The Petalumahomes.com Realty WebLog

Fair Isaac recently announced plans to change its credit scoring formula to “ensure the continued reliability and predictive powers of FICO scores.”  The new model, named FICO 08 is expected to make its way into the credit scoring process some time in 2008.  The model replaces the existing FICO model, which has remained relatively unchanged […]

[Read more →]

In testimony before the Joint Economic Committee, U.S. Federal Reserve Chairman Ben Bernanke proposed allowing Fannie Mae and Freddie Mac to purchase and securitize jumbo mortgages, considering that lawmakers have not made any moves to boost the $417,000 conforming-loan limit.  Under Bernanke’s plan, the government-sponsored enterprises could purchase mortgages up to $1 million, and the […]

[Read more →]

I have been asked a lot recently about the Conforming Loan Limits. Here is the official word, hot off the presses: 

OFHEO: No Increase, Reduction in Conforming Loan Limit

MBA (10/16/2007 ) Sorohan, Mike
The Office of Federal Housing Enterprise Oversight this morning said the current conforming loan limit of $417,000 would not be reduced in 2008. OFHEO […]

[Read more →]

Retail sales in the U.S. blew past economists’ forecasts last month, reducing concerns that a housing-fueled consumer slowdown might drag the economy into recession.  The 0.6 percent increase was double the previous month, the Commerce Department said today in Washington, and three times the size predicted by analysts in a Bloomberg News survey.  Separately, the […]

[Read more →]

Have a fantastic weekend everyone! Get out and enjoy this beautiful Sonoma County Fall weather while it lasts - and if the mood strikes, stop in and say hello to one of your friendly local Realtors at an open house!
 Best,
 Megan

[Read more →]

Make more money available for mortgages to ease the credit crunch.  Give borrowers greater protection from predatory lenders.  Encourage homeowners to call their bank.  Those are just a few of the proposed remedies being debated in Washington for remedying the nation’s subprime mortgage crisis.
At a House Financial Services Committee hearing Thursday September 25, Treasury […]

[Read more →]

Freddie Mac reports average for 30-year, fixed-rate is 6.17 percent
WASHINGTON - Mortgage rates around the country crept up this week, although rates on 30-year mortgages still hovered close to their low for the year.
In its weekly survey, mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.17 percent for the week ending April […]

[Read more →]