Comments on: Friday’s Rates on Thursday

By: Rates, Rumors and Reaction | Seattle Real Estate ~ Rain City Guide

Rates, Rumors and Reaction | Seattle Real Estate ~ Rain City Guide — Fri, 11 Jul 2008 21:14:04 +0000

[...] Add in the world tensions with Israel and Iran, rebel threats in Nigeria…and record oil prices–we had a very volatile day in the markets. One lender that I work with has issued 5 different rate sheets (changes to rate) so far today losing approx. 0.50% in fee or 0.125-0.250% in conforming fixed rates since this morning. Rates are improved over what I posted last week. [...]

By: Rhonda Porter

Rhonda Porter — Thu, 03 Jul 2008 23:30:30 +0000

Roger, I never did ONE option arm or deferred interest product…I know they worked for some folks…but I just could not wrap my arms around them (a pun!).

By: Roger Ingalls

Roger Ingalls — Thu, 03 Jul 2008 22:50:45 +0000

Right you are, World Savings, Golden West, Pick a Pay.

I don’t think they bought many Option Arms from other lenders however, like Countywide did. World Savings had a fairly unique product, among Option Arms.

By: Rhonda Porter

Rhonda Porter — Thu, 03 Jul 2008 22:46:04 +0000

Thanks, Roger. I would assume this would also apply to World Savings options ARMs since Wachovia bought World…they were one of the originals with this program. Right along with WaMU and Countrywide.

It’s going to be interesting to see if CW responds to WA’s lawsuit. The days are counting down.

By: Roger Ingalls

Roger Ingalls — Thu, 03 Jul 2008 22:40:51 +0000

Have a great 4th of July, Rhonda.

In honor of Independence Day, I just though I would pop this small nugget of good news in here.

Wachovia recently announced that they are waiving all prepayment penalties on their Option Arms (PickAPay, they call them).

I don’t know anyone that has this lender, but I thought I would help spread the word. Maybe CW, WAMU, and others will follow suit?

http://biz.yahoo.com/prnews/080630/clm018a.html?.v=1