Update on Increasing Costs of Mortgages
Earlier today I posted about the fact that Freddie Mac had announced new “delivery fees” that they are planning to require beginning March of 2008. I just read an article in the news that might expain why this is…
According to the Associated Press, Freedie Mac lost $2 billion in the 3rd quarter, much more than Wall Street expected. This was the largest loss EVER for Freddie Mac and they have got to find ways to re-coup some of this. They have hired Goldman Sachs Group Inc. and Lehman Brothers Holdings Inc. as financial advisors to help it examine possible new ways of raising capital. This new announcement may have come from these examinations.
It was nice to have the press quiet for a while about the mortgage “crisis”, but it appears there is still more news to come in the future. Regardless, rates are still near record lows! This is what amazes me to no end! All these losses and buyers still have more opportunity than ever to get a home!
Folks, get on the phone, shakes hands… do whatever you need to do to let people know… THEY CAN STILL BUY and doing it now WILL SAVE THEM MONEY!
Get pre-approved while rates are still low and programs are still available!