One Customer's Call Changes Verity Credit Union's Mortgage Rate Policy

My adjustable rate mortgage with Verity Credit Union is due to reset next month. As part of the note there is an option to convert to a fixed rate. The calculation of this fixed rate is clearly defined as equal to Fannie Mae's required net yield for a 30 year fixed rate covered by an applicable 60-day mandatory delivery commitment plus five-eighths of one percentage point, rounded to the nearest five-eighths of one percentage point. So take the Fannie Mae 30 year 60 day rate add 5/8ths and round to the nearest eighth. The note said the note holder got to decide the day of the rate but Verity was nice enough to let me pick which day I wanted as long as I gave them 15 days notice before the reset date. I patiently watched the rates every day and fortunately right before I was to give them notice rates were steadily declining...

Freddie Mac Will Be Losing A Few Billion More, Decides To Stop Buying So Many Bad Loans

"We would expect that our total future credit losses on our current book of business would total approximately between $10 billion and $12 billion," Chief Executive Officer Richard Syron told an investors conference sponsored by Goldman Sachs.

"If I were you, I would want in this time period someone running one of these companies (Fannie Mae and Freddie Mac) to err on the side of pessimism rather than optimism," he said.

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