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Who We Are: CT Company History of McCue Mortgage residential lending Retail/Wholesale split

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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Who We Are: CT Company History of McCue Mortgage residential lending Retail/Wholesale split

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  1. Who We Are: • CT Company • History of McCue Mortgage residential lending • Retail/Wholesale split • Blend of mortgage products

  2. Today’s Residential Mortgage Market • Subprime Mortgage • Credit Crisis • Bail Outs

  3. CT Subprime Mortgages –from Subprime Task Force’s November 2007 data • 71,000 - $15 billion outstanding balances • 13% of total active mortgages in CT

  4. CT Subprime Originations

  5. Timing of Interest Rate Resets 2006 2007 2008 2009

  6. Impact on our business • Investors • Products & Risk Based Pricing • Competition • Borrowers

  7. Conventional Loan Price Adjustments • As of 9/25/07 • Driven by • secondary financing • amortization • combination of property type & occupancy & LTV

  8. Conventional Loan • Price Adjustments • As of 9/25/08 • Driven by • FICO score • LTV • transaction type

  9. Borrowers and Consumers Troubles • General credit • Ratios • Delinquency • Appraisal Gaps What can homeowners do now???

  10. 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

  11. 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.

  12. FHA Business Composition Source: SFDW

  13. FHA Secure & CT FAMLIES • Eligibility for refinance & Underwriting • Counseling Our Involvement and Experience • Benchmark of affordability

  14. Where does McCue Mortgage go from here? • Opportunities for first time homebuyers • Products for today’s market

  15. 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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