MMag Interest Rate Markets May 31, 2008

• Mortgage Credit News - May 30, 2008
After six weeks in a narrow range, a little not-so-bad economic news blew long-term rates to the highs of 2008: the 10-year Treasury to 4.13% (the first time above 4% since New Years), and low-fee mortgages to 6.375%. Both of those yields are better this morning, but we will not see five-something mortgages again without a new round of bad economic reports. -- Boulder West Financial Services,Lou Barnes,Boulder Colorado 05/30/2008

• Mortgage Credit News - May 23, 2008
Mortgage and Treasury rates have stayed within a tight range for six-straight weeks: 5.875% to 6.25% and 3.70% to 3.92% respectively. -- Boulder West Financial Services,Lou Barnes,Boulder Colorado 05/27/2008

• Tapping Into Your Retirement Funds Should be a Last Resort, Say NLC & ICMA-RC
With millions of homeowners across the nation facing the crisis in subprime mortgages, many with defined contribution retirement plans -- including public-sector employees -- may be tempted to tap into them for loans and ready cash. But according to the National League of Cities and ICMA-RC, any early withdrawals from retirement savings accounts should only be considered a last resort. -- National League of Cities,Sherry Conway,Washington DC 05/27/2008

• Foreclosure Shorts - 05/22/2008
Latest articles on Foreclosures -- Bill Draving Company, Inc.,Bill Draving,San Antonio Texas 05/22/2008

• Mortgage Applications Decrease In Latest MBA Weekly Survey
-- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia 05/22/2008

• Mortgage Applications Decrease In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 16, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 621.6, a decrease of 7.8 percent on a seasonally adjusted basis from 674.4 one week earlier. -- Mortgage Bankers Association of America,Carolyn Kemp,Washington District of Columbia 05/21/2008

• Bankrate: Fixed Mortgage Rates Inch Higher
Fixed mortgage rates were modestly higher this week, with the average conforming 30-year fixed mortgage rate rising to 6.19 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.39 discount and origination points. -- BankRate.com,Kayleen Keneally,North Palm Beach Florida 05/19/2008

• Congressman Frank Notes Realtors(R)' Importance to Economic Stability
Chairman of the House Financial Services Committee Barney Frank, D-Mass., today addressed the important role that Realtors(R) and the housing market play in the overall U.S. economy at the National Association of Realtors(R) Midyear Legislative Meetings & Trade Expo, here through Saturday. -- National Association of Realtors�,Walter Molony,Washington dc 05/19/2008

• Home Sales, Prices to Pick Up In Second Half of 2008, Says NAR Chief Economist
Home sales and prices throughout most of the country are poised for improvement in the second half of 2008, and the recovery will vary by market, Lawrence Yun, chief economist for the National Association of Realtors(R) said today during NAR`s Midyear Legislative Meetings & Trade Expo. More than 9,000 Realtors(R) and guests are attending the conference that runs here through Saturday. -- National Association of Realtors�,Walter Molony,wASHINGTON DC 05/19/2008

• Foreclosure Shorts - 05/19/2008
Latest articles on Foreclosures -- Bill Draving Company, Inc.,Bill Draving,San Antonio Texas 05/19/2008

• Mortgage Credit News - May 16, 2008
Mortgage and 10-year T-notes tried their tops all week long (6.25% and 3.92%, respectively), looking like they would break upward... and held. Rates have improved today, but a run into the fives will require a weakening economy. Name your poison. -- Boulder West Financial Services,Lou Barnes,Boulder Colorado 05/19/2008

• Philadelphia Fed`s Survey of Professional Forecasters Focuses on House Prices
The Federal Reserve Bank of Philadelphia released its Survey of Professional Forecasters today, which provides projections on a broad range of macroeconomic variables, including economic growth, inflation, and employment. -- Federal Reserve Bank of Philadelphia,Marilyn Wimp,Philadelphia PA 05/15/2008

• CCH White Paper Details Subprime Crisis, Wider Effects
CCH, part of Wolters Kluwer Law & Business, has published a white paper, http://business.cch.com/bankingfinance/focus/news/Subprime_WP_rev.pdf The Subprime Lending Crisis: Causes and Effects of the Mortgage Meltdown, by CCH Banking Law Analyst Katalina M. Bianco, JD. Wolters Kluwer Law & Business is a leading provider of research information and software solutions in key specialty areas for legal and business professionals. -- CCH, a Wolters Kluwer business,Neil Allen,Riverwoods IL 05/14/2008

• Bankrate: Fixed Mortgage Rates Steady While Adjustable Rates Fall
Fixed mortgage rates were largely unchanged this week. The average conforming 30-year fixed mortgage rate backtracked to 6.13 percent, according to Bankrate.com's weekly national survey of large lenders. The average 30-year fixed mortgage has an average of 0.40 discount and origination points. -- BankRate.com,Kayleen Keneally,North Palm Beach Florida 05/14/2008

• Realtors(R), Housing and Finance Experts Address Mortgage Crisis
With the goal of helping more families keep their homes rather than lose them to foreclosure, Federal Housing Administration Commissioner Brian Montgomery, Office of Federal Housing Enterprise Oversight Director James Lockhart and Harvard University Director and former House Financial Services Chairman Jim Leach addressed a crowd of more than 400 Realtors(R) at the National Association of Realtors(R) Midyear Legislative Meeting & Trade Expo today. -- National Association of Realtors�,Walter Molony,WASHINGTON, 05/14/2008

• Mortgage Applications Increase In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 9, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 674.4, an increase of 2.9 percent on a seasonally adjusted basis from 655.4 one week earlier. On an unadjusted basis, the Index increased 2.9 percent compared with the previous week and was down 1.1 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia 05/14/2008

• A New Movement Toward Thrift: Leaders Launch Campaign to Confront the Debt Culture
A diverse coalition of leaders will launch a national campaign -- with a groundbreaking report, three new books, and artifact exhibit -- on Tuesday, May 13th at a conference in Washington, D.C. entitled `Confronting the Debt Culture` (www.newthrift.org). The Institute for American Values, New America Foundation, Demos, Institute for Advanced Studies in Culture, Public Agenda, and others, will release a new report, `For a New Thrift: Confronting the Debt Culture,` which proposes 5 major objectives and 19 specific initiatives to address today`s debt crisis and promote a new thrift culture that would promote savings and sustainability. -- Institute for American Values,Sheila Weber,,Washington 05/13/2008

• Statewide Coalition Testifies on Support of Governor Paterson`s Bill to Address New York State Foreclosure Crisis
At a New York State Senate Banks Committee hearing today, members of New Yorkers for Responsible Lending (NYRL) stated their strong support for Governor Paterson`s legislation to address New York`s foreclosure crisis. -- New Yorkers For Responsible Lending,Josh Zinner,New York NY 05/13/2008

• Charles Dumas Says the Time of Reckoning Has Come for China and America
Two years ago Charles Dumas foretold an economic crisis. He was right. Now, in the timely sequel to the prophetic Bill from the China Shop, he outlines alternative reckonings: devastating economic consequences or another path to greater global prosperity＃ -- Lombard Street Research:,Charles Dumas,Hong Kong 05/13/2008

• Commercial/Multifamily Originations Volume Hit Record in 2007 Despite Mid-year Slowdown
The commercial/multifamily originations market grew 19 percent in 2007, with mortgage bankers closing $507.7 billion in commercial/multifamily loans according the Mortgage Bankers Association's 2007 Commercial Real Estate/Multifamily Finance: Annual Origination Volume Summation. Increases were seen across most property types and most investor groups, and were led by increases in loans for office buildings and loans intended for commercial mortgage-backed security (CMBS), collateralized debt obligations (CDO) and other asset-backed security (ABS) conduits. Intermediated loan volume grew 15 percent between 2006 and 2007 -- Mortgage Bankers Association of America,Jason Vasquez,Washington District of Columbia 05/13/2008

• SNL Financial Releases Annual Performance Ranking of Top Thrifts
Washington Federal edges out Severn and Hudson City to top this year`s list -- SNL Financial,Adrienne Costello,Charlottesville Virginia 05/13/2008

• 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