Fannie Mae (NYSE: FNM | Quote | Chart | News | PowerRating) today announced its 2010 Benchmark
Securities(R) issuance calendar 2010 Benchmark Securities Calendar (PDF). The calendar is designed to assist investors and other market participants in incorporating issuances of Fannie Mae Benchmark Securities into their ongoing investing, trading, hedging and financing strategies.

On a weekly basis, Fannie Mae has the option to auction three-, six-month, and one-year Benchmark Bills. The size and types of weekly Benchmark Bills offerings, if any, will be announced on a Monday morning, or if Monday is a holiday, the previous business day. Auctions of Benchmark Bills generally will be open for bidding on Wednesdays between 9:00 a.m. and 9:45 a.m. eastern time.

The 2010 Benchmark Securities Calendar also identifies at least one calendar date per month for a Benchmark Notes announcement. On each scheduled announcement date Fannie Mae will either announce the maturity date of the Benchmark Notes offering and the dealer syndicate or announce that it will not be making a Benchmark Notes offering. Benchmark Notes offerings are expected to price within a few business days of the announcement date.

Fannie Mae may forego any scheduled Benchmark Bills or Benchmark Notes issuance. If Fannie Mae elects not to issue any Benchmark Securities, a notice of this election will be provided.

Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America’s secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.

Mortgage bankers made an average profit of over $1,088 on each loan they originated in the first quarter of 2009, according to the Mortgage Bankers Association (MBA). This profit marks a marked improvement over the 4th quarter 2008 results in which average profits were $148 per loan, according to the MBA’s Quarterly Mortgage Bankers Performance Report. This new report measures the performance of independent mortgage bankers and subsidiaries of banks, thrifts and hedge funds.

“It is clear the refinance boom in the first quarter of 2009 contributed greatly to an increase in overall production volumes, allowing production operating expenses per loan to finally drop” said Marina Walsh, MBA’s Associate Vice President of Industry Analysis. “The average share of refinancings to total originations for these companies jumped to 66 percent in the first quarter, from 42 percent in the previous quarter. As a result, the average production volume for each firm was $213.9 million in the first quarter of 2009 compared to $125.6 million in the fourth quarter of 2008.?????

Among the principal findings of the MBA report are:

- 85 percent of the firms in the study posted pre-tax net financial profits in the first quarter 2009. In the fourth quarter 2008, only 53 percent of the companies posted profits.

- Mortgage banking production profits were 54.58 basis points, or $1,088 per loan. These profits show a significant improvement over the previous quarter in which profits averaged 7.10 basis points, or $148 per loan.

- The “net cost to originate” fell to $1,725 per loan in the first quarter 2009, compared to $2,324 per loan in the fourth quarter 2008. The “net cost to originate” includes all production operating expenses and commissions minus all fee income, but excludes secondary marketing gains, capitalized servicing, servicing released premiums and warehouse interest spread.

- Production operating expenses commissions, compensation, occupancy and equipment, and other production expenses and corporate allocations dropped to $3,738 per loan in the first quarter 2009, compared to $4,810 per loan in the fourth quarter 2008.

- The average number of retail loans originated per retail sales employee rose to 10.4 loans per month in the first quarter 2009, from 5.3 loans per month in the fourth quarter 2008.

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With the financial crisis quickly becoming President Obama’s primary burden, his Administration has intensified its efforts to stem the rising tide of foreclosures in order to solve the root cause of the difficulties. On Feb. 11, Treasury Secretary Timothy Geithner and Shaun Donovan, Secretary of the Housing & Urban Development Dept., met with community groups and key stakeholders in the banking industry to gauge support for a potential program that would allow the government to directly buy whole loans from servicers of mortgage-backed securities (MBS) in order to modify them and keep more borrowers in their homes.

This is just one of several proposals the Obama Administration is considering as it comes to terms with the dire need to prevent further waves of foreclosures amid a deepening recession. There were foreclosure filings on 274,399 U.S. properties in January, down 10% from December but 18% higher than a year ago, according to RealtyTrac, a foreclosure research firm. In December, the Mortgage Bankers Assn. said that a record 1 in 10 U.S. families with a mortgage are either in arrears or having their house repossessed.

Banks and other mortgage servicers have being doing loan modifications under an Federal Deposit Insurance Corp. program since the first quarter of 2008, but many have failed to benefit from a cookie-cutter approach that’s paid insufficient attention to the financial condition of individual homeowners. And these “mods” haven’t addressed the need for a wholesale cleaning out of some of the most toxic loans, those collected in securitized pools and sold piecemeal to vast numbers of investors. The problem is that there is no flexibility to modify the terms of individual mortgages in most of the Pooling and Servicing Agreements, or PSAs, that govern these mortgage pools.

Employment is Key

At the Feb. 11 meeting with Geithner and Donovan, John Taylor, president and chief executive of National Community Reinvestment Coalition (NCRC), made the case for loan modifications on a large scale through the Homeowners Emergency Loan Program. This would allow the Treasury to buy distressed loans at big discounts, essentially equivalent to current market value, from the securitized pools. The government would only buy loans of borrowers who still have jobs, but the loans wouldn’t necessarily have to be delinquent. For example, they could be loans whose monthly payments are eating up more that 50% of a homeowner’s monthly income and therefore are at risk of future default.

“That creates the leeway for the government to buy these without any subsidies,” says Taylor. That wouldn’t even require much taxpayer money from the Troubled Assets Relief Program (TARP) if the government could turn around and sell the loans to banks that have received TARP funds, such as Wells Fargo (WFC) and Citigroup (C).

( Read full information… )

With the financial crisis quickly becoming President Obama’s primary burden, his Administration has intensified its efforts to stem the rising tide of foreclosures in order to solve the root cause of the difficulties. On Feb. 11, Treasury Secretary Timothy Geithner and Shaun Donovan, Secretary of the Housing & Urban Development Dept., met with community groups and key stakeholders in the banking industry to gauge support for a potential program that would allow the government to directly buy whole loans from servicers of mortgage-backed securities (MBS) in order to modify them and keep more borrowers in their homes.

This is just one of several proposals the Obama Administration is considering as it comes to terms with the dire need to prevent further waves of foreclosures amid a deepening recession. There were foreclosure filings on 274,399 U.S. properties in January, down 10% from December but 18% higher than a year ago, according to RealtyTrac, a foreclosure research firm. In December, the Mortgage Bankers Assn. said that a record 1 in 10 U.S. families with a mortgage are either in arrears or having their house repossessed.

Banks and other mortgage servicers have being doing loan modifications under an Federal Deposit Insurance Corp. program since the first quarter of 2008, but many have failed to benefit from a cookie-cutter approach that’s paid insufficient attention to the financial condition of individual homeowners. And these “mods” haven’t addressed the need for a wholesale cleaning out of some of the most toxic loans, those collected in securitized pools and sold piecemeal to vast numbers of investors. The problem is that there is no flexibility to modify the terms of individual mortgages in most of the Pooling and Servicing Agreements, or PSAs, that govern these mortgage pools.
Employment is Key

At the Feb. 11 meeting with Geithner and Donovan, John Taylor, president and chief executive of National Community Reinvestment Coalition (NCRC), made the case for loan modifications on a large scale through the Homeowners Emergency Loan Program. This would allow the Treasury to buy distressed loans at big discounts, essentially equivalent to current market value, from the securitized pools. The government would only buy loans of borrowers who still have jobs, but the loans wouldn’t necessarily have to be delinquent. For example, they could be loans whose monthly payments are eating up more that 50% of a homeowner’s monthly income and therefore are at risk of future default.

( Read full information… )

We invite your inquiry. Contact us today and begin to experience the difference Benchmark Mortgage Lending and Loans can make in your life!

Thank you for your interest in Benchmark Mortgage’s Home Loans and Benchmark Lending Programs.

A full-service Mortgage Banker and Lending as well as Broker, Benchmark was founded in 1999 as an affiliation of mortgage professionals. We’re Dallas-based and support almost 400 branches nationwide. We are licensed in 45 states, have applications pending approval in 3 states and are in the application process with the final 2 states. We anticipate licensure in all 51 jurisdictions soon. We maintain an excellent reputation for closing loans in a timely and professional manner. Our company is founded on customer centricity and service that exceeds the expectations of our valued Branch Partners and their clients. We are growing rapidly and desire to become the premier branch provider in America.

Our portfolio of Benchmark lending products is wide-ranging. As large, full-service Mortgage Bankers, we have a warehouse capacity of $130 million monthly which we can double as required. This allows Benchmark to fund deals other brokers cannot entertain. And we typically offer lower pricing than can be obtained by borrowers going directly to these lenders. In addition to our direct lending we are approved with 200+ other banks and investors. We have direct access to all FNMA, FHMA, HUD and VA programs. Indeed, Benchmark is a “Full Eagle” Title II Non-Supervised FHA lender and a VA LAPP approved lender. We offer popular OptionARM’s on our in-house banked line, featuring 1.50% start rates on loans up to $6 million. We also fund super Jumbo’s and a variety of subprime loans including 100% loans to a 580 credit score with no MI and 95% LTV loans with no documentation. We’re experts with Purchases, Refi’s, One-Time Close Construction Loans, Home Improvement loans, 2nds, Investment Property loans, Debt Consolidation loans, Stated Income Lending and Damaged Credit loans.

After some encouraging news last week, the market had a double-dose of bad economic releases today: this morning, the World Bank predicting a three percent drop in the global economy for 2009, and late in the day, the Mortgage Bankers Association (MBA) withdrawing its positive forecast for 2009, issued only in March. The MBA’s statement is especially chilling, explaining in detail how the government stimulus programs aren’t showing a lot of results.

Back in March, the MBA adjusted its view for expected lower interest rates from the Fed’s monetary policy, as well as a government program called HARP meant to to spur mortgage borrowing, and came out with a fresh forecast for home mortgage originations for 2009, up to $2.7 trillion from $1.9 trillion.

As I mentioned on June 15, to keep a lid on interest rates, the Fed has committed to buying $1.2 trillion of mortgage securities, and $300 billion of Treasury bonds (to drive bond prices higher and thus send yields lower).

And the Fed’s trading desk has been busy: Jay Brinkmann, chief economist at the MBA, notes in a press release today that the Fed has bought 85 percent of the new mortgage bonds issued this year by Fannie Mae, Freddie Mac and Ginnie Mae combined.

He also explains the reaction of interest rates:

While the Fed has been successful in reducing the spread between conforming mortgage and Treasury rates through its purchase of agency MBS, it has not been successful in maintaining lower Treasury yields. ” Given the high issuance volume of Treasuries in June, the Fed is likely approaching its self-imposed ceiling of $300 billion and may be reluctant to increase its current commitment to purchase long-term Treasuries “

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Nowadays the wants are more than the earnings. In order to satisfy ones financial requirements, people borrow, to fulfill their financial needs. Many business people pledge their assets to the lenders and avail capital for their business . Most of the people go for mortgage, which is nowadays become very common among them .

Direct mortgage lenders ? about mortgage
The term mortgage means borrowing money from the lenders . The lenders provide loans to the borrowers, on the basis of pledging the document of the land or property owned by them . The document act as the legal security to the loaned amount, which is later returned to them after the stipulated time or on completion of repayment of loans . The rates of interest for the mortgage loans are lower than any other loans, since the risk reduces due to the evaluation of the property

Direct mortgage lenders ? Types of mortgages
Mortgages are available in different sizes and shapes, with its merits and demerits . The right type of mortgage should be chosen by the borrowers to suit their requirements . The different types of mortgages are

Direct mortgage lenders ? Fixed rate mortgage is the best type of mortgage, it is been chosen by most of the people. This type of mortgage assures definite rate of interest for certain time period . It is differentiated as long term, up to ten years and short term, nearly five months .

Direct mortgage lenders ? Assumable mortgage are security interest which is sent through an owner to other owner. This type of mortgage can be assumed only if the borrower has high flow of down payment, which can cover the variations between the house value and the mortgaged amount . Assumable mortgage does not provide the choices like frequency of payment and privileges of prepayments.

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