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Who We Are: CT Company History of McCue Mortgage residential lending Retail/Wholesale split

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Who We Are: CT Company History of McCue Mortgage residential lending Retail/Wholesale split Blend of mortgage products. Today’s Residential Mortgage Market Subprime Mortgage Credit Crisis Bail Outs. CT Subprime Mortgages – from Subprime Task Force’s November 2007 data

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Presentation Transcript
slide1
Who We Are:
  • CT Company
  • History of McCue Mortgage residential lending
  • Retail/Wholesale split
  • Blend of mortgage products
slide2
Today’s Residential Mortgage Market
  • Subprime Mortgage
  • Credit Crisis
  • Bail Outs
slide3
CT Subprime Mortgages

–from Subprime Task Force’s November 2007 data

  • 71,000 - $15 billion outstanding balances
  • 13% of total active mortgages in CT
slide8
Impact on our business
  • Investors
  • Products & Risk Based Pricing
  • Competition
  • Borrowers
slide9

Conventional Loan Price Adjustments

  • As of 9/25/07
  • Driven by
  • secondary financing
  • amortization
  • combination of property type & occupancy & LTV
slide10

Conventional Loan

  • Price Adjustments
  • As of 9/25/08
  • Driven by
  • FICO score
  • LTV
  • transaction type
slide12
Borrowers and Consumers Troubles
  • General credit
  • Ratios
  • Delinquency
  • Appraisal Gaps

What can homeowners do now???

slide13
FHA’s Solution – FHA Secure
  • Refinance program
  • Increase in Maximum Loan Amounts
  • Changes since 2007
  • Risk based MI

Governor Rell’s Response

  • CT FAMLIES refinance program through CHFA
slide14

FHA’s Market Share

Source: Inside Mortgage Publications. Mortgage volume in billions of dollars.

Note: Volume in 2008 has been estimated from first two quarters.

slide16
FHA Secure & CT FAMLIES
  • Eligibility for refinance & Underwriting
  • Counseling

Our Involvement and Experience

  • Benchmark of affordability
slide17
Where does McCue Mortgage go from here?
  • Opportunities for first time homebuyers
  • Products for today’s market
slide18
Important to Understand
  • Budgeting & planning
  • How credit works
  • Secured debt
  • Availability of counseling

Still a great time to buyer a home!

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