American Mortgage Financial
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We don't provide mortgages to consumers, but we do help provide liquidity for the housing market. We provide the financing lenders need, so buyers have access to mortgages. That includes the popular 30-year, fixed-rate mortgage, which provides predictable, stable payments over the life of the loan. Without this option, homeownership would be unattainable for many.
Bank of America will provide the remaining $7 billion in the form of relief to aid hundreds of thousands of consumers harmed by the financial crisis precipitated by the unlawful conduct of Bank of America, Merrill Lynch and Countrywide. That relief will take various forms, including principal reduction loan modifications that result in numerous homeowners no longer being underwater on their mortgages and finally having substantial equity in their homes. It will also include new loans to credit worthy borrowers struggling to get a loan, donations to assist communities in recovering from the financial crisis, and financing for affordable rental housing. Finally, Bank of America has agreed to place over $490 million in a tax relief fund to be used to help defray some of the tax liability that will be incurred by consumers receiving certain types of relief if Congress fails to extend the tax relief coverage of the Mortgage Forgiveness Debt Relief Act of 2007.
What Are Construction Loans If you cannot find the right home to buy, you might be thinking about how much it will cost to build a new house or renovate the one you currently call home. The process of borrowing the money to pay for this project is different from getting a mortgage to move into an existing property. A construction loan is a short-term loan that covers only the costs of custom home building. This is different from a mortgage, and it is considered specialty financing. Once the home is built, the prospective occupant must apply for a mortgage to pay for the completed home. Construction loans typically are one year in duration. During this time, the property must be built, and a certificate of occupancy should be issued. Some things to consider: - Check your credit score first - Ask for a reputable builder - Depending on the loan type, consider what down payment you may need. At American Financial Network, we offer multiple types of Construction Loans, including FHA, Renovation, and USDA. If you decide to go with a construction loan, make sure to reach out to one of our Loan Officers to learn more and decide what is best for you. American Financial Network, Inc. is not acting on behalf of or at the direction of the federal government, and this offer is not being made by an agency of the government. Programs not available in all areas. Additional terms and conditions may apply.
A pre-approval does not constitute a loan commitment or guarantee of a loan. Pre-approval is subject to a satisfactory appraisal, satisfactory title search, and no meaningful change to borrower's financial condition.
The combined mortgage business will be led by Eric Schuppenhauer, current Citizens President of Home Mortgage. Following the completion of the transaction Scott Tansil, Chief Financial Officer and Chief Operating Officer, of Franklin American Mortgage will lead the acquired correspondent and wholesale origination businesses headquartered in Franklin, Tennessee.
Debevoise & Plimpton, LLP is serving as legal advisor to Citizens. Morgan Stanley & Co., LLC acted as financial advisor to Franklin American Mortgage on the transaction. Baker, Donelson, Bearman, Caldwell & Berkowitz, PC acted as legal advisor to Franklin American Mortgage on the transaction.
In addition to the above factors, we also caution that the amount and timing of any future common stock dividends or share repurchases will depend on our financial condition, earnings, cash needs, regulatory constraints, capital requirements (including requirements of our subsidiaries), and any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends.
Franklin American Mortgage is a privately held mortgage banking firm headquartered in Franklin, Tenn. and licensed to provide residential mortgages across the nation. For nearly a quarter of a century, Franklin American Mortgage has been an industry leader committed to helping families and individuals achieve their dreams of homeownership. For more information about the company and its services, please go to www.franklinamerican.com. Equal Housing Lender, Company NMLS #1599.
Scott N. Powers, the former CEO of Arizona-based mortgage loan originator American Mortgage Specialists Inc. (AMS), and David McMaster, a former officer of AMS, were sentenced today to serve 96 and 188 months in prison, respectively, for their roles in a $28 million scheme to defraud North Dakota-based BNC National Bank (BNC).
For more than 80 years, the federal government has supported mortgage lending through a variety of policies, programs, and institutions. This support has helped enable millions of middle-class and aspiring middle-class families to buy homes.1 Despite this success, some conservatives continue to question the relevance and effectiveness of long-standing government housing policies.2
Over the past several years, conservatives who argue that some aspects of federal housing policy caused the financial crisis have pushed for legislation to eliminate or restrict government programs that make homeownership more affordable for Americans. These critics have proposed dramatically narrowing the footprint of the Federal Housing Administration, or FHA; eliminating the Community Reinvestment Act, or CRA; and scrapping the government-sponsored enterprises, or GSEs, Fannie Mae and Freddie Mac, which help provide liquidity to mortgage markets and ensure availability of the 30-year, fixed-rate mortgage.3 At the same time, some members of Congress also have supported legislation that would reopen the doors to the predatory lending and lack of oversight that caused the housing and financial crisis.4 Legislation on some of these issues can be expected in the current congressional session as part of a broad conservative attack on long-standing federal housing policies.5
These conservative arguments should be treated with skepticism. The evidence shows that the usual targets of the conservative attack did not play a significant role in the housing and financial crisis. Government policies that make it more affordable to buy a home were not responsible for the crisis. In fact, consumers who already had mortgages and who had built up equity in their homes were more likely to be targeted for predatory subprime loans than first-time homebuyers.6
The federal government enacted policies after the Great Depression that have, over the decades, helped establish homeownership as a key pillar of the American middle class. After the mortgage market froze in the 1930s and banks were unwilling or unable to continue lending, the federal government intervened to bring stability to the national housing market.7
In 1934, Congress established the FHA, which offers government insurance on mortgages. The FHA protects banks against losses on qualifying FHA-insured loans, which makes banks more willing to offer mortgages to the public, particularly during tough economic times when they might otherwise close their doors.8
In the early 2000s, the government and GSE share of the mortgage market began to decline as the purely private securitization market, called the private label securities market, or PLS, expanded. During this period, there was a dramatic expansion of mortgage lending, a large portion of which was in subprime loans with predatory features.21 The majority of this mortgage lending was existing homeowners refinancing, with many believing that they were taking advantage of lower interest rates to extract home equity. Instead, they often were exposed to complex and risky products that quickly became unaffordable when economic conditions changed.22 Linked with the expansion of predatory lending and the growth of the PLS market was the repackaging of these risky loans into complicated products through which the same assets were sold multiple times throughout the financial system.
Since its creation in 1934, the FHA has provided insurance on 34 million mortgages, helping to lower down payments and establish better terms for qualified borrowers looking to purchase homes or refinance.25 When a mortgage lender is FHA-approved and the mortgage is within FHA limits, the FHA provides insurance that protects the lender in the event of default. While this role does expand access to mortgage credit, and played a key role in kick-starting the growth of American homeownership following the Great Depression, FHA-insured mortgages have never dominated the American housing market.
Critics have attacked the FHA for providing unsustainable and excessively cheap mortgage loans that fed into the housing bubble. In fact, far from contributing to the housing bubble, the FHA saw a significant reduction in its market share of originations in the lead-up to the housing crisis.26 This was because standard FHA loans could not compete with the lower upfront costs, looser underwriting, and reduced processing requirements of private label subprime loans.27 In many cases, brokers pushed borrowers toward higher-risk subprime products, even when they qualified for safer FHA-backed mortgages. The reduction in FHA market share was significant: In 2001, the FHA insured approximately 14 percent of home-purchase loans; by the height of the bubble in 2007, it insured only 3 percent.28 Moreover, at the height of the foreclosure crisis, serious delinquency rates on FHA loans were lower than the national average and far lower than those of private loans made to nonprime borrowers.29