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Mortgage Rates Edge Higher

By:: MortgageLoan.com - MortgageLoan.com | March 31, 2009

Mortgage rates are likely to edge upward today. Following yesterday's negative market reaction to auto industry news and more financial sector weakness.

Save your Mortgage: Qualifying for Government Assistance

By:: Tom Kerr - MortgageLoan.com | March 31, 2009

New government-assistance programs are available for mortgage refinance or loan modification, but there are restrictions and caveats involved. If you have a troublesome loan, this is the time to research your options and find out if you qualify for government assistance.

Senate Committee Approves Limits on Credit Card Companies

By:: Kara Johnson - MortgageLoan.com | March 31, 2009

Legislation to limit increases in credit card interest rates and provide other consumer protections has been narrowly approved by a Senate committee, over the objections of financial industry groups and to the applause of consumer organizations.

Housing prices still dropping fast: Standard and Poor's

By:: Kirk Haverkamp - MortgageLoan.com | March 31, 2009

Home prices continued to fall at record annual rates in January, according to the Standard & Poor's monthly report on U.S. home prices in major metropolitan areas.

Vacation Home Sales Down 30 Percent Last Year

By:: Kara Johnson - MortgageLoan.com | March 30, 2009

Sales of vacation homes fell sharply in 2008, in both actual numbers and as a share of the total real estate market, according to a newly released survey from the National Association of Realtors (NAR).

Seniors Now Able to Tap Reverse Mortgage for Home Purchase

By:: Peter King - MortgageLoan.com | March 30, 2009

Wouldn't it be nice to buy a home without having to make mortgage payments? Senior citizens can now do just that, thanks to a new wrinkle in federal housing law that allows them to purchase a new home using a reverse mortgage. Qualified buyers who can put up a substantial portion down payment can finance the rest using a reverse mortgage, and live mortgage-free the rest of their lives.

Tips for Job Search in a Tight Market

By:: Greg Mischio - MortgageLoan.com | March 30, 2009

Because of the poor economy, people are desperate for employment, and they're frantically applying anywhere and everywhere in hopes of landing a job. Now is not the time for a spray-and-pray job search approach, however. It's a time to assess your skills, and match them with the right job for you.

Be Proactive about Credit Card Rate Hikes

By:: Catherine Brock - MortgageLoan.com | March 29, 2009

Credit card interest rates are on the upswing. You may not be safe from the increases, even if you always pay your bills on time.

Making the Economic Stimulus Package Work for You

By:: Catherine Brock - MortgageLoan.com | March 28, 2009

What do homebuyers, working families, and upper income households have in common right now? All stand to benefit from the tax initiatives that are written into the 2009 economic stimulus program.

Fed to Run Foreclosure Scam Trailer in Movie Theaters

By:: Kara Johnson - MortgageLoan.com | March 28, 2009

Foreclosure avoidance scams are on the rise. As more and more homeowners experience financial difficulties and fall behind on their mortgages, they become the targets of an army of con artists who seek to fleece them out of their money and even their actual homes in return for a promise of assistance

Finding a Bargain in the Foreclosure Market

By:: Kara Johnson - MortgageLoan.com | March 27, 2009

With prices way down and mortgage rates at historic lows, the housing market offers some great deals right now. But the big bargain hunters are looking to push their savings even further, by putting in a bid on a foreclosed property.

Mortgage Rescue Impossible for Many in Home Equity Trouble

By:: Tom Kerr - MortgageLoan.com | March 27, 2009

When home values rose, so did the popularity of the home equity mortgage. Many homeowners used these loans to tap into fast cash, as houses became the new ATM machines. Today, the same easy path to money is a major obstacle to refinancing away from painful mortgage loans.

Mortgage Rates Record Lows

By:: MortgageLoan.com - MortgageLoan.com | March 27, 2009

Mortgage rates continue to hold at record lows. Almost totally held by Fed actions in the market--buying mortgage-backed securities and long-term treasuries--there are fears of a rapid reversal in the trend.

Mortgage Rates Hit Record Lows Following Fed Action

By:: Kirk Haverkamp - MortgageLoan.com | March 26, 2009

Mortgage rates hit their lowest point in half a century this week, following last week's announcement by the Federal Reserve that it would buy up more than a $1 trillion in Treasury debt and mortgage-backed securities to help free up credit.

Mortgage Bankers Call for New Regulations to Police Industry, Protect Borrowers

By:: Kirk Haverkamp - MortgageLoan.com | March 26, 2009

The Mortgage Bankers Association (MBA) is calling on Congress to adopt new legislation to establish uniform regulation of the industry nationwide and establish a new framework to protect borrowers.

Get your 2008 Taxes Right

By:: Catherine Brock - MortgageLoan.com | March 26, 2009

Figuring your income taxes may be more complicated this year. Do you know which tax changes will apply to your returns?

Job Market Woes? Go Back to School!

By:: Catherine Brock - MortgageLoan.com | March 25, 2009

With the job market in the pits, and the economy in recession, now may be the best time to invest in your education.

Commerce Department Says New Home Sales Rose in February

By:: Peter King - MortgageLoan.com | March 25, 2009

Sales of new, single-family homes rose unexpectedly in February, according to figures released Wednesday morning by the Commerce Department. Coming on the heels of a reported similar increase in sales of existing homes, it's the latest in a number of recent indicators that the ongoing recession may be starting to loosen its grip.

Credit Unions Swim Against the Tide, Increase Mortgage Lending

By:: Kara Johnson - MortgageLoan.com | March 25, 2009

At a time when most mortgage lenders are tightening up credit and cutting back on loans, at least one part of the industry is showing remarkable growth - credit unions.

New FDIC-Type Authority Urged for Closing Troubled Financial Institutions

By:: Kirk Haverkamp - MortgageLoan.com | March 24, 2009

Taking a page from the 1930s, the Obama administration is calling for a new authority, modeled after the FDIC, to allow the government to restructure failed large financial institutions in much the same way the FDIC is able to restructure failed banks.

MBA Boosts Mortgage Originations Forecast By Over $800 Billion

By:: Peter King - MortgageLoan.com | March 24, 2009

The Mortgage Bankers Association (MBA) has sharply increased its prediction of the volume of mortgages that will originate this year, increasing its 2009 forecast by 800 billion, a 67 percent increase over previous estimates.

Mortgage Refinance Strategies during Mortgage Crisis

By:: Catherine Brock - MortgageLoan.com | March 24, 2009

If you'd like to take advantage of the low mortgage refinance rates available as a result of the mortgage crisis, there are some hoops that you're going to need to jump through to save a little money.

Banks Cutting Home Equity Lines: Is it Legal?

By:: Catherine Brock - MortgageLoan.com | March 23, 2009

One bank's decision to slash home equity lines of credit has spurred a class action lawsuit. Is the argument legally valid?

Markets Up on Treasury Plan to Purchase Mortgage Assets, but Pessimism Remains

By:: Kirk Haverkamp - MortgageLoan.com | March 23, 2009

Stocks rose sharply at Monday's opening, following Treasury Secretary Paul Geithner's announcement of a plan to generate up to $1 trillion in public and private funds to buy up distressed bank assets and related securities to get the economy moving again.

Surprise! Sales of Existing Homes Rose in February

By:: Kara Johnson - MortgageLoan.com | March 23, 2009

Sales of existing homes rose unexpectedly in February, providing a bit of good economic news and raising hopes that the slumping housing market may finally be bottoming out.

Loan Modification: Identifying what Works

By:: Tom Kerr - MortgageLoan.com | March 22, 2009

Regulators are crunching better data to identify what works and what fails when it comes to loan modification performance. They hope that by troubleshooting existing mortgage modification strategies, they can create one that finally does the trick to help rescue distressed homeowners.  

Banks Agree to Foreclosure Moratoriums

By:: Tom Kerr - MortgageLoan.com | March 21, 2009

President Obama unveiled his own agenda regarding foreclosure prevention through government assistance and more aggressive loan modification programs. Meanwhile, major banks also agreed to be more proactive with foreclosure moratoriums to rescue American homeowners. 

Options Available for Veterans with Mortgage Problems

By:: Kirk Haverkamp - MortgageLoan.com | March 20, 2009

The current recession is being particularly hard on recent military veterans, whose unemployment rate is higher than that of others in their age group who did not serve. Fortunately, veterans who are having difficulty making their mortgage payments have some new tools available to help them.

Time to Break the 401K Piggy Bank for Your Mortgage?

By:: Peter King - MortgageLoan.com | March 20, 2009

In the current economic downturn, financially stressed homeowners are becoming increasing desperate to do what they can to avoid foreclosure. At the same time, others whose finances are secure may be looking at falling home prices and historically low interest rates and thinking that now would be a good time to buy their first home, if they could only put up enough for the down payment.

Why Can't I Get a Mortgage? 

By:: Catherine Brock - MortgageLoan.com | March 20, 2009

Tired of hearing mortgage lenders say "No?" It's a new era in mortgage lending, one that withholds mortgage loans from all but the most organized and qualified applicants.

Mortgage Rate Holding

By:: MortgageLoan.com - MortgageLoan.com | March 20, 2009

Mortgage rates are expected to hold their current levels for the foreseeable future.

Online Tools Help Homeowners Find if They Have a Fannie or Freddie Mortgage

By:: Peter King - MortgageLoan.com | March 19, 2009

Borrowers who would like to refinance their homes but aren't sure if they have a Fannie Mae or Freddie Mac mortgage needed to qualify for the government's new Making Home Affordable mortgage relief program now have an easy way to get their answer.

Fed Actions Stir Early Concerns of Inflation

By:: Peter King - MortgageLoan.com | March 19, 2009

The Federal Reserve's aggressive action on Wednesday to buy up Treasury bonds and mortgage-backed securities is designed to jolt the economy out of its doldrums, but at a potentially high price - the risk of triggering rapid inflation.

Your Taxes and the Economic Stimulus Plan

By:: Catherine Brock - MortgageLoan.com | March 19, 2009

Your income tax bill for 2009 may have just gotten smaller, thanks to the passing of the new economic stimulus plan.

Market, Economy Waits for Bernanke and FOMC's Next Move

By:: Bill Rice - MortgageLoan.com | March 18, 2009

What will be the Federal Reserve's next move? Bernanke and the Federal Open Market Committee wrap up a two day meeting this afternoon. Faced with an economy that continues to post negative results and interest rates effectively at zero, theFOMC will need to rely on more creative moves to revive the economy.

Six Tips to Identify a Predatory Lender

By:: Greg Mischio - MortgageLoan.com | March 18, 2009

Predatory lenders have wreaked havoc on unsuspecting homeowners as well as on our global economy. The slumping real estate market necessitates that you protect yourself from predatory lending, now more than ever.

Mortgage Rates Expected to Fall Following Fed Action

By:: MortgageLoan.com - MortgageLoan.com | March 18, 2009

Mortgage rates are expected to drop still further in the wake of Wednesday's announcement by the Federal Reserve that it will make major purchases of both mortgage-backed securities and Treasury notes in an effort to jolt the flagging economy.

Obama Administration and Treasury Announce New Mortgage Strategy

By:: Tom Kerr - MortgageLoan.com | March 17, 2009

Treasury Secretary Timothy Geithner finally made his long awaited announcement regarding TARP bank and mortgage bailout plans. But his outline was so vague that it only seemed to exacerbate the financial crisis by making the stock market plummet.

Loss of Mortgage Deduction Stirs Homeowners and Mortgage Industry

By:: Bill Rice - MortgageLoan.com | March 17, 2009

Embedded in President Barack Obama's budget is an attack on something as American as baseball and apple pie--the mortgage-interest deduction. "Buy a home and get a tax break" is practically a national anthem in the US.

Mortgage Rates Steady

By:: MortgageLoan.com - MortgageLoan.com | March 17, 2009

The MortgageLoan.com mortgage rate survey shows little movement on the average 30-year fixed-rate mortgage, fluctuating between 5.10 and 5.15 percent for the last few day.

Mortgage Rates Holding

By:: MortgageLoan.com - MortgageLoan.com | March 16, 2009

Mortgage rates seem to be holding within a tight band around 5 percent.

Bernanke Takes Plea for Political Will Straight to the American Taxpayer

By:: Bill Rice - MortgageLoan.com | March 16, 2009

In an interview straight out of President Obama's media playbook, Federal Reserve Chairman Ben Bernanke takes his case straight to the American people on "60 Minutes." A case that is sure to require more of the taxpayer's money to achieve what he claims is a fundamental underpinning to economic recovery--stabilizing the US banking system.

Mortgage Loan Modifications Critical to Obama Rescue Plan

By:: Catherine Brock - MortgageLoan.com | March 16, 2009

The Obama administration is ready to back a robust foreclosure prevention program. Analysts say that such a program will have to tackle the problem from several angles.

Homeowners Suffer $3.3 Trillion Home Equity Reduction

By:: Catherine Brock - MortgageLoan.com | March 15, 2009

More bad news has been released on the state of the housing market. Homeowners absorbed trillions in home equity reductions last year, and most of the damage was done in the fourth quarter.

Homebuyers: Let Government Pay 10 Percent of Your New Mortgage!

By:: Catherine Brock - MortgageLoan.com | March 14, 2009

New mortgage borrowers can save as much as 10 percent on their home purchase, just for buying their first home in 2009.

Mortgage Rates-Early Upward Spike

By:: MortgageLoan.com - MortgageLoan.com | March 13, 2009

In early morning trading mortgage rates received tremendous upward pressure. However, they have recently recovered to flat.

Fannie Mae Eases Mortgage Refinance Rules

By:: Greg Mischio - MortgageLoan.com | March 13, 2009

Mortgage applications have been on the rise lately, as rates for home loans have dropped to historic lows. Now, Fannie Mae would like to further increase the number of people looking for a mortgage refinance. They've loosened guidelines, allowing people with poor credit easier access to a new home loan.

Homeowners Go Online to Understand New Mortgage Relief Plans

By:: Bill Rice - MortgageLoan.com | March 13, 2009

President Obama's latest loan modification plan has driven homeowners to the Internet for answers. Online traditional news outlets, as well as specialized real estate and mortgage news and information sources are reporting significant increases in consumer traffic and inquiries.

Mortgage Applications Continue to Increase, Might Be False Hope

By:: Bill Rice - MortgageLoan.com | March 12, 2009

Mortgage applications move higher again in response to declining mortgage rates. Could this be false hope in recovering a steadily declining housing market?

Builders, Consumers Eye Slow 2009 Housing Market

By:: Tom Kerr - MortgageLoan.com | March 12, 2009

Mortgage rates are low, but credit is scarce. The housing market is a wreck, and foreclosures are growing. Unemployment rates are approaching double digits, and the job market is in crisis. All of this portends a depressing 2009 for builders and homesellers alike.

Mortgage Rates Down

By:: MortgageLoan.com - MortgageLoan.com | March 12, 2009

Mortgage rates continue to improve on better economic data.

State Attorneys General Support Bankruptcy Code Amendments

By:: Catherine Brock - MortgageLoan.com | March 11, 2009

As the mortgage crisis continues to wreak havoc on households and housing values, a group of high profile state officials are lobbying for bankruptcy court-ordered loan modifications.

New Mortgage Modification Plan Causes Conflicts with Home Equity Portfolios

By:: Bill Rice - MortgageLoan.com | March 11, 2009

Large first mortgage servicers have just been handed a potentially dangerous incentive to help their second mortgage portfolios. The Obama administration's new loan modification plan, Home Affordable Modification Program, strongly encourages mortgage servicers to restructure first mortgages.

Mortgage Rates Tick Up

By:: MortgageLoan.com - MortgageLoan.com | March 11, 2009

Mortgage rates tick up yesterday on a historic stock market rally. MortgageLoan.com mortgage rate survey is showing 5.13 percent on the average 30-year fixed-rate mortgage.

U.S. Treasury Helps Shore-up Student Loans

By:: Greg Mischio - MortgageLoan.com | March 10, 2009

In addition to the huge federal bailout of failed financial institutions, the U.S. Treasury Department is taking steps to get money flowing in other critical lending sectors. They've recently committed as much as $60 billion to the student loan market in an effort to reduce the illiquid assets on banks' balance sheets.

Kenneth Lewis Pleads for Facts to Guide Debate on Economic Crisis

By:: Bill Rice - MortgageLoan.com | March 10, 2009

Taking to the Opinion section of the Wall Street Journal this morning, Kenneth Lewis calls for clear facts and undistorted information to guide debate on the path to recovery. His op-ed argues that the crisis is increasing fueled by misinformation that stifles options and confidence to recover our economy.

Mortgage Rates Moving Up

By:: MortgageLoan.com - MortgageLoan.com | March 10, 2009

Expect mortgage rates to climb today.

Stimulus Bill Offers Tax Credits for Homebuyers

By:: Catherine Brock - MortgageLoan.com | March 09, 2009

The House and Senate grappled over tax credits and tax rebates, but finally, the new economic stimulus plan will incorporate some form of tax relief for homebuyers.

Why Consider a Loan Modification and How to Do it Safely

By:: Bill Rice - MortgageLoan.com | March 09, 2009

Bank mortgage portfolios continue to fill with homeowners in payment default. Meanwhile, housing inventories swell with foreclosures. The economy is in one of its worst downturns in decades and chances are it is affecting you.

Mortgage Rates Start Week Lower

By:: MortgageLoan.com - MortgageLoan.com | March 09, 2009

Mortgage rates ended last week lower, at 5.11 percent for an average 30-year fixed-rate mortgage according to the MortgageLoan.com rate survey.

Could a Mortgage Holiday be Key to Saving Economy?

By:: Catherine Brock - MortgageLoan.com | March 08, 2009

An informal survey indicates that most Americans would support government-funded mortgage payment relief. Is this a cockeyed plan, or a viable solution to reinvigorate the economy?

Fannie Mae, Federal Reserve: Moving on Loan Modifications

By:: Tom Kerr - MortgageLoan.com | March 07, 2009

In a major policy shift, the Federal Reserve announced that it would start doing loan modifications through mortgage writedown strategies, which includes reduction of loan principal. Fannie Mae may also be poised to adopt similar loan modification plans to help homeowners.

Mortgage Brokers Losing Lending Options

By:: Tom Kerr - MortgageLoan.com | March 06, 2009

Mortgage brokers have lost the ability to shop around for as many lending options for their clients, because banks are no longer working with mortgage brokers with many of their products. The shift will put many brokers out of business, and possibly limit consumer choices.

Mortgage Cram-Down Bankruptcy Legislation Passes in House

By:: Bill Rice - MortgageLoan.com | March 06, 2009

A controversial bill that would allow loan modifications by Federal judges, forcing banks to reduce the payments of borrowers in bankruptcy got one step closer to becoming a law. The so called mortgage "cram-down" law passed in the House of Representatives yesterday 234-191 and heads to the Senate.

Mortgage Crisis Expands as Economy Weakens

By:: Bill Rice - MortgageLoan.com | March 05, 2009

Recent mortgage industry data reports are showing that the mortgage crisis continues to alarming deepen despite a variety of government assistance programs and capital. One of the major contributors in the expansion of job loss to multiple sectors and an increasing number of States.

Fannie and Freddie Extend Foreclosure Moratorium

By:: Catherine Brock - MortgageLoan.com | March 05, 2009

The nation's largest two mortgage companies are giving distressed mortgage borrowers a little more time to stay in their homes.

Treasury Releases Details of Expansive Mortgage Modification Program

By:: Bill Rice - MortgageLoan.com | March 04, 2009

Today the US Treasury announced the much anticipated details of the Obama loan modification plan. This program is the broadest program to date targeting foreclosure prevention. Unique to other similar loan modification programs this plan seeks to aid troubled borrowers before they begin missing mortgage payments.

Republicans Move to Fix Mortgage Crisis

By:: Catherine Brock - MortgageLoan.com | March 04, 2009

Partisan battles over the economic stimulus plan continue, as Republicans try in vain to push mortgage rates down with government subsidies.

Mortgage Rates Lower

By:: MortgageLoan.com - MortgageLoan.com | March 04, 2009

Mortgage rates repriced lower yesterday. Meanwhile, treasuries continue to trend higher as the bond market begins to get nervous about mounting Federal deficits.

Watch Out for Loan Modification Scams

By:: Greg Mischio - MortgageLoan.com | March 03, 2009

Just when you thought you'd seen the end of subprime mortgage lending practices, a new scam has entered the marketplace. Many of the unethical brokers who brought us the subprime debacle have resurfaced, and are now offering mortgage fraud disguised as loan modifications.

Citigroup to Help Jobless with Mortgage Payments

By:: Bill Rice - MortgageLoan.com | March 03, 2009

According to a Wall Street Journal report, Citigroup will announce a program today that attempts to help unemployed homeowners make their mortgage payment.

Protecting the Middle-Class from Dreaded AMT Tax

By:: Catherine Brock - MortgageLoan.com | March 02, 2009

The AMT tax law debate has been raging for years. The latest flare up involves a proposal to incorporate a temporary fix into President Obama's economic stimulus plan.

Mortgage Tax Deduction May Be at Risk, Quietly Wounding Mortgage Payers

By:: Bill Rice - MortgageLoan.com | March 02, 2009

President Obama's recent budget proposal may wipe out your mortgage deduction. Is this the right time to cut incentives to homeownership? The housing industry, at record lows and bulging with home inventory, is loudly protesting.

Mortgage Rates Unpredictable

By:: Bill Rice - MortgageLoan.com | March 02, 2009

Mortgage rates should move down, but there is a lot of confusing information in the mortgage-backed securities and bond markets.

Obama's Gift to Mortgage Brokers: Tighter Regulations

By:: Tom Kerr - MortgageLoan.com | March 01, 2009

As the president tries to cure the economy, he's calling for stricter banking regulations and more oversight of mortgage brokers. He hasn't revealed specific mortgage license guidelines yet, but they'll likely include numerous kinds of oversight and consumer protections.