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Time To Act: Mortgage Rates Likely To Rise Over Next Few Months

Time To Act: Mortgage Rates Likely To Rise Over Next Few Months

As lenders targeted veterans with risky mortgages, VA failed to act

Pensions and retirement funds, too, have been bruised as VA mortgages held as long-term investments vanish within months. Wall Street was the first to sound alarms last year after bond traders noticed VA loans paying off at an astounding rate.

The problem took on new urgency this fall. Tozer had required that by February of this year certain VA loans had to be six months old before they could be sold into some Ginnie Mae bonds. It was a short-term solution designed to give the VA time to find a remedy. It quieted the market, but only temporarily.

But when the six-month period expired, the churn was back. In July, Ginnie Mae’s new acting president, Michael Bright, was shocked to see erratic behavior in the agency’s bonds. He doubled pressure on the VA and alerted lawmakers to what was happening.

“VA is aware that some lenders have chosen to pursue a market niche in serial refinancing,” Cashour, the agency spokesman, said in a written statement. “The department is currently evaluating potential regulatory or policy changes that may help ensure that interest rate reduction refinance loans are beneficial to borrowers and do not have undue negative effects on other key stakeholders.

Bipartisan Regulatory Relief for Regional and Mid-Size Banks is on the Way

Last week, a group of Senate Banking Committee Members announced that they had reached an agreement on yet-to-be-introduced legislation that would ease some of the regulations placed on banks by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). The group, led by Committee Chairman Mike Crapo,  includes eight Democrats and one Independent, which suggests the legislation could face few obstacles to becoming law. In the announcement, Crapo said, “The bipartisan proposals on which we have agreed will significantly improve our financial regulatory framework and foster economic growth by right-sizing regulation, particularly for smaller financial institutions and community banks.”

Based on the proposed section-by-section description of the forthcoming legislation , the bill would be divided into five titles: I. Improving Consumer Access to Mortgage Credit; II. Regulatory Relief and Protecting Consumer Access to Credit; III. Protections for Veterans, Consumers, and Homeowners; IV. Tailoring Regulations for Certain Bank Holding Companies; and V. Studies.

Can a letter of hardship apply toward Mortgage forgiveness Act?

I am looking to move closer to my job, which I currently commute 200 miles on a daily round trip. My current property is $200k under my purchase price. I plan on trying to rent my home or I will probably attempt to short sale it.


If you chose to buy a home 200 miles to job, that's a choice you made, your election, hardship you chose. Now if you got transferred after purchasing home, then it's a hardship.