Chase Mortgage Cutbacks; FHA MIP Clarification; Modified Loan Performance; Thoughts on the Future of Securitization

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Posted To: Pipeline Press

In 1981 Jimmy Carter handed the reins to Ronald Reagan. The prime rate hit 20.5% , and yes, people still bought houses. (It has been at 3.25% for the last four years.) Freddie and Fannie 30-yr net required yields were well into the teens. The Dow Jones was treading water around 900 (it is now around 14,500). 1981 was also the year that Dan Segersin, who runs correspondent lending in the Western Region for Wells Fargo, began working at Norwest Bank, many years prior to its acquisition of Wells Fargo. I mention this because, after 32 years, last week Dan announced his retirement , slated for this summer. Congratulations to Dan and congratulations to the lending industry for having someone like Dan in it for so long. And yes, some folks actually do retire from this business prior to retirement...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/04022013-modified-loan-performance-hud.aspx

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