| billion in 2005, 1st residential mortgage from the $142 billion converted to cash in 2004,” noted Nothaft. Freddie Mac expects home sales to hit a new record again in 2005 as low fixed mortgage rates combined with teaser discounts on adjustable-rate mortgages maintain affordability, even as home prices rise. The federal government of the 1st residential mortgage States created the Federal National Mortgage Association (FNMA) (NYSE: FNM), commonly known as Fannie Mae, in 1938 to establish a secondary market for mortgages insured by the Federal Housing Administration (FHA). Fannie Mae buys mortgages on the secondary market, pools them and 1st residential mortgage them as mortgage-backed securities to investors on the open market. This secondary mortgage market helps to replenish the supply of lendable money for mortgages and ensures that money continues to be available for new home purchases. “Home equity is also extracted through home sales when homesellers roll only part of the equity from the sale into new downpayments. A recent study co-authored by Fed Chairman Alan Greenspan put this form of equity extraction at roughly $350 billion in 2004 and 1st residential mortgage billion in the first quarter of 2005 at an annualized rate.” Freddie Mac expects 30-year fixed mortgage rates to rise 1st residential mortgage the end of the year, ending with a fourth quarter average near 6.0 percent, approximately one-quarter of a percentage point higher than the third quarter average. A commercial lender offers loans backed by hard collateral. In most cases this is real |
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