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The nations largest agency lenders get the green light to grow.

 

The office of federal housing enterprise oversight (OFHEO) today reduced the capital requirements for both Fannie Mae and Freddie Mac, here is what it means for homeowners:

The real estate market has rolled up a number of casualties with the down fall of home values. Hundreds of mortgage lenders have been forced out of business, and the secondary market credit crunch has forced some of the worlds largest banks to lose billions of dollars. The market is desperately searching for good news and today's announcement by the OFHEO is a shot in the right direction. The move to allow the nations two largest agency lenders to grow their balance sheet, translates into two hundred billion dollars of fresh capital to securitize mortgage loans with. The secondary market for home loans has been very dysfunctional and the difference between a conforming agency loan interest rate and a jumbo loan interest rate has grown to over two percent. The ability for agency lenders to purchase more loans should help provide more liquidity to the market and bring down interest rates. The real estate market is desperate for news that will indicate home prices have bottomed out. The best way to reach this point is to help home owners refinance into lower rate mortgages and allow for new home buyers to enter the market with attractive financing solutions.

3-18-2008 ? LoanNetwork.com

 

 

 

 

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