1st american mortgage services
expects home sales to hit a new record again in 2005 as low fixed mortgage rates combined with teaser discounts 1st american mortgage services 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 mortgages insured by the Federal Housing 1st american mortgage services (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 money continues to be available for new home purchases. “Home equity is also extracted through home sales when homesellers roll 1st american mortgage services part of the equity from the sale into new downpayments. A 1st american mortgage services study co-authored by Fed Chairman Alan Greenspan put this form of equity extraction at roughly $350 billion in 2004 and $300 billion in the first quarter of 2005 at an annualized rate.” Freddie
1st american mortgage services
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