We thought the August blip of increased NOD filings might be a one-time event, but it looks like the servicers are keeping up the pace. Hopefully it’ll translate into more trustee sales:
Unfortunately, we know that a surge of NODs and about $4 will get you a cup of coffee, but at least the cancellations are moderating – though they are the dominant number:
Congress will decide this week whether to reinstate the limit on government-backed home loans in high-cost areas to $729,750. The so-called conforming-loan limit dropped to $625,500 on Oct. 1.
Although the odds of passage have fallen in the past week, FBR Capital Markets analyst Edward Mills says they are still better than 50-50.
To offset the potential cost to taxpayers, the bill would impose a new “premium loan fee” on mortgages between these two amounts, which would increase the interest rate on these loans by 0.15 percentage point.
Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/11/14/BUIQ1LV1P3.DTL#ixzz1do84GnTb