In the fourth quarter, 80% of the homeowners who refinanced their homes got a mortgage at least 5% larger than the original loan, up from 73% in the previous quarter, according to Freddie Mac.The percentage was much higher than the 56% level recorded a year earlier, the government-sponsored enterprise said in its quarterly refinance review. "We estimate that home equity extraction from the refinancing of prime first mortgage liens will result in an extraction of $243 billion in 2005," said Frank Nothaft, Freddie Mac's chief economist. "However, equity extraction in 2006 will likely fall sharply, by a little more than half to about $117 billion, as we expect lower refinance activity and slower house price appreciation."
-
The Federal Open Market Committee held the federal funds rate at current levels, citing "lack of further progress" toward meeting inflation goals.
45m ago -
Both quasi-public mortgage investors have new requirements for when borrowers question valuations. Freddie Mac is expanding use of title insurance alternatives.
49m ago -
A new policy directive aims to fortify critical infrastructure by enhancing collaboration between U.S. intelligence agencies and systemically important financial entities.
2h ago -
Mark Warren and Thom Tillis have introduced the Secure Artificial Intelligence Act of 2024 to address the unique risks of AI.
2h ago -
The April 26 update came two days after the group received preliminary approval for the Sitzer/Burnett agreement.
3h ago -
Top Federal Home Loan bank officials said they fear the Federal Housing Finance Agency will use supervision to further the goals of last year's report recommending reforms to the Home Loan Bank System.
3h ago