Arizona Mortgage Rates for October 24, 2008
Mortgage Related News
The theme for this week seemed to be “tightening guidelines”.
Fannie Mae released some upcoming changes to its automated underwriting engine scheduled to be effective on December 13, 2008. The biggest updates to the Fannie Mae automated underwriting engine include:
- For cash-out refinances on primary residences, the new maximum loan-to-value will be reduced to 85% from 90%.
- For cash-out refinances on second homes, the new maximum loan-to-value will be reduced to 75% from 80%.
Freddie Mac also announced tightening guidelines, stating that as of February 9, 2009 they will no longer be buying any “stated income” loans.
How many zeros are in a “Billion”?
The next time you hear a politician (Republican or Democrat) use the word ‘billion’ in a casual manner, think about this. A billion is a difficult number to comprehend, but one advertising agency did a good job of putting that figure into some perspective in one of it’s releases.
A. A billion seconds ago it was 1959.
B. A billion minutes ago Jesus was alive.
C. A billion hours ago our ancestors were living in the Stone Age.
D. A billion days ago no-one walked on the earth on two feet.
E. A billion dollars ago was only 8 hours and 20 minutes, at the rate our government is spending it.
– From an email I received this week.
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