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BUSINESS
July 11, 1993
Average rates on 30-year mortgages fell again last week, t 7.19 percent from 7.23 percent, according to the Federal Home Loan Mortgage Corp.Baltimore rates were also down to 7.19 percent, from 7.20 percent the week before.Statistics, Page 4H
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BUSINESS
August 18, 1996
Mortgage refinancing declined during the second quarter as interest rates rose, Freddie Mac said last week.The number of refinance applications peaked in February, at 47 percent of all loans. But by June, refinance applications had plummeted to 19 percent of all loans, the Federal Home Loan Mortgage Corp. said in a quarterly study."That was not unexpected given the volume of refinancings in the December-through-February period, and the fact that interest rates on all mortgages were higher in the second quarter," said Vassilis Lekkas, senior economist.
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BUSINESS
By Staff Report | October 31, 1993
Rates on 30-year fixed mortgages rose last week for the first time in five weeks, according to the Federal Home Loan Mortgage Corp.The average national rate for 30-year mortgages was 6.86 percent, up from 6.74 the previous week, according to Freddie Mac.Fifteen-year mortgages averaged 6.40 percent, up from 6.31 percent. For one-year adjustable mortgages, the average initial rate was 4.19 percent, up from 4.14 percent.The rate started the year just above 8.07 percent and has been falling for most of 1993, except briefly during the spring when investors became temporarily nervous about inflation.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,SUN STAFF | January 21, 1996
In a move to expand its inner-city lending, PNC Mortgage is launching an alliance with Freddie Mac and Baltimore officials and setting up shop in the city to lend an anticipated $20 million in mortgages this year -- mostly to low- and moderate-income borrowers.PNC will offer loans geared toward making homeownership in the city more affordable, said Larry Costello, spokesman for PNC, the mortgage banking unit of PNC Bank Corp."PNC is extremely committed to Baltimore and helping more residents in all communities become homeowners," Mr. Costello said.
BUSINESS
August 18, 1996
Mortgage refinancing declined during the second quarter as interest rates rose, Freddie Mac said last week.The number of refinance applications peaked in February, at 47 percent of all loans. But by June, refinance applications had plummeted to 19 percent of all loans, the Federal Home Loan Mortgage Corp. said in a quarterly study."That was not unexpected given the volume of refinancings in the December-through-February period, and the fact that interest rates on all mortgages were higher in the second quarter," said Vassilis Lekkas, senior economist.
BUSINESS
By Ellen James Martin and Ellen James Martin,Federal Home Loan Mortgage Corp.Sun Staff Writer | February 6, 1994
Home prices in the Baltimore area rose 1.2 percent last year, less than the national average, according to the Federal Home Loan Mortgage Corp.But a local economist said he believes that home prices, stable over the last several years, will start to rise substantially again this year."
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,Sun Staff Writer | December 11, 1994
The continued increase in the number of single-person households will drive up homeownership rates in the next five years despite a parallel decline in the traditional "Ozzie and Harriet" model, predicts a top economist with the Federal Home Loan Mortgage Corp."
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,Staff Writer | August 1, 1993
Another refinancing boomlet has been slow to arrive, but it seems to finally be here."A lot of people who were sitting on the fence decided to come in and do something," said Keith W. Stackhouse, president of Atlantic Residential Mortgage Corp., a Bank of Baltimore subsidiary."Many homeowners are perceiving that interest rates bottomed out a few weeks ago and have started to move up, and that if they're going to catch the refinance wave, they should catch it now."Refinancings peaked in March, then slowed, but lenders said last week inquiries have begun to pick up slightly once again.
BUSINESS
October 1, 1995
PHH subsidiary is large seller of loansA subsidiary of PHH Corp. of Hunt Valley was one of the biggest sellers of loans to Freddie Mac and Fannie Mae in 1994, according to Home Mortgage Disclosure Act data. PHH Mortgage Banking Services sold some $1.7 billion in loans to Freddie Mac, and it sold $1.2 billion in loans to Fannie Mae.This made it the sixth-largest seller to Freddie Mac and the 15th-largest to Fannie Mae, according to an analysis by Geosegment Systems Corp., reported by the newsletter Inside Mortgage Finance.
BUSINESS
December 23, 1990
Freddie Mac said last week that it will phase out purchases of single-family home mortgages with reduced borrower credit documentation as well as adjustable-rate mortgages with low down payments.The action by the Federal Home Loan Mortgage Corp. reflects a general secondary-market trend away from these types of loans. For example, in late October, the Federal National Mortgage Association announced tightening of its reduced-documentation programs.Specifically, Freddie Mac will gradually phase out, then discontinue after March 31, 1991, its purchase of mortgages with reduced documentation, as well as ARMs with loan-to-value ratios above 90 percent.
BUSINESS
October 1, 1995
PHH subsidiary is large seller of loansA subsidiary of PHH Corp. of Hunt Valley was one of the biggest sellers of loans to Freddie Mac and Fannie Mae in 1994, according to Home Mortgage Disclosure Act data. PHH Mortgage Banking Services sold some $1.7 billion in loans to Freddie Mac, and it sold $1.2 billion in loans to Fannie Mae.This made it the sixth-largest seller to Freddie Mac and the 15th-largest to Fannie Mae, according to an analysis by Geosegment Systems Corp., reported by the newsletter Inside Mortgage Finance.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,Sun Staff Writer | December 11, 1994
The continued increase in the number of single-person households will drive up homeownership rates in the next five years despite a parallel decline in the traditional "Ozzie and Harriet" model, predicts a top economist with the Federal Home Loan Mortgage Corp."
BUSINESS
By Dian Hymer | August 14, 1994
What are the pros and cons of using a portfolio lender?A portfolio lender generates home loans that will become a part of that lender's own investment portfolio. This is in contrast to lenders who generate loans that are later sold to other investors.Lenders who sell their loans usually sell them on the secondary money market to Fannie Mae (Federal National Mortgage Association) or Freddie Mac (Federal Home Loan Mortgage Corp.), two organizations that purchase home loans at a discount to resell to investors.
BUSINESS
By Ellen James Martin and Ellen James Martin,Federal Home Loan Mortgage Corp.Sun Staff Writer | February 6, 1994
Home prices in the Baltimore area rose 1.2 percent last year, less than the national average, according to the Federal Home Loan Mortgage Corp.But a local economist said he believes that home prices, stable over the last several years, will start to rise substantially again this year."
BUSINESS
By Staff Report | October 31, 1993
Rates on 30-year fixed mortgages rose last week for the first time in five weeks, according to the Federal Home Loan Mortgage Corp.The average national rate for 30-year mortgages was 6.86 percent, up from 6.74 the previous week, according to Freddie Mac.Fifteen-year mortgages averaged 6.40 percent, up from 6.31 percent. For one-year adjustable mortgages, the average initial rate was 4.19 percent, up from 4.14 percent.The rate started the year just above 8.07 percent and has been falling for most of 1993, except briefly during the spring when investors became temporarily nervous about inflation.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,Staff Writer | August 1, 1993
Another refinancing boomlet has been slow to arrive, but it seems to finally be here."A lot of people who were sitting on the fence decided to come in and do something," said Keith W. Stackhouse, president of Atlantic Residential Mortgage Corp., a Bank of Baltimore subsidiary."Many homeowners are perceiving that interest rates bottomed out a few weeks ago and have started to move up, and that if they're going to catch the refinance wave, they should catch it now."Refinancings peaked in March, then slowed, but lenders said last week inquiries have begun to pick up slightly once again.
BUSINESS
By George Marudas and George Marudas,Evening Sun Staff | June 27, 1991
If you're a member of a participating AFL-CIO union, you could get a break on a mortgage under a new program set up by the labor federation and the Federal Home Loan Mortgage Corp.The 6-week-old Union Member Mortgage program allows members to buy a home with a down payment as low as 5 percent. And, under an offshoot announced this week, eligible first-time home buyers would have to come up with only 3 percent out of their own pocket.The lender is PHH US Mortgage Corp., a New Jersey subsidiary of Hunt Valley-based PHH Group.
BUSINESS
By Dian Hymer | August 14, 1994
What are the pros and cons of using a portfolio lender?A portfolio lender generates home loans that will become a part of that lender's own investment portfolio. This is in contrast to lenders who generate loans that are later sold to other investors.Lenders who sell their loans usually sell them on the secondary money market to Fannie Mae (Federal National Mortgage Association) or Freddie Mac (Federal Home Loan Mortgage Corp.), two organizations that purchase home loans at a discount to resell to investors.
BUSINESS
July 11, 1993
Average rates on 30-year mortgages fell again last week, t 7.19 percent from 7.23 percent, according to the Federal Home Loan Mortgage Corp.Baltimore rates were also down to 7.19 percent, from 7.20 percent the week before.Statistics, Page 4H
BUSINESS
By George Marudas and George Marudas,Evening Sun Staff | June 27, 1991
If you're a member of a participating AFL-CIO union, you could get a break on a mortgage under a new program set up by the labor federation and the Federal Home Loan Mortgage Corp.The 6-week-old Union Member Mortgage program allows members to buy a home with a down payment as low as 5 percent. And, under an offshoot announced this week, eligible first-time home buyers would have to come up with only 3 percent out of their own pocket.The lender is PHH US Mortgage Corp., a New Jersey subsidiary of Hunt Valley-based PHH Group.
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