Charleston SC Mortgage News
Charleston SC mortgage news is updated daily.
The commissioner highlighted suggestions by some to raise the minimum downpayment on all FHA loans to 5 percent.
"Such a policy change would reduce the volume of loans endorsed by FHA by more than 40 percent," he said.
He told lawmakers that the administration seeks to give FHA the authority to nationally suspend a lender based of the performance of one of its regional branches.
But he said FHA needs to think twice before making such a move.
He also warned about an across-the-board decrease in FHA loan-to-values.
Fitch said delinquency on jumbo loans securitized during 2006 and 2007 was three times as bad as the rate on pre-2005 issuances.
Moody's Investors Service said last month that it downgraded 32 tranches from 2005, 2006 and 2007 residential mortgage-backed securities because of "rapidly deteriorating performance of jumbo pools in conjunction with macroeconomic conditions."
Freddie said the average one-year adjustable-rate mortgage improved 5 BPS from a week earlier.
New loan activity was down 3% from last week, with the latest Mortech-MortgageDaily.com Mortgage Market Index declining to 34.00 inquiries-per-user from 35.21 a week earlier.
Repossessions were highest in California.
But REOs in the state tumbled by more than a quarter from January.
California's decline represented half of the U.S. improvement in February.
