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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: russwinter who wrote (34384)	6/13/2005 11:40:12 AM
From: loantech	Read Replies (1) \| Respond to of 110194

Russ check this out.(Internal memo to me) The play book once again is liberalized to help all comers never get out of debt. New FNMA loan term: <<<<<<<<<<Good morning. Attached is the updated product summary for the Conforming Fixed rate loan program. Included in the summary is the product code for the new FNMA 40 year term loan. Please see rate sheets for pricing and any applicable add-ons. A 40-year loan may be underwritten manually or with DU. With the release of DU version 5.5 in July 2005, a 40 year loan that is submitted through DU will be eligible for delivery to Fannie Mae if it receives an “Approve/Eligible” or “Refer/Eligible” recommendation. Until July 2005, a DU loan will be eligible if it receives an “Approve/Ineligible” or a “Refer/Ineligible” recommendation only if the reason for ineligibility is a term over 30 years. Regardless of the DU recommendation, loans must meet all other Fannie Mae requirements for 40-year loans.>>>>>>>>>>>>>> Russ don't wait come to me for your new 40 year refinance. Your grandkids will be able to pay it off. With luck though if you wait on calling me maybe we will be able to d a 40 year IO loan next year. Your choice! <ng> I feel like an enabler for upcoming bankruptcy candidates now days. <ng> 100%/IO/40year term. Get em while you can.