Never use just one source for the curren…. (sunny isles pre construction condos)
Never use just one source for the current mortgage rate.
The worst home in the worst area at the right price will sell.
Another way that lenders can make up for the lower mortgage down payment is through requiring you to pay private mortgage insurance.
Downgrade Nightmare Continues
Moody’s Investors Service announced it downgraded Homecomings Financial LLC’s prime servicer quality ratings to SQ2. Moody’s said higher-than-anticipated rates of delinquency, foreclosure, and real estate owned in the underlying collateral relative to credit enhancement levels led to downgrades on 79 tranches and placement on review for potential downgrade for 17 tranches from several Countrywide Alt-A loan-backed deals. Fitch Ratings lowered the ratings on over $31 million in classes of subprime loan-collateralized Countrywide Asset-Backed Securitizations mortgage pass-through certificates.
ResCap Scrambling to Survive
Residential Capital LLC warned that its net worth may require a capital contribution from its parent to maintain compliance with consolidated tangible net worth covenants contained in its credit facilities, according to a filing with the Securities and Exchange Commission Wednesday. The Minneapolis-based company also said it commenced a cash tender offer for a series of notes. ResCap said its parent is currently negotiating other strategic alternatives, including "potential acquisitions as well as dispositions, alliances, and joint ventures with a variety of third parties with respect to some or all of ResCap’s businesses."
Retail Rules
In Fort Worth, Texas, the Lancaster Shopping Center secured a $0.6 million first mortgage funded by Government Personnel Mutual Life Insurance Co., NorthMarq Capital Inc. said. StanCorp recently provided a $4.0 million mortgage for a Gold’s Gym of 12,770 square feet in Miami Beach, Fla., Thomas D. Wood and Co. reported. A Burger King/Chevron Mini Mart secured a $0.7 million 25-year first mortgage with 25-year amortization, Minnesota-based NorthMarq said.
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