Mortgage News & Interest Rates - Lisa Tollis, Sales Representative SRES.

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Resale housing forecast revised		7/30/2010 9:29 AM
OTTAWA, Ontario, July 30, 2010 — The Canadian Real Estate Association (CREA) revised its forecast downward for home sales activity via the Multiple Listing Service ® (MLS ® ) Systems of Canadian real estate Boards and Associations, and elevated its average price forecast. Weaker than anticipated sales activity during the crucial spring home buying season in Canada’s four …
U.S. and Canadian economies to avoid double dip recessions: CIBC World Markets Inc.		7/27/2010 12:12 PM
TORONTO, Ontario, July 27, 2010 — The U.S. and Canadian economies will see growth slow over the next six months but are unlikely to experience a double-dip recession, finds CIBC's Recession Probability Index. The Index, which has a strong track record of forecasting recessions, finds the odds of another U.S. recession occurring in the next six months are very low. The CIBC RPI measures …
Release of The Fiscal Monitor - April and May 2010		7/23/2010 1:48 PM
OTTAWA, Ontario, July 23, 2010 — For the first two months of the 2010-11 fiscal year (April and May), there was a budgetary deficit of $4.4 billion, compared to a deficit of $7.5 billion reported in the same period last year. Close to $1.8 billion of the $4.4-billion deficit was attributable to actions taken under Canada’s Economic Action Plan. By month, there was a deficit of $2.4 …
Bank of Canada raises interest rates further		7/22/2010 1:57 PM
OTTAWA, Ontario, July 22, 2010 — The Bank of Canada increased the target for its trend-setting overnight lending rate on July 20, 2010, raising it by a quarter of a percentage point to 0.75 per cent. The increase follows on the heels of an equal interest rate increase in June 2010, when it was raised for the first time since 2007. The Bank rate now stands at one per cent. In its most …
Bank of Canada increases overnight rate target to 3/4 per cent		7/20/2010 9:08 AM
OTTAWA, Ontario, July 20, 2010 — The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 3/4 per cent. The Bank Rate is correspondingly 1 per cent and the deposit rate is 1/2 per cent. The global economic recovery is proceeding but is not yet self-sustaining. Greater emphasis on balance sheet repair by households, …
Canada's growing popularity with foreign investors has		7/14/2010 10:59 AM
TORONTO, Ontario, July 14, 2010 — Canada's outperformance versus many advanced economies is creating "staying power" for the country's growing popularity with foreign investors, notes a new report from CIBC World Markets Inc. " Canada is increasingly on the lips and minds of international investors," says Warren Lovely, government strategist with CIBC's Macro Strategy group, fresh back …
Government Acts To Secure Jobs and Economic Growth		7/13/2010 10:41 AM
OTTAWA, Ontario, July 13, 2010 — Today, the Honourable Jim Flaherty, Minister of Finance, welcomed last night’s Senate passage and Royal Assent of the Jobs and Economic Growth Act, legislation that will help secure Canada’s economic recovery, encourage growth and create jobs. The Act allows for the implementation of important elements of Budget 2010. Key elements of the …
June Housing Starts		7/9/2010 11:21 AM
OTTAWA, Ontario, July 09, 2010 — The seasonally adjusted annual rate 1 of housing starts was 189,300 units in June, according to Canada Mortgage and Housing Corporation (CMHC). Seasonally adjusted annual rate estimates of housing start activity were also revised up for April and May 2 . This resulted in a month-over-month gain of 3.7 per cent in April (205,900 units), a …
Canada's Real Estate Market to Cool Slightly after Strong First Half		7/7/2010 10:48 AM
TORONTO, Ontario, July 07, 2010 — Canada’s residential real estate market will start to slow in the second half of 2010 after two quarters of strong price appreciation and sales activity, according to the Royal LePage House Price Survey and Market Survey Forecast released today. While market fundamentals remain strong across most major centres in Canada, sales activity was overly …
Economic confidence growing: RBC Canadian Consumer Outlook Index		7/2/2010 10:25 AM
TORONTO, Ontario, July 02, 2010 — Optimism is on the upswing across the country with a majority of Canadians (67 per cent) believing the overall outlook for the economy is good (up from 54 per cent last quarter) and fewer experiencing job anxiety (20 per cent, down seven points from its height last November), according to the June RBC Canadian Consumer Outlook Index . Looking ahead, 55 …

Mortgage News Daily
MORTGAGE RATES: Best Lock/Float Advice MND Can Offer	mortgage rate forecast	7/30/2010 2:44 PM
Posted To: Mortgage Rate Watch I think it's safe to say that, consistently for the last 30 to 45 days, at least one lender (regional, major, or independent) has offered below market "record low" mortgage rates. Investor demand is consistently healthy for agency MBS, such that their prices are hitting new record highs on a daily basis. No lender faces a shortage of funding, nothing seems to be able to distract mortgage rates from rallying! This situation has forced us to refocus our attention on the competitiveness of the primary mortgage market, instead of closely monitoring every move in the secondary mortgage market (MBS). Here's how I would play it.... The "best executed" lock/float strategy comes down to finding an originator who knows the loan market, studies underwriting guidelines, and...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
USDA Rural Housing Bill Passes; Low-Income Rental Legislation Advances	USDA	7/30/2010 10:23 AM
Posted To: MND NewsWire One government housing program that had run out of funds months ago was revived by Congress yesterday, and another bill targeted at low-income rental housing moved a step closer to approval. The Senate yesterday passed HR 4899 to reestablish the popular U.S. Department of Agriculture Single-Family Housing Guaranteed Loan Program (Section 502 Housing) as a self-sustaining program. Also, the House Financial Services Committee approved H.R.4868 , the Housing Preservation and Tenant Protection Act of 2010 which aims to stem the loss of affordable rental housing units and prevent the displacement of low-income tenants. The Rural Housing program had run through its $13.1 billion funding by early this year and many buyers hoping to finance home purchases using Homebuyer Tax Credits were unable to...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
MBS Lower and Wider. Reprices Reported. Buyers Lurking		7/30/2010 9:10 AM
Posted To: MBS Commentary Rate sheet influential mortgage-backs are experiencing some localized weakness as stocks rally and swaps spreads widen. Nominally, yield spreads have been wider all morning but price levels were still pushing new records because Treasuries were catching a bid, but the poo hit the fan a few minutes ago and prices plummeted. We're still in the green though...just off the session highs. The September FNCL 4.0 is +0-03 at 101+30. The FNCL 4.5 is UNCH at 104-02. The secondary market current coupon is -1.6bps at 3.679. Yield spreads are at the wides of the week. After much rallying, agency MBS appear exhausted, but I doubt this will last long. Buyers have consistently jumped on any sign of weakness...unfortunately I've already seen a few reprices for the worse....(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Evolving Loan Officer Agreements: Mandatory Reserves and Good File Delivery	Originator commission	7/30/2010 9:05 AM
Posted To: The Garrett Watts Report After visiting over 100 shops in the past 3 years, we haven't really seen anything “new under the sun” in terms of loan officer agreements. Sometimes I think all contractual documents used by mortgage bankers originated from the same source. But more recently we've come across a few approaches that might eventually be considered the basis for new loan officer agreement practices. I’m not necessarily promoting these ideas, but they are worth discussing. The two additions are: (1) Mandatory reserves for future losses as a result of repurchase loan issues or early pay offs and (2) Good File Delivery Standards and Criteria when submitting loans to processing. Let’s dig a little deeper into these additions... Mandatory Reserves : Most agreements have clauses that...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Rapid Refinance Program: Don't Bet On It	EverBank	7/30/2010 7:35 AM
Posted To: Pipeline Press The economy is so bad, I bought a toaster oven and my free gift with purchase was a bank...If the bank returns your check marked "Insufficient Funds," you call them and ask if they meant you or them...Angelina Jolie adopted a child from America...My cousin had an exorcism but couldn't afford to pay for it, and they re-possessed her..When Bill and Hillary travel together, they now have to share a room. The economy is indeed slow, generally speaking. So slow that conjecture is being openly discussed regarding yet another massive government-sponsored refinance/modification plan . I ignored them for a day or two, but figured I'd mention it anyway. Morgan Stanley put out a research piece suggesting a "change" to mortgage refinancing requirements: "The Fed and market...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
The Day Ahead: Q2 GDP, Consumer Sentiment, Stocks Testing Support		7/30/2010 6:29 AM
Posted To: MBS Commentary A busy day awaits the markets as investors get their first look at second-quarter GDP. Also in the store is the influential Chicago Business Barometer which gives an update on how the economy is recovering in the midwest, plus a consumer sentiment index for the nation at large. While investors wait for the GDP report, headlines are focusing on an IMF report which said the U.S. financial system may need $76 billion in fresh capital to recover. “The findings, released today as part of a broader IMF report on the U.S. financial system, suggested that while the nation’s banking system is stable, it remains vulnerable,” reports Bloomberg News. “Home prices, commercial real estate loans and economic growth have the potential to cause shocks that could expose banks to more...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Treasury Auctions Done. Bonds Cautiously Resilient as Stocks Repeat History	7 year note auction results	7/29/2010 11:09 AM
Posted To: MBS Commentary Treasury just sold $29 billion 7s to a group of uninterested buyers... Auction demand as measured by the bid to cover ratio was below average. 2.78 bids were submitted for every 1 accepted by Treasury. Compare that to the ten auction average of 2.81 and the five auction average of 2.86. 25.6% of the issue was awarded at the high yield of 2.394%. This was 2.1bps above the 1pm "when issued" bid, a sign that buyers were looking to pay a little less than they did. Primary dealers took down a much greater award than usual, which explains why the high yield tailed. 48.8% of the issue and 25.1% of what they bid on. Both metrics are above average. This is not indicative of strong buyside demand. Directs were awarded 8.9% of the competitive bid. That makes them 0 for 3 this week. Indirects...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Fannie Mae Preps Investors for Reform. Book of Business Reflects Tight Credit Conditions	housing finance reform	7/29/2010 10:31 AM
Posted To: MND NewsWire In the wake of the passage of Wall Street Reform, which many opponents have criticized Capitol Hill for failing to deal with the future of Fannie Mae and Freddie Mac, the Obama Administration is beginning to present the broad outlines of how the future of the GSEs will be determined. In a letter released Tuesday , David H. Stevens, acting commisioner of the FHA, said that the question of reforming the GSEs is "not if, but when." The Obama administration, he said, has made it clear from the beginning that the current structure of the government's role in the housing finance market is unsustainable and unacceptable, but winding down Freddie and Fannie abruptly would destabilize an already fragile housing industry and put the loans already on the books of these institutions at even...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Are HECM Regulators Acting Unethically Toward the Reverse Mortgage Program?	Reverse Mortgage	7/29/2010 10:06 AM
Posted To: Community Commentary I recently spoke on two interesting panels at the American Conference Institute’s two day symposium on Reverse Mortgages. The conference was held at the famed Helmsley Park Lane Hotel in the heart of Manhattan. The conference attracted a virtual who’s who in the mortgage and reverse mortgage industry. The speakers and the attendees formed an eclectic group which ranged from major law firms, title companies, quality control experts, compliance examiners, HECM counseling experts and state and federal regulators and various enforcement agencies. There was a genuine desire to understand the program so that enacted policy could be effective. On the first day of speaking, I was joined by Dave Adkins, OTS, Matthew Yoon, Esq. and Arthur Axelson, Esq. I pointed out that HERA could prevent...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Final Ruling Issued on SAFE Act; Underwriting Guideline Overlays, Adverse Market Fees and Steep LLPAs; CMBS Sales; California State of Emergency;	Citi	7/29/2010 7:51 AM
Posted To: Pipeline Press On a non-mortgage note, my son asked me, "At what age is it ok to tell a highway that it is adopted? At some point the highway will realize that it doesn't look like the Kiwanis's Club." I would have told him to "keep his day job", except he doesn't have one as he prepares for college. Lots of folks don't have jobs, as re-emphasized by this morning's Initial Jobless Claims number. One industry veteran told me, "The weekly number is just catnip for those who think the economy is limping along," and this morning's numbers came in down 11,000 to 457,000, but continuing claims climbed. Employment is still a huge issue for the economy, but the unemployment situation is certainly helping to keep rates low. We are not done with implementing the...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.

Lisa Tollis SRES®.
Sales Representative
REALTOR®
*Seniors Real Estate Specialist

LISA TOLLIS, REALTOR®, RECEIVES, PRESIDENTS GOLD AWARD FOR 2008 & 2009. Put An Award Winning Realtor On Your Side! Call Lisa Tollis Today!

ROYAL LePAGE STATE REALTY,
BROKERAGE.
987 Rymal Road East.
Hamilton, Ontario.L8W 3M2
Office: 905 574-4600
Fax: 905 574-4345
Direct Fax: 905 385-9690
Toll Free : 1 877 574-4601
Email: lisatollis@royallepage.ca
www.LisaTollis.ca

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