| the Federal Housing Administration (FHA). Fannie Mae buys mortgages on the secondary market, pools them and sells 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 1st mortgage 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 1st mortgage study co-authored by Fed Chairman Alan Greenspan put this form of equity extraction at roughly $350 1st mortgage in 2004 and $300 billion in the first quarter of 2005 at an annualized rate.” Freddie Mac expects 30-year fixed mortgage rates to rise through the end of the year, ending with a fourth quarter average near 6.0 percent, approximately one-quarter of 1st mortgage percentage point higher than the third quarter average. A commercial lender offers loans backed by hard collateral. In most cases this is real estate, but it can also include factoring, non-conforming assets, or other sources of collateral. Although there can be other possible ways of doing |
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