Mortgage Support Needed in Russia; Jumbo Market Making a Comeback?; Warehouse Lending; Investor Updates
Posted To: Pipeline Press
A rubber band pistol was confiscated from algebra class — – because it was a weapon of math disruption. Any weapons race with Russia doesn't receive the publicity it did 30 years ago. But whatever you call someone who originates loans in Russia (brokers?) received some good news last week, when Russia's Prime Minister Vladimir Putin announced that the government will help to lower the mortgage rates investing more than $8.3 billion. The government will provide this money to banks thus substantially subsidizing current mortgage rates, which are currently near 14-15% in Russia . Putin set a target rate at 11% with a maximum down payment of 20%. Do folks here in the US and in the mortgage business have any good news to cheer about, besides rates not being 11%? Some are dealing with changes…(read more)
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