Seattle-based Washington Mutual has announced that customers in Southern California who are victims of wildfires in federally declared disaster areas are eligible for various disaster relief programs.WaMu said the programs include accelerated home equity loans at reduced rates, flexible mortgage payment schedules, and penalty-free withdrawals from time deposits. The company also said it is donating $250,000 to the American Red Cross Disaster Relief Fund and collecting additional donations for disaster aid at its branch offices. Mortgage customers in affected areas may call a special fire disaster help line at 800-472-1254. The company can be found online at http://www.wamu.com.
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The 30-year fixed rate mortgage is at its highest point in 51 weeks with a divergence in forecasts for what happens between now and the end of the year.
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Positive changes in credit provisions contributed to a multiyear high in net income as the GSE and its rival fought to purchase lenders' single-family loans.
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Properties outside flood zones carry outsized risk without insurance but client education and proactive solicitation before a storm can decrease serious delinquencies.
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Earlier in the day, the company confirmed it made staffing reductions as it aligns its cost structure with its technology investments to help operations.
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Federal Reserve Chair Kevin Warsh acknowledged that his limited guidance might have been a factor in rising market rates, but said whatever increased volatility can be attributed to the changes is more than offset by the benefit of a more nimble central bank.
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While buyers' leverage now spans 41 of the 50 largest metros, starter-home sales fell 5.4% amid affordability concerns.
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