New GSE Loans only Minor Factor in Rising Credit Access

By Jann Swanson

Posted To: MND NewsWire

Accessibility to mortgage credit rose in December. The Mortgage Bankers Association said today that its Mortgage Credit Availability Index (MCAI) went from the November level of 114.6 to 115.7, a 1 percent gain . An increase in the index, which was indexed to 100 in March 2012, indicates a loosening of credit. Although MBA said the conventional component of the MCAI increased by 2.2 percent in December, indicating great availability of government sponsored enterprise (GSE) loans, while the Government MCAI was up only 1 percent. This may not reflect to any degree the new 97 percent loans announced last month by Fannie Mae and Freddie Mac. Fannie Mae’s new loan, available to well qualified first-time homebuyers, went into effect immediately but Freddie Mac’s version will not be available until…(read more)

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