Freddie Mac announced a change to their condo policy for loans with application dates on or after February 1. Companies who sell to Freddie “may only use FHA condominium project approval to determine the eligibility of FHA and certain other federally guaranteed or insured condominium unit mortgages for sale to Freddie Mac. Conventional conforming condominium unit mortgages in FHA-approved condominium projects may still be eligible for sale to Freddie Mac provided the condominium project meets our requirements.” Freddie goes on to remind their customers that borrowers with Freddie Mac-owned mortgages in all condominium projects are eligible for their Streamlined Refinance Mortgage and Relief Refinance Mortgage – Same Servicer. For the entire memo, one can visit http://www.freddiemac.com/sell/guide/bulletins/pdf/bll1002.pdf

How far can an appraisal management company go toward originating mortgages? We may find out shortly. It is well know that many large companies such as Wells and BofA have interests in AVM’s but recently a story has made the press about an appraisal company getting involved in various facets of mortgage banking. Is it a possible conflict of interest? Stay tuned.
http://www.prweb.com/releases/appraisal_management/hvcc_compliance/prweb3494924.htm

Markets don’t like uncertainty, and a little of that was removed yesterday as Federal Reserve Chairman Ben Bernanke was approved by the Senate for a second four-year term by a 70-30 vote. Supporters admitted that that the Federal Reserve under Bernanke had missed signs leading up to the recent economic crisis, but argued that under Bernanke’s leadership the Fed had helped steer the U.S. economy away from utter catastrophe. But no one wants to switch horses in midstream, even if there could be found a “new horse” that was qualified.

Two Irish hunters got a pilot to fly them into the Canadian wilderness to hunt moose. They managed to bag two big bull moose. 
As they were loading the plane to return, the pilot said the plane could take only the hunters, their gear and one moose.
The two lads objected strongly. "Last year we shot two. The pilot let us take them both and he had the same plane as yours." 
Reluctantly, the pilot (who happened to be an ex-mortgage banker and not wanting to be outdone by another bush pilot) gave in and everything was loaded. 
However, even on full power, the little plane couldn't handle the load and went down crashing in the woods. Somehow, surrounded by the moose, clothing and sleeping bags Paddy and Mick survived the crash. 
After climbing out of the wreckage, Paddy asked Mick, "Any idea where we are?" 
Mick replied, "I think we're pretty close to where we crashed last year."

Rob

(Check out http://www.mortgagenewsdaily.com/channels/pipelinepress/default.aspx. To subscribe/unsubscibe write to rchrisman@robchrisman.com.)