Fed Outlines New Mortgage Rules
- By:
- MortgageLoan.com | July 15, 2008
In new mortgage rules designed to take a hard line approach against predatory mortgage practices, Federal Reserve Chairman, Ben Bernanke said the focus would be on protecting the consumers.
"The proposed final rules we will discuss today (Monday) are intended to protect consumers from unfair or deceptive acts and practices in mortgage lending while keeping credit available to qualified borrowers and supporting sustainable homeownership," Mr. Bernanke said in a prepared statement.
Among other new guidelines which will take effect from October 1, 2009 lenders cannot make high-risk loans without assuring that the borrowers has the ability to repay them, this will have to be done by verifying borrowers' income and assets.
The new guidelines also require mortgage advertising to contain more information about rates, monthly payments and other loan features.
The new rules follow swiftly on the heels of an announcement by the Fed and the U.S Treasury to bolster investor confidence in mortgage giants Fannie Mae and Freddie Mac.
Hope Now Gaining in Foreclosure Prevention as Loan Modifications Increase
- By:
- Bill Rice - MortgageLoan.com | December 03, 2008
The Hope Now initiative, a private mortgage lender and servicer alliance, is increasing its effectiveness in preventing foreclosures. In October, Hope Now set a new record in foreclosure prevention modifying 225,000 mortgages. That total exceeds September's loan modifications by 13,000.
Law Firms and Banks Collaborating to Streamline Loan Modifications
- By:
- Bill Rice - MortgageLoan.com | December 02, 2008
Increasingly loan modifications are becoming the preferred mechanism to help defaulting homeowners and troubled bank mortgage asset portfolios. All of the major banks, Bank of America, JP Morgan Chase, and Citigroup have announced streamlined loan modification programs.
US Retailers Hope for a Big Cyber Monday
- By:
- Bill Rice - MortgageLoan.com | December 01, 2008
Retailers got a welcome Holiday gift on Black Friday, with retail sales actually rising 2 percent over last year. Despite the doom and gloom of economic prognosticators consumers lined the sidewalks in the wee-hours of the morning for "door-buster" deals.
Retailers Caught Flat-footed by Rapid Economic Slowdown
- By:
- Bill Rice - MortgageLoan.com | November 28, 2008
It's Black Friday, will they come? Black Friday a term linked to the fact that traditionally all retailers "make their year" by blasting into profitable territory for the entire year on the strength of holiday sales. This year may be a stark contrast.
President-elect Obama Subtlety Taking the Reigns of US Economic Policy
- By:
- Bill Rice - MortgageLoan.com | November 27, 2008
In his regular press conferences behind the very Presidential-looking "Office of the President-Elect" podium Obama quietly is absorbing the Presidency. Despite being 11 weeks away from inauguration and still two weeks away from officially being declared President-elect by the convening of the Electoral College, he is undeniably taking the reigns of US economic policy.
Federal Reserve Starts Printing Money to Jumpstart Lending
- By:
- Bill Rice - MortgageLoan.com | November 26, 2008
The Federal Reserve and US Treasury have announced another bailout, this one theoretically for consumers and small businesses. This plan involves another $800 billion.
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