| home equity lines of credit and the expectation that mortgage interest rates will go higher over the next year induced homeowners to look towards the refinancing option to cash loan home equity for home improvements or other investment purposes now.” “We are forecasting that home equity extraction from the cash loan of prime first mortgage liens will result in an extraction of $204 billion in 2005, up from the $142 billion converted to cash in 2004,” noted Nothaft. Freddie Mac expects home sales cash loan 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 United States created the Federal National Mortgage Association (FNMA) (NYSE: FNM), commonly known as Fannie Mae, in 1938 to establish a secondary market for cash loan insured by the Federal Housing Administration (FHA). Fannie Mae buys mortgages on the secondary market, pools them and sells |
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