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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

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

  • 71,000 - $15 billion outstanding balances

  • 13% of total active mortgages in CT



Timing of Interest Rate Resets

2006

2007

2008

2009


Impact on our business

  • Investors

  • Products & Risk Based Pricing

  • Competition

  • Borrowers



  • Conventional Loan

  • Price Adjustments

  • As of 9/25/08

  • Driven by

  • FICO score

  • LTV

  • transaction type


Borrowers and Consumers Troubles

  • General credit

  • Ratios

  • Delinquency

  • Appraisal Gaps

    What can homeowners do now???


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


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.



FHA Secure & CT FAMLIES

  • Eligibility for refinance & Underwriting

  • Counseling

    Our Involvement and Experience

  • Benchmark of affordability


Where does McCue Mortgage go from here?

  • Opportunities for first time homebuyers

  • Products for today’s market


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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