Posted on 08/20/2009 10:07:55 AM PDT by wrrock
Mortgage delinquencies hit a record in the second quarter, with a sharp drop in subprime loans being offset by a surge in prime fixed-rate loans, the MBA said.
(Excerpt) Read more at butasforme.com ...
I would imagine the drop off in subprime is due to there is not much left to go default after it crashed and burned.
This is evidence of a change in the American Market and the American Consumer. To bad the government has gone the opposite way, and no wonder the American people trust it so little.
We have been waiting since early May for our Refi to close. We have been told that everything looks great, and that we are locked in, and they put the blame on the underwriters because of the very large backlog. Our rate is frozen only until October, so nothng is really frozen, and as for the documents we faxed in back in May, many of them have to be replaced because they are now too old. My wife spent yesterday getting those replacements faxed in. In the mean time our lives are on hold.
I have read on the web many many stories just the same. We thought it was just our company (Wells fargo), but it appears to be wide spread.
Here is a related story:
Mortgage Market Locks Up
http://globaleconomicanalysis.blogspot.com/2009/05/mortgage-market-locks-up.html
And this one:
Dear Mortgage Refinance Applicant, Expect Delays
http://globaleconomicanalysis.blogspot.com/2009/05/dear-mortgage-refinance-applicant.html
Read the Excerpt Again:
"offset by a surge in prime fixed-rate loans, the MBA said."
We refinanced earlier this year.
Had to jump thru more hoops than ever before, by FAR!
New/old finance companies fighting,countless financial inquiries, etc.
Had a 90 day lock also, but overran it due to no fault of our own.
New company held our rates though, even though the then current ones had moved up considerably.
Pentagon Federal Credit Union, a good outfit IMO.
Similar story here - we had a terrible time with GMAC. We also started the refinance process in early May. We were also told that everything looked great, we had a great rate supposedly locked in until mid-July. Then, our appraisal came in over $75,000 too low. I faxed in to them information about comparable sales, to support a correct appraisal value. Then, all of a sudden, our file was “closed” by accident. We couldn’t continue at the low rate we had supposedly locked in. If we wanted to refinance with them, we had to start the process all over again, at an interest rate a full percentage point higher.
Well, luckily I was able to find a local company, and was able to refinance with them. They were able to complete the refinance in less than 25 days, easy as pie. I was very glad to say good riddance to GMAC.
What state are you in. We’re closing refis in 21 days. soCal.
Mortgage delinquencies hit a record in the second quarter, with a sharp drop in subprime loans being offset by a surge in prime fixed-rate loans, the MBA said.
“What state are you in. We’re closing refis in 21 days. soCal”
Washington. 21 days was about what it took when we bought the house, and when we did a refi a 5 years ago. We are into our 98th day on this one.
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