I think even if this were to happen the Federal Reserve would bailout the banks.
Fitch: Repurchase Risk Increasing for Banks
08/21/2012 By: Ryan Schuette
While some signs suggest the housing recovery may finally be under way, others signal that banks will likely continue to see repurchase claims from Fannie Mae and Freddie Mac.
Analysts with Fitch Ratings found in a report on Monday that repurchase risk remains high for several financial institutions, including Bank of America, JPMorgan Chase, and Ally Financial.
According to Fitch, repurchase risk climbed to 41 percent for Bank of America. Roughly 60 percent of the claims stemmed from private-label requests.
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Proprietary OC Housing News home purchase analysis
11252 MAC NAB St Garden Grove, CA 92841
$399,900 …….. Asking Price
$399,900 ………. Purchase Price
8/21/2012 ………. Purchase Date
$0 ………. Gross Gain (Loss)
($31,992) ………… Commissions and Costs at 8%
============================================
($31,992) ………. Net Gain (Loss)
============================================
0.0% ………. Gross Percent Change
-8.0% ………. Net Percent Change
0.0% ………… Annual Appreciation
Cost of Home Ownership
——————————————————————————
$399,900 …….. Asking Price
$13,997 ………… 3.5% Down FHA Financing
3.80% …………. Mortgage Interest Rate
30 ……………… Number of Years
$385,904 …….. Mortgage
$102,452 ………. Income Requirement
$1,798 ………… Monthly Mortgage Payment
$347 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$100 ………… Homeowners Insurance at 0.3%
$402 ………… Private Mortgage Insurance
$0 ………… Homeowners Association Fees
============================================
$2,647 ………. Monthly Cash Outlays
($275) ………. Tax Savings
($576) ………. Equity Hidden in Payment
$18 ………….. Lost Income to Down Payment
$120 ………….. Maintenance and Replacement Reserves
============================================
$1,934 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$5,499 ………… Furnishing and Move In at 1% + $1,500
$5,499 ………… Closing Costs at 1% + $1,500
$3,859 ………… Interest Points
$13,997 ………… Down Payment
============================================
$28,854 ………. Total Cash Costs
$29,600 ………. Emergency Cash Reserves
============================================
$58,454 ………. Total Savings Needed
The property above is available for sale on the MLS.
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Cost of Ownership Analysis
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