.98 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.38 discount and origination points. -- BankRate.com,Information,New York NY 03/24/2008