MOST IMPORTANT POST EVER

NEW -> Contingent Buyer Assistance Program
No offense to anybody there, but judging by the seemingly high level positions being posted due to turnover on the job boards, I kind of assumed Indymac and Countrywide were dead man walking.
 
<p>Got another email from Indymac.</p>

<p>Looks like No Ratio is back - to 90%. Doesn't mention stated - but I think it was just restored. </p>

<p>NINA & No Doc - to 70%. 90% CLTV Ok across-the-board (where to find 2nd)!</p>

<p>All score requirements are now a bit higher.</p>

<p>Are they alone? </p>

<p> </p>

<p> </p>
 
Anyone have access to yesterday's and today's rates on 30 year fixed jumbo product (70% LTV, 800+ fico) offered by Countrywide? A friend is being told that rates went up today but methinks it's because the broker wants a little extra commission.
 
<p>Marty,</p>

<p>Yes rates are up at CW for 30yr jumbo.</p>

<p>oc_fliptrack,</p>

<p>I have heard of that but I doubt they ever collect. Countrywide sent my old company a bill for a loan that was owner occupied but they flipped it in less than 60 days. My company who is still around and has money just blew them off. </p>
 
<p>Well, looks like we know why CFC is being pig headed with reducing prices on their REOs.</p>

<p><a href="http://www.bloomberg.com/apps/news?pid=20601087&sid=amJ9.NMwAykU&refer=home">http://www.bloomberg.com/apps/news?pid=20601087&sid=amJ9.NMwAykU&refer=home</a></p>
 
<p>If a borrower is a first payment default or refinances within the first 4 months, the brokerage firm is required buy the loan back (pay the Yield Spread Premium back to the bank).</p>
 
<p>When I was asking if Indymac was alone, I didn't think they really were!</p>

<p> </p>

<p>IMB Partners with Agencies</p>

<p>for Alt A High-Credit-Quality Loans</p>

<p> </p>

<p>As the nation's 2nd largest independent lender and the seventh-largest savings and loan, Indymac Bank® embodies a corporate-wide commitment to serve the Agency Conforming, high-credit-quality Alt A mortgage market. As part of this commitment, we have improved pricing for higher-credit-quality Agency-eligible Alt A products.</p>

<p>We have been partnering with the GSEs for more than seven years on Alt A programs and they've pledged their commitment to continue providing liquidity in this market to experienced lenders like Indymac Bank.</p>

<p>We continue to see very good performance on high-quality Alt A loans. In fact, while almost all of the Alt A lenders have discontinued their Alt A programs, we have continued to provide liquidity for higher-quality Alt A loans.</p>

<p>Financing opportunities for your customers with solid credit are available now through Indymac Bank. You can count on us as your long-term business partner to consistently deliver the Agency Conforming, Alt A, Jumbo, fixed-rate products to meet the market's most demanding needs.</p>

<p>Submit your Agency-eligible Alt A loans now to e-MITS® for improved pricing.</p>
 
417k? Hmm-m-m, anything in Turtle Ridge for 417k? Is is just me, or does it sound like IndyMac's Alt-a reach out program is coming up a little short in the arm. I prefer a much bigger hug than 417k myself.
 
I'll bet there's a connection to <a href="http://calculatedrisk.blogspot.com/2007/08/freddie-mac-and-alt-purchases.html">this</a> (link to CR).
 
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