Structured's Brownstein Sees Less Home Refinancing Even With Lower Rates
Don Brownstein, whose mortgage hedge fund was the top performer last year, said that most homeowners won’t refinance even though rates are at record lows.
“The refinancing is apt to be subdued,” Brownstein, head of Stamford, Connecticut-based Structured Portfolio Management LLC, said today in an interview with Erik Schatzker on Bloomberg Television. Mortgage rates for a 30-year loan are now at 4.5 percent compared with 6.3 percent three years ago, according to data compiled by Bloomberg.
Fewer people will refinance, he said, because homeowners’ credit ratings have declined along with housing prices. Lenders are also charging higher fees.
Brownstein’s main fund, Structured Servicing Holdings LP, returned 50 percent in the first 10 months of 2010, putting him at the top of Bloomberg Markets’ list of the 100 best-performing funds managing $1 billion or more.
Brownstein, 67, a former philosophy professor, said that to boost economic growth, the government needs to make banks lend more money.
“There was an opportunity missed back in 2008 and 2009,” he said, when the government could have insisted that the money they handed out to banks be used to make loans.
“Had the pressure been put on them, perhaps we would have gotten more bang for the buck,” he added.
To contact the reporters on this story: Erik Schatzker in New York at eschatzker@bloomberg.net ; Katherine Burton in London at kburton@bloomberg.net
To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.
Ct Mortgage Refinance - News
“The refinancing is apt to be subdued,” Brownstein, head of Stamford, Connecticut-based Structured Portfolio Management LLC, said today in an interview with Erik Schatzker on Television. Mortgage rates for a 30-year loan are now at 4.5
“Refinancing is apt to be subdued,” Don Brownstein, whose Stamford, Connecticut-based mortgage hedge fund was at the top of Markets' list of 100 best-performing funds in 2010, said yesterday in an interview with Erik Schatzker on
CHICAGO--(BUSINESS WIRE)--Fitch Ratings affirms six classes and downgrades three classes of GMAC Commercial Mortgages Securities, Inc. commercial mortgage pass through certificates, series 2000-C3. A detailed list of rating actions follows at the end
The non-defeased and non-specially-serviced loans also underwent a refinance test by applying an 8% interest rate and 30-year amortization schedule based on the stressed cash flow. Under this scenario, only one loan is not expected to pay off at
Yet the existence of negative equity for the foreseeable future will weigh on the housing market recovery by holding back sale and refinance activity." "This data is certainly cause for concern", says MND's Managing Editor Adam Quinones.
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The criteria for qualification for this FHA loan are basic and yet the benefits are numerous. To qualify for this FHA refinance loan, the following applies:
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Speak to a CT, RI or MA mortgage professional to see if an FHA streamline mortgage refinance will work for you in your current mortgage and ownership situation.
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Can the mortgage companies insurance company come after me for their loss after a forclosure in CT? 
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