Home » Mortgage News » 2008
HOPE NOW Boasts 1 Million Mortgage Loan Modifications in 2008, Promises More in 2009
Nearly 3 million homeowners will enjoy Christmas in their own homes this year because of the cooperation and programs of the HOPE NOW program. HOPE NOW closes out 2008 with nearly 1 million in loan modifications. This alliance created an unprecedented effort by private mortgage servicers,... Read More» |
Home Improvement taking a Hit from Financial Crisis
The tables have turned in the home improvement world. During the red-hot housing market, finding a contractor who would perform simple home improvement jobs was nearly impossible. As the market has iced over, renovation specialists are finding that the shoe is definitely on the other foot. Read More» |
End of Year Tax Planning, What to Do with that Bonus?
December brings holiday cheer and the end of the 2008 tax year. Not exactly "visions of sugar plums dancing," but certainly in the dreams of most adults as 2008 comes to a merciful close. How can you position yourself this month to maximize your 2008 tax savings? Read More» |
Modified Mortgage Refinances Continue to Re-default
US bank regulators continue to report escalating re-default rates on mortgage loan modifications. Data being assembled by bank regulators is showing a steady trend of rising month-over-month loan work-outs falling back into delinquency within six months. Read More» |
Protect your Finances from becoming another Recession Victim
The first lesson of personal finance is to budget your income and spend wisely. The second lesson is to get even more conservative about your spending when recession is knocking at the door. Read More» |
Pre-holiday Mortgage Reporting Unlikely to Bring Cheer
Today brings the release of existing home sales, new home sales, and housing price data. All mortgage news that is not expected to excite investors or economist about recovery in 2009. However, Wednesday's Mortgage Bankers Association's mortgage applications data is likely to be a ray of hope with... Read More» |
Mortgage Refinance Applications Surge on Falling Mortgage Rates
Mortgage brokers and loan officers are reeling from a surge of mortgage applications that have challenged their dwindled numbers. Fighting nearly a two year battle just to survive mortgage companies and banks are scrambling to handle the work load. A very nice Christmas present for mortgage bankers... Read More» |
30-Year Mortgage Rate Hits 37 Year Low, Borrowers Rush to Refinance
The 30-year mortgage rate dropped for the seventh consecutive week, hitting its lowest level since 1971. This has hit mortgage brokers and lenders with a surge of homeowners and refinance applications looking for a Christmas bonus. Read More» |
Home Equity Lines of Credit Targeted by Criminals
A favorite target of criminals used to be subprime borrowers. As the market for subprime loans collapsed, mortgage fraud crooks set their sights on another type of home loan. They're now focused on the home equity line of credit (HELOC), and homeowners need to be especially vigilant. Read More» |
Some Lucky Americans Escaping Mortgage Chaos
A recent report on the economy showed that there are more than 9,000 foreclosures per day, on average, across the USA. But in some regions, especially those where prices didn't experience dramatic escalations during the real estate bubble, the housing markets are relatively stable. Read More» |
Homeownership Getting More Affordable
Long gone are the days of the "bubble" in the real estate market. We're now beginning to see signs that we've reached the bottom, as falling real estate sales have created more affordable housing. Prices are more in line with median incomes around the country, providing a strong signal that the... Read More» |
Mortgage Loan Rates and Housing Prices Make it Buyers Market
First time home buyers may be entering the market of a lifetime. Mortgage rates are already at a record low 5.5 percent, and the Treasury is determined to make that 4.5 percent. Housing prices are also at record lows and plentiful. If you are looking for your first home, now is the time to start... Read More» |
Private Equity and Investors Resurrect Idea to Buy Troubled Mortgage Loans
Funny how ideas can come full circle. It seems some private equity and investors think US Treasury Secretary Paulson's first plan was a pretty good one--buy troubled mortgage assets of bank balance sheets. In fact, a few have offered to take that opportunity with the government's help. Read More» |
Mortgage Rates Down, But Mortgage Loan Applications Decline
The US government continues to be successful in driving down mortgage rates, with the 30-year fixed-rate mortgage averaging below 5.5 percent. However, surprisingly mortgage applications are moving in the wrong direction--down over 7 percent from last week. Read More» |
Congress Awaits $350 Billion TARP Request from Bush Administration
The mortgage crisis is still in full swing, but will the Bush administration request the remaining $350 billion in TARP funds? If so, he may have a battle from both sides of the aisle. Democrats have specific earmarks in mind and the Republicans are still having remorse for passing TARP at all. Read More» |
Bank Regulators Reporting Mortgage Loan Modifications Still Defaulting
Bank regulators and congressional leaders are still at a loss on how to help troubled homeowners. A surprising report by the Office of the Comptroller of the Currency (OCC) revealed 51 percent of borrowers receiving modifications to their mortgage loans become delinquent or slip back into... Read More» |
Mortgage Loan Delinquency Rates Rise 54 Percent from Previous Year
It would be stating the obvious to say we are in a mortgage crisis, but the daily financial news makes it hard not to regularly restate the facts. Despite the variety of government bailout programs and government refinance and assistance programs the economy and the housing market continues to... Read More» |
Pushing Down Mortgage Rates Unlikely to Bring New Home Buyers
Housing prices continue to plummet largely because new home buyers are unwilling to buy these bargains. Faced with fears of continued housing depreciation, mounting job losses, and declining economic conditions--they are staying on the sidelines and saving their cash. However, the US Treasury... Read More» |
Mortgage Applications and Mortgage Refinance Surge on Mortgage Rate Declines
Mortgage Bankers Association (MBA) released their weekly report of mortgage applications revealing an enormous surge, 112 percent. Not a surprising reaction to a new Federal Reserve initiative that triggered mortgage rates to decline to a 3 year low on 30-year fixed-rate mortgages. Read More» |
Hope Now Gaining in Foreclosure Prevention as Loan Modifications Increase
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. Read More» |
Law Firms and Banks Collaborating to Streamline Loan Modifications
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. Read More» |
US Retailers Hope for a Big Cyber Monday
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. Read More» |
Retailers Caught Flat-footed by Rapid Economic Slowdown
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. Read More» |
President-elect Obama Subtlety Taking the Reigns of US Economic Policy
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... Read More» |
Federal Reserve Starts Printing Money to Jumpstart Lending
The Federal Reserve and US Treasury have announced another bailout, this one theoretically for consumers and small businesses. This plan involves another $800 billion. Read More» |
Housing Inventories Grow, As Housing Prices Continue Plummeting
Housing prices drop 11.3 percent, that largest descent in 40 years. One might expect that to bring on a bargain home buying frenzy. No such luck, potential home buyer are staying put. The National Association of Realtors (NAR) reported existing housing sales taking a similar decline, down 3.1... Read More» |
Citigroup Gets $20 Billion to Avert Collapse
Following Friday's 60 percent plunge of Citigroup stock, the Federal government again works through the weekend to avert disaster. The stock market took Citigroup on a plunge to $4 per share, leaving Citigroup with a $160 billion lose in value from a year ago. Read More» |
Bankruptcy Reform Back on the Table
One of the earliest ideas for helping homeowners facing mounting mortgage debt and potential foreclosure on their home was to reform bankruptcy laws. The concept is now officially back on the table, introduced into the Congressional lame-duck session by Senator Richard Durbin (D-IL). Read More» |
TARP is Closed for Relief Until Further Notice
Remember what a crisis the $700 billion mortgage market bailout was--the very existence of the American financial order hung in the balance. Read More» |
Fixing the Housing Market, Lots of Ideas...Any Answers?
Almost a year into the dawning of the housing crisis (many chronologist are setting that around the January 2008 crumbling of Countrywide) ideas continue to flow, but few seem to be the answer. In fact, this seems to be the growing consensus--there is no silver bullet. Read More» |
G-20 Lots of Motion, Will There Be Action?
The 20 most powerful industrial nations, and now the caretakers of an unprecedented global financial crisis, assembled in Washington DC over the weekend. Their mandate was broad and daunting--stabilize world markets. Read More» |
FDIC Challenges Treasury with New Loan Modification Proposal
On the heels of the Treasury and Federal Housing Finance Agency's (FHFA) loan modification plan for Fannie Mae and Freddie Mac, the FDIC releases their own proposal. In this unprecedented, unilateral, and aggressive move by a Federal agency the FDIC is essential fighting a very public political... Read More» |
Mortgage Rates Drop for Second Straight Week
Another week of dismal economic data have again pushed down mortgage rates. Freddie Mac reported Thursday that 30-year fixed-rate mortgages averaged 6.14 percent, down from 6.20 percent last week. This demonstrates a steep decline from 6.46 percent two weeks prior. Read More» |
US Treasury Shifts TARP Focus, Routs Global Markets
Unclear on what facts had changed, Paulson outlined a radical departure from the core premise of the original TARP proposal. The US Treasury is no longer considering the buying of troubled mortgage-backed assets, which have now dropped to about 42 cents on the dollar. Read More» |
Government's Loan Modification Program May Fall Short
Federal Housing Finance Agency (FHFA) Director James B. Lockhart unveiled the US government loan modification program to great anticipation. With over 300,000 properties under foreclosure filing according to RealtyTrac, a foreclosure tracking company, the relief can not come quick enough. Read More» |
Lower Mortgage Rates Not Sparking Home Buying
In a typical mortgage market, significant drops in mortgage rates would sweep in home buyers and mortgage refinancing. Not so in this market. In fact, several of the factors contributing to the recent decrease in mortgage rates are depressing home buying too. Read More» |
Borrowers Switch to Fixed-Rate, FHA Mortgages in Record Numbers
Mortgage Bankers Association's (MBA) most recent mortgage lending survey reveals borrowers shifting strongly to fixed rate mortgage products. The MBA attributes this preference to a decline in fixed mortgage fixed rates and tightening of lending standards. Read More» |
Barack Obama Wins, Presidential Agenda Begins Now
President-elect Barack Obama has crossed many historical marks: winning the longest election, raising and spending the most money, and becoming the first African-American President in US history. However, this will not likely end his setting new historical markers. He will take office without the... Read More» |
Election Day, What Does That Mean for Your Finances?
Few Presidential campaigns have been run in the midst of crisis on the scale the US, and the World is currently facing. Whomever wins this historic election is going to immediately step into uncharted and choppy waters. Senator Barack Obama and Senator John McCain have very different views on this... Read More» |
18% of Homeowners with Mortgages Underwater
First American CoreLogic, representing direct mortgage data on 80% of all US mortgages, released its August 2008 LoanPerformance Home Price Index (HPI). This data release, unsurprisingly, revealed that housing prices continue to descend across the nation with very few exceptions. In aggregate US... Read More» |
FDIC Negotiating with Treasury for Broad Loan Modification Plan
FDIC Chair Sheila Bair has been advocating a broad program of loan modifications since the beginning of the mortgage meltdown. A program that would allow troubled homeowners to renegotiate their mortgages to into something they could pay and avoided certain foreclosure. The process has received... Read More» |
Mortgage Applications are Following Mortgage Rates, No Housing Recovery
Mortgage Bankers Association's regular survey of mortgage applications showed a 17 percent spike last week. Tracking tightly a sharp decline in mortgage rates last week, mortgage applications continue to follow rate trends. Read More» |
Fed Cuts Rate Half a Point, Now at 1 Percent-Mortgage Rates Head Higher
The Federal Reserve unanimously cut the benchmark rate to 1 percent. This expected, but historically extraordinary rate is one in a long line of efforts to avert a continuing to deteriorate US economy. Read More» |
Market Leaps Nearly 900 Points, Eyes Turn to Fed Rates Today
Shortly after US markets opened yesterday, with the Dow hovering just over 8000, traders eyes flashed with opportunity. The broader market seemed very cheap and appealing. Read More» |
US Home Builders Propose Home Buyer Plan to Help Housing Market
Home sales unexpectedly jumped 2.7 percent in September, giving hope for a bottom to the housing market. Home builders, hit hard by the collapsing housing market are now presenting Congress with their own recovery plan. The plan pulled from the history books would include a generous tax credit and... Read More» |
Breaking the Cycle of Foreclosures without Economic Recovery is Daunting
Foreclosures continue to surge, up 55% from last year and the future doesn't look any better. Estimates by Economy.com forecasts 7.3 million homeowners will default between 2008 and 2010, with 4.3 million expected to end in foreclosure. How do you break this trend? Or, perhaps more importantly, $... Read More» |
FDIC Chairman Brings New Loan Modification Incentive Plan
Loan modifications are certainly looking like the necessity plan with 7.3 million homeowners forecast to default between 2008 and 2010, with 4.3 million expected to end in foreclosure according to the latest numbers from Economy.com. Which is precisely the message FDIC Chairman Sheila Bair brought... Read More» |
Mortgage Rates Spike, but Could Be on the Decline
There are lots of unusual effectors in the market driving today's mortgage rates. Most of them are driven by unique forces of intervention, which make forecasting mortgage rates incredibly complex. However, it is possible to take a survey of these influencers and navigate to a reasonable trajectory. Read More» |
Mortgage Bankers Looking for Lending Options in High Cost Markets
If you are looking to buy or refinance a house in New York or California you may find financing that mortgage nearly impossible. Temporary loan-limit increases for Fannie Mae and Freddie Mac, approved by Congress earlier in the year are set to expire. Read More» |
Bernanke Encourages Additional Stimulus Package as Consumer Weakness Mounts
In an unusual endorsement of Congressional fiscal policy Federal Reserve Chairman Bernanke strongly endorses a second stimulus package. Is it possible that the current economic slowdown has spooked Chairman Bernanke? Yesterday's statements are in sharp contrast to Bernanke's assurances, during his... Read More» |
Who's to Blame for the Mortgage Crisis?
While the mortgage crisis undermines the entire economy, nobody is taking responsibility or accepting accountability. But plenty of people are playing the mortgage meltdown blame game. Lots of fingers point to rating agencies that gave high marks to grossly underperforming assets. Read More» |
US Attorney Hunting Down Mortgage Crooks, Ready to Indict
US Attorney Thomas O'Brien, Los Angeles' top federal prosecutor, is routing out mortgage fraud in the heart of the mortgage bubble. Orange County and metro-Los Angeles was home to three of the largest mortgage lenders and biggest implosions of the current mortgage crisis. All three are under... Read More» |
Mortgage Applications Leap Upward, Even as Mortgage Rates Climb
Mortgage applications increase for the second straight month. Despite a jump in mortgage interest rates, the Mortgage Bankers Association reports the biggest single month surge in refinance applications in five years. Read More» |
Paulson Will Invest in Thousands of Banks, But Can He Get Them to Lend?
The Treasury has now shifted its strategy in deploying the $700 billion rescue legislation. It will now use $250 billion to directly capitalize "thousands" of "healthy" banks according to Tuesday statements by SecretaryPaulson. Read More» |
Obama Announces a Larger Economic Vision
On the campaign trail in Toledo, OH yesterday Senator Barack Obama grabbed a piece of the euphoria emanating from the largest stock market rally in history--announcing a much grander economic plan. Offering another $60 billion in rescue efforts, Obama proposed an expanded economic platform that... Read More» |
European and Asian Markets Rise On New International Assurances
Following a Friday meeting of the G-7 (Economic leaders of the top 7 industrialized nations) and the British government's initialization of a program to inject capital into their banks--Asian and European markets rally. Read More» |
US Government Takes Columbus Day to Get Down to Work
Normally a day for government offices and banks to take the day off, this Columbus day was all about a different type of recovery. The US stock market and Treasury department seemed to have picked today to spark notions of a financial crisis recovery. Read More» |
Market Hits Record Lows, Are We Doing Too Much?
The US Stock Market plummeted to record breaking lows Thursday despite increasingly extraordinary measures by the government. It seems that nothing will bring confidence back to the investor. Meanwhile, a lack of financial trust between banks and companies continues to tighten the credit knot that... Read More» |
Paulson Takes Page from British, May Directly Inject Capital into US Banks
On Wednesday the British government launched a plan to offer up to £50 billion ($87 billion) to major banks like Royal Bank of Scotland, Barclays, and HSBC Holdings shoring up their capital and directly strengthening their balance sheets. In exchange, the British government would get... Read More» |
US Fed and Major World Central Banks Coordinate Rate Cut
Major world central banks react to a broadening global economic crisis by taking extraordinary measures to coordinate monetary policy. In a move to reduce growing stress in the world credit markets central banks cut interest rates by a 0.5 percent. Read More» |
Loan Modifications, Not Government Bailouts May Be the Answer
Bank of America is to launch an $8.6 billion loan modification program. Initiated as settlement for a mounting number of predatory lawsuits inherited in the acquisition of Countrywide. This loan modification program could trigger two historic landmarks: the largest predatory lending settlement and... Read More» |
Understanding the Bailout Rescue Plan
The Emergency Economic Stabilization Act of 2008-better known as the rescue plan-finally passed after causing widespread controversy in Congress and an extreme backlash from the general public. It won't cure our economic problems, but should revive paralyzed credit markets. Read More» |
House Set to Vote Again on $700 Billion Bailout
Once again the fate of the $700 billion economic stabilization legislation sits in the chambers of the House of Representatives. Read More» |
Senate Evening Vote Ends Passes Bailout Plan, House Now Holds Keys
In an evening vote by the Senate, most likely not a coincident that it was after US market close, the $700 billion rescue bill passed decisively. This leaves the House of Representatives to muster the necessary support to pass similar legislation to what was voted down on Monday. Enhanced by the... Read More» |
US Senate to Vote on $700 Billion Rescue Plan
Tonight the US Senate will take their turn at passing the $700 billion bailout plan. On the heels of a stunning defeat in the House of Representatives on Monday that sent the US Stock Market down 700 points, the Senate will attempt a modified version. Read More» |
House Rejects Bailout and Stock Market Reacts, Dow Down 777.68
Considered a bi-partisan done deal, the enormous market bailout bill was voted down in dramatic fashion. With 95 Democrats and 133 Republicans casting "Nay" as their vote the Emergency Economic Stabilization Act of 2008 did not even make it out of the House of Representatives. Read More» |
$700 Billion Bailout Bill Set to Fail in the House, Dow Craters 500 Points
House of Representatives votes down the $700 billion market bailout bill. Bringing surprise and shock into the financial markets, which headed down as much as 500 points (Dow) during the losing vote. Read More» |
Wachovia Goes to Citigroup with FDIC Assistance
Wachovia becomes the latest giant to fall into an apparent three bank consolidation. Wachovia was acquired this morning by Citigroup. The FDIC assisted agreeing to absorb losses above $42 billion and would get $12 billion in preferred stock and warrants from Citigroup. Read More» |
$700 Billion Bailout Bill on its Way to House Vote
After an intense weekend of negotiations the formally named Emergency Economic Stabilization Act of 2008 is headed to the House of Representatives for its first vote. Senator and Republican Presidential nominee, in a statement on ABC's "This Week," probably captured the sentiment of Congress and... Read More» |
Lawmakers Reach Bailout Breakthrough Early Sunday Morning
Working through Saturday evening and into the wee-hours of Sunday morning Congress hammered out a tentative breakthrough. Negotiations, and volatile debate spanned the entire weekend. Discussions were reported to have been peppered with elevated voices and plain language. Read More» |
JP Morgan Assists FDIC as WaMu Becomes Largest Bank Failure in History
While the Nation focused on the contentious negotiations over the $700 billion bailout of the financial market a giant oak fell quietly in the forest. The FDIC seized Washington Mutual on Thursday afternoon, and immediately sold their assets to JP Morgan for $1.9 billion. Read More» |
Mortgages Availability Tightening, Existing Home Sales Continue to Fall
Mortgage rates are down, but homes are not selling. Why? The disconnect is directly linked to the objectives of the current $700 billion bailout being proposed by the Bush administration and US Treasury--our system of credit has ground to a halt. Read More» |
Warren Buffett Invests $5 Billion in Goldman
At the closing bell, after another punishing day on Wall Street, a $5 Billion vote of market confidence came from the heartland. The iconic value investor Warren Buffett struck a deal with Goldman Sachs that may overshadow the $700 billion Treasury bailout. Read More» |
Paulson's $700 Billion Plan is Bitter, but Necessary Medicine
The American taxpayer is angry at picking up the tab for greed and excess. Congress wrestles with a crisis that can little afford time for deliberation. However, a theme is emerging--it is the bitter medicine that will heal us. Read More» |
Financial and Mortgage Market Bailout-Dissecting the Paulson Plan
Congress was handed a monumental weekend task--review and prudently approve a $700 billion dollar bailout. The proposal is eerily short and simple (full text of legislation). Many are urging Congress to ask more questions prior to singing this broad proposal. Read More» |
Paulson Going to Congress with Significant Taxpayer Bailout Plan
Like it or not the US taxpayer is coming to the rescue of the financial markets. Following weeks of firefighting rapidly, unpredictable, and calamitous individual financial services crisis Treasury Secretary Paulson comes with a comprehensive plan to stop the madness. Read More» |
Loan Modifications, Government's Preferred Foreclosure Remedy
Cleaning up a uniquely collapsing mortgage market it going to challenge the creativity of the US government. One of the most innovative solutions that is under 'beta testing' is the broad use of loan modifications. Read More» |
Mortgage Rates Drop, Refinance Boom Ahead?
Last week mortgage rates plummeted to a five month low and took the steepest weekly dive in 28 years. Does this forecast a mini refinance boom? Not likely. Lower rates does not mean easier mortgages, this time around. Read More» |
Fed Likely to Leave Rates Unchanged
An economic roller coaster ride preludes today's Fed meeting. A continual battle between mortgage market recovery, a softening economy, and the dull roar of inflation in the background. However, despite the economic drama of the last month the Federal Reserve is most probably going to do nothing--... Read More» |
Home Buyers and Mortgage Refinance Get Discount on Fannie, Freddie
Life has sprung back into mortgage lenders and banks. Borrowers are calling for the new, low rates and loan officers are calling past clients to tell them the good news. Mortgage rates have dropped at a 28 year historical rate--over 0.50 percent in one week. With rates as low as they have been... Read More» |
Mortgage Rates at 5 Month Low, Biggest Weekly Drop in 28 Years
If you were waiting for another chance to lock in that low 30-year mortgage rate it is here, and the government is hoping you will take it. This week 30-year mortgage rates tumbled under 6 percent to the lowest rates since April. This 0.5-0.6 percent, one week drop, is the single largest since the... Read More» |
Government is Making it Simple to Find a New Mortgage
There are millions of homeowners and home buyers that desperately need to find the right mortgage. Some need more reasonable payments, while others are taking the opportunity to get a great deal on distress housing prices. Fortunately for all of these eager borrowers the US government wants to make... Read More» |
Lehman Open Market Shopping is Unsettling to Investors
Lehman is expected to end its long and public quest for a suitor today. Plans are to outline its plans today to strengthen its balance sheet and calm investor nerves. The latest turn away by the Korea Development Bank, who confirmed that talks have ended, sent Lehman shares plummeting 45 percent to... Read More» |
Recession Talk Resurgent on Latest Unemployment Reports
August's unemployment numbers surged 84,000 to 6.1 percent, a five-year high. Rallying back the recessionary and doomsday economist. Coming out of the Fed's annual economic summit with dialogue that seemed certain to point to Fed rate increases at the September FOMC--the other shoe has dropped. Read More» |
WaMu on the Ropes, Tosses Killinger, Files Recovery Plan with OTS
Washington Mutual (WaMu) a constant whisper on the bank failure watch list, has aggressively moved to save itself. Today WaMu announced the ousting of chief executive Kerry K. Killinger and agreed to file a recovery plan with its chief regulator, the Office of Thrift Supervision (OTS). Read More» |
Fannie, Freddie Bailout Helps Market Not Troubled Homeowners
The government hopes its takeover of Fannie Mae and Freddie Mac on Sunday will bring stability to the free falling mortgage market. Unfortunately, the move is unlikely to help the growing number of homeowners struggling to make their mortgage payment. Read More» |
Government Take Over of Fannie, Freddie Imminent
Fannie, Freddie expected to be taken over by the government as early as this weekend to prevent pending failure of the two huge mortgage institutions. Read More» |
Mortgage Application Woes, What to Do When Your Lender Says No
The mortgage market is in a monumental shakeup and that is leaving many borrowers with rejected stamped on their mortgage application. However, there are lots of options to improve your chances of getting approved from credit repair to government mortgage assistance programs. Learn a few simple... Read More» |
GMAC Lays off 5000, Shutters 200 Retail Branches
GMAC became the latest in a long line of mortgage business downsizing and closings. GMAC announced on Wednesday that it will be laying off 5000 employees and closing over 200 of its retail mortgage branches throughout the US. Read More» |
Fannie, Freddie May Dodge Bailout
On the heels of a reasonably priced Freddie Mac auction of $1 billion in 5-year notes Fannie Mae and Freddie Mac's stock continues to climb out. This re-issuance priced at a spread of 95.6 basis points more than the 5-year US Treasury notes--signaling a reasonable risk premium and capability to... Read More» |
Fed Hawks Softening Inflationary Rhetoric
As the next Federal Open Market Committee (FOMC) quickly approaches the anti-inflationary hawks are softening their rhetoric for a rate hike. Increasingly the call on September 16 looks to be one of staying the course as economic indicators continue to report in confusingly balanced, good and bad... Read More» |
Mortgage Market Giving Economists Fits, Should Mortgage Borrowers Care?
It seems we are in the perfect economic storm for mortgages. Many homeowners and potential home buyers are stuck in a confusing mix of market signals. A blend of good and bad that leave us with a balanced scorecard. This is leaving most experts offering little practical advise and instead focusing... Read More» |
Mortgage Fraud Increases, Could be Next Market Challenge
Mortgage meltdown discussions are peppered with discussions of the "liar loan," or the infamous streamline "no doc" mortgage. These mortgages filled the portfolios of most of the recently failed lending institutions. However, increased scrutiny on all types of lending should have closed off this... Read More» |
Mortgage Help-Government Assistance to Troubled Borrowers Increases
The US government and the nation's largest banks have teamed up to stem the rising tide of foreclosures and mortgage delinquencies. However, statistics from July show that it is going to be tough to outpace escalating borrower troubles. Read More» |
FOMC Minutes Signal Rate Hikes
Federal Open Market Committee (FOMC) recent minutes suggest that members, having "significant concerns about the upside risk to inflation," are likely to move toward a hike in rates as the next Fed policy move. However, the committee appears to be in conflicted discussion on what the data really... Read More» |
Could a Mortgage Loan Modification Prevent Your Foreclosure?
At least 25,000 homeowners recently got a gift letter from the Federal Regulators--offering them a new, more affordable mortgage payment. Could you be as lucky as these mortgage borrowers from the recently failed IndyMac Bank? Read More» |
Can a Reverse Mortgage Secure Your Retirement?
According to a recent study of working-age households, 45% of Americans are going to fall short of retirement hopes. The Center for Retirement Research at Boston College cites "...the demise of traditional pensions, rising longevity, soaring health care costs, and falling returns" as reasons that... Read More» |
What Does Fannie and Freddie Mean to Borrowers?
It seems the inevitable approaches for the US government and its "supported entities" Fannie Mae and Freddie Mac. Both, moving in tight alignment, have lost over 60% of their market value in the preceding 30 days. Hovering dangerously between $3-$5 a share. Something is certain to break. So, where... Read More» |
Election Day May Be About Taxes
The election of our next President quickly approaches. The ads, debate, and polls fill every media outlet. However, a bigger theme maybe brewing on state election ballots--tax reform. Read More» |
Homeowners Need Refinance Assistance More Than Ever
Foreclosures rates continue to rise, borrowers have found themselves trapped in loans where payments and principle balances balloon, and housing values continue to plummet. This is mixing a toxic cocktail of homeowner despair. However, the government is trying to formulate an antidote. Read More» |
Government Backed Loans Surge
When borrowers talked about getting a mortgage you typically heard discussions of Countrywide and IndyMac--now you hear FHA. Only a few months ago you would have been hard pressed to find a lender, much less a borrower, that knew this acronym. Borrowers now ask for FHA loans, by name. Meanwhile,... Read More» |
Can a Bad Appraisal Cost You Your Home?
In the exuberance of the mortgage boom, it was broadly accepted that home values were moving upward quickly. Were these swiftly rising home values justified? Home owners are beginning to feel the pain of inflated appraisals. In some cases it is even costing them their homes. Read More» |
Mortgage Rates Hold Steady on Mixed Bag of Economic News
Home Mortgage Rate hold steady for the third straight week as the mortgage market is peppered with offsetting economic and housing indicators. Although there were several deviations from analyst estimates and expectations, notably in the Consumer Price Index and existing home sales, there were... Read More» |
US Foreclosures Rise 55%, Banks Seizures Climb 184%
New US legislation, effective 1 October, meant to help home owners stay in their home may not be coming soon enough. Today RealtyTrac, an online marketplace for foreclosure properties, announced staggering increases in foreclosure and bank seizure rates. In their July US foreclosure data RealtyTrac... Read More» |
Nehemiah Launches Web 2.0 Campaign to Save DPAs
Nehemiah Corporation, operator of the largest down payment assistant (DPA) program in the nation, launches an aggressive 50 day Web and social media campaign to save a program axed by the recent Housing and Economic Recovery Act signed into law by President Bush two weeks ago today. As the ban... Read More» |
Credit Tightening Squeezes Out Motivated Home Buyers
The Federal Reserve continues to report broader consumer credit tightening--stretching across home loans into small business and credit cards. Defaults and delinquencies are beginning to spread into prime lending and economic indicators continue to show weakness. In response banks are rapidly... Read More» |
Paulson Says His Time is Short, Unlike US Economic Woes
Henry Paulson, in his Sunday "Meet the Press" gathering has said he believes challenges in the US housing markets are likely to persist beyond this year, unlike his tenure as Treasury Secretary which won't stretch beyond the Bush administration. Read More» |
Option ARMs Misused by Borrowers and Brokers
As the mortgage meltdown attention is focused firmly on the subprime market there is a subtle, yet alarming trend emerging in special mortgages made to good credit borrowers. Option ARMs, typically made to borrowers with good credit, are estimated by Barclays Capital to reach default rates as high... Read More» |
Paulson Turns to Morgan Stanley for Fannie, Freddie Guidance
Ahead of Freddie Mac's revelation of $821 million in second quarter losses and in anticipation of Fannie Mae's estimated report of a 15% downturn on Friday, Secretary of Treasury, Henry Paulson tasks Morgan Stanley to assess the current and pending damage to cornerstones of the mortgage market. Read More» |
Fannie Mae Set to Raise Fees--Borrowers See it in Interest Rate
As Fannie Mae prepares for what is certain to be a brutal quarterly earnings report to analysts and investors on August 8, stockholders can rest assured higher fees are on the way. Read More» |
Pay Option ARMs Next Wave of Foreclosures?
While analysts are tabulating and predicting default rates on less-credit worthy subprime portfolios there may be another specter lurking in the shadows of many good credit (prime) mortgage portfolios--payment option ARMs. Read More» |
Fed Boss in Interest Rate Conundrum
Federal Reserve Chairman Ben S. Bernanke faces one of his more challenging Federal Open Market Committee (FOMC) interest rate decisions this afternoon. Read More» |
IndyMac Files for Chapter 7 Bankruptcy
The second largest mortgage lender in the United States, IndyMac has filed for bankruptcy protection less than three weeks after it was seized by federal regulators following a bank run by depositors. Read More» |
Freddie Mac ups Ante in Fight against Foreclosure
Freddie Mac today outlined plans to tackle foreclosures by doubling financial incentives to mortgage serving companies. Read More» |
President Bush signs Housing Bill
President George W Bush has signed a landmark housing bill designed to provide mortgage relief for over 400,000 struggling U.S. homeowners, Fannie Mae and Freddie Mac as well as strengthen the housing finance system. Read More» |
Home Prices Experience Record Drop
Home prices for the month of May dropped a record 15.8 percent over the same period last year, Standard & Poor's / Case-Shiller 20 city index revealed on Tuesday. Read More» |
Senate Passes Mortgage Aid Bill
The U.S. Senate has approved a housing rescue bill by a 72-13 vote to help beleaguered homeowners stave off the threat of foreclosure. Read More» |
U.S Home Sales at Record Low
The housing crisis shows no signs of abating as figures revealed on Thursday from an industry group show that the number of homes sold in the U.S fell by 2.6 percent in June compared over the same period last year to reach its lowest level in ten years. Read More» |
Mortgage Application Volumes Drop 6.2 percent
An increase in interest rates contributed to a decline in demand for mortgage application volumes which witnessed a 6.2 percent decrease in the week ending July 18, an industry trade group revealed on Wednesday. Read More» |
Senate Agrees Housing Package Deal
Senate leaders have agreed upon a rescue plan for the two largest mortgage finance companies Fannie Mae and Freddie Mac. The deal would allow the government to insure up to $300 billion in refinanced mortgages. Read More» |
Wachovia Ceases Wholesale Mortgage Lending Operations
Wachovia on Monday confirmed it was pulling out of the wholesale mortgage lending business as of Friday, July 25th. Read More» |
Donald Trump Makes Real Estate Killing
Property Tycoon, Donald Trump has defied the slump in the real estate market by selling his Florida Mansion for $100 million to a Russian billionaire. Read More» |
FBI Investigating Possible Fraud at IndyMac
IndyMac is one of several banks being probed by the Federal Bureau of Investigation (FBI) for possible mortgage fraud, a U.S official revealed on Wednesday. Read More» |
Fed Chief Paints Bleak Economic Outlook
The US economy will continue to face "numerous difficulties" with no sign of easing over the next two years was the depressing message delivered to Senators by Federal Reserve Chairman, Ben Bernanke on Tuesday. Read More» |
Fed Outlines New Mortgage Rules
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. Read More» |
IndyMac Collapses amidst Financial Crisis
IndyMac Bank becomes the second largest financial institution to fall in U.S history as it succumbed to the pressures of the credit crunch. Risky lending practices also contributed to the bank's demise. Read More» |
Foreclosures up 53 percent
Foreclosures jumped 53 percent in June from a year earlier, a report published by a California research firm revealed on Thursday. Read More» |
Mortgage Application Volumes up Last Week
Mortgage application volumes experienced a 7.5 percent increase last week, according to a survey by the Mortgage Bankers Association (MBA). This is a clear indication that falling home prices are attracting some buyers. Read More» |
Schwarzenegger Signs Foreclosure Relief Bill
California Governor Arnold Schwarzenegger has signed a bill designed to stem the tide of foreclosures in the state. Read More» |
US Apartment Market Stable in Q2
Increasing fuel costs helped stabilize the US apartment market, with major cities experiencing a growing demand for rental accommodation in close proximity to where people work, Reis Inc reported on Saturday. Read More» |
Fannie and Freddie Shares Plunge
Shares in Fannie Mae and Freddie Mac experienced their sharpest drop in 16 years on Monday amid fears the government backed enterprises may be forced to raise as much as $75 billion in additional capital. Read More» |
Housing Rescue Slows as Foreclosures Increase
With lenders on the back foot following mounting criticism over their sluggish attempts to quell the rising tide of foreclosures, new figures from Hope Now, show its members helped roughly 170,000 homeowners avoid foreclosure in May. The figure however is a 7 percent drop from April's figure of 183... Read More» |
Mortgage Application Volumes Rise
Weekly mortgage applications in the U.S rebounded in the week ended June 27, figures from the Mortgage Bankers' Association (MBA) revealed on Wednesday. The figure is a 3.6 percent week-over-week increase in applications. Read More» |
Jazz Legend Avoids Foreclosure
Renowned jazz vocalist, Ernestine Anderson has been able to stave off the threat of foreclosure - for now. Read More» |
Florida sues Countrywide
Florida has joined the increasing number of states to take action against Countrywide, with Florida Attorney General, Bill McCollum filing the lawsuit against the mortgage lender for predatory lending practices. Read More» |
Five Indicted in Alleged Mortgage Fraud
A federal grand jury has indicted five people on federal charges of conspiracy to commit bank fraud and other crimes tied to an alleged mortgage fraud scheme. Read More» |
Countrywide Sued By States Over Lending Practices
Countrywide Financial, the mortgage lender that lost $2.5 billion amid rising defaults and foreclosures as well as being widely blamed for worsening the U.S housing crisis through discriminatory lending has been sued by California and Illinois. Read More» |
Mortgage Application Volumes Continue To Fall
Mortgage application volumes fell 9.3 percent in the week ended June 20, according to the Mortgage Bankers Association's (MBA) weekly application survey. Overall applications were down 25.3 percent compared with the same week in 2007. Read More» |
Home Prices Fall at Record Rate
US home prices experienced an unprecedented slide in April since the S&P/Case-Shiller home price index began in 2000 with every top metropolitan area now posting annual losses and a sizeable percentage of them showing double -digit decline. Read More» |
Mortgage Brokers Spend Big on Lobbying
With Brokers under increasing scrutiny over their role in the housing crisis, the National Association of Mortgage Brokers (NAMB) reported that the organization spent more than $480,000 lobbying in the first quarter. Read More» |
Mortgage Rates Rise Fuel Housing Fears
Rates on home mortgages continued their upward march this week amidst inflation concerns to their highest point since September. While some see the rise as an incentive to dive into the already murky housing markets, others believe this could do further damage to the housing market. Read More» |
FBI Cracks Down on Mortgage Fraud
The FBI on Thursday announced that it had charged over 400 individuals with mortgage fraud since the beginning of March as part of a nationwide crackdown on questionable mortgage practices that stem from the country's housing crisis. Read More» |
US Mortgage Applications Index Fall
Mortgage application volumes fell to 8.7 percent during the week ended June 13 after mortgage rates jumped to its highest level in eight months according to the Mortgage Bankers Association (MBA) weekly application survey. Read More» |
Mortgage Lenders Pledge Quick Response
Much maligned mortgage companies have promised to respond to beleaguered borrowers within 45 days, so as to help stem the increase in foreclosures. Read More» |
MGIC Agrees Reinsurance Pact
MGIC Investment Corp, the largest U.S mortgage insurer on Monday said it will receive up to $50 billion a year of coverage on newly written insurance policies under a reinsurance agreement reached with HCC Insurance Holdings Inc. Read More» |
Homes Lost to Foreclosure Experience Sharp Rise
The housing climate received another setback in May, as more than 73,000 homes were lost to bank repossessions in the month of May. It's an increase of 158 percent from the same period last year, when 28,548 homes were dispossessed. Read More» |
Fixed Rate Mortgages at 8-month high
Interest rates for 30-year, fixed-rate mortgages increased to an 8-month high of 6.32 percent with an average 0.7 point for the week ending June 12, Freddie Mac announced on Thursday. Read More» |
Mortgage Application Volumes Rise
Mortgage applications in the U.S. rose from their lowest level in six years by 10.6 percent week by week, according to a survey conducted by the Mortgage Bankers Association (MBA). Read More» |
Obama Adviser Under Fire Over Mortgage Deals
Republican presidential nominee, John McCain has criticized his Democratic rival for seeking Campaign advice from former Fannie Mae CEO, Jim Johnson, who the Republicans believe may have improperly received preferential treatment from a controversial mortgage lender. Read More» |
Pending Home Sales up 6.3 percent
According to the Pending Home Sales Index released on Monday by the National Association of Realtors, the number of homes under contract to be sold rose to their highest level in six months in April as buyers went bargain hunt. Read More» |
Fed Greenlights Bank of America - Countrywide Merger
The Federal Reserve has given the Bank of America permission to buy subprime lender, Countrywide Financial Corp. Read More» |
US Mortgage Delinquencies and Foreclosures at Record High
Mortgage delinquencies and foreclosures reached record levels in the first quarter of this year, driven higher by increasing housing despair, the Mortgage Bankers Association (MBA) reported on Thursday. Read More» |
Mortgage Applications Drop to 6-Year Low
The Mortgage Bankers Association (MBA) on Wednesday announced its Weekly Mortgage Applications Survey which showed a drop of 15.3 percent in mortgage applications volume for the week ending May 30. Read More» |
Rating Firms Agree to Settlement over Business Practices
A coalition of leading Wall Street credit rating firms is close to an agreement with New York Attorney General Andrew Cuomo to end an investigation into their roles in the subprime-mortgage crisis. Read More» |
Wachovia ousts CEO Amidst Mortgage Crisis
At the request of board of directors, Kennedy Thompson is to step down as the CEO of Wachovia after eight years at the bank's helm. Read More» |
Hope Now to Rescue as Foreclosures Increase
Foreclosure prevention coalition, Hope Now on Friday announced it had helped 183,000 at-risk borrowers stay in their homes during the month of April. Read More» |
Mortgage Rates Hit 11-week High
Fannie Mae on Thursday announced that 30-year fixed rate mortgages averaged 6.08 percent this week. It's jumped to its highest level since mid-March amid growing concerns about inflation. At the same point last year, the 30-year loan averaged 6.42 percent. Read More» |
Mortgage Application Volume Falls 4.6 Percent
Applications for home mortgages slipped for a second consecutive week to a seasonally adjusted 4.6 percent as borrowing rates crept higher according to figures published by the Mortgage Bankers Association for the week ending May 23, 2008. Read More» |
Home Prices Plummet 14.1 percent in First Quarter
A clear indication of dwindling consumer confidence in the housing market was revealed on Tuesday as a closely watched housing index shows prices of single-family homes plunged a record 14.1 percent in the first quarter compared with a year earlier, the lowest since its inception in 1988. Read More» |
Greenspan Speaks Out on U.S. Economy
Former Federal Reserve chairman, Alan Greenspan has echoed the sentiments of Warren Buffet, by saying the United States was still more likely than not to have a recession despite relative stabilization in the economy in recent weeks. Read More» |
Buffet Sees U.S. in Recession
Warren Buffet, CEO of Berkshire Hathaway Inc and one of the world's wealthiest men in a recent interview on Sunday said he believes the U.S. economy is already in a recession. Read More» |
Fed's Kroszner - Mortgage Market Recovery Will Take Time
Fed Governor Randall Kroszner, addressing a conference of state bank supervisors, said that mortgage markets will recover slowly with more emphasis on improved risk management techniques needed to help recovery. Read More» |
Mortgage Application Volumes Down 7.8 Percent
According to data from the Mortgage Bankers' Association (MBA), weekly mortgage applications fell by 7.8 percent in the week ending May 16 and by 9.4 percent on the same time last year. Read More» |
Senate Passes Mortgage Aid Bill
Despite opposition from the Bush administration, Senate Banking Committee leaders have agreed upon a housing bill designed to prevent foreclosures and create affordable housing for an increasingly beleaguered mortgage industry. Read More» |
Fannie and Freddie off S&P Downgrade Review
Standard & Poor's announced on Monday it was no longer reviewing Fannie Mae and Freddie Mac for a negative rating by affirming both government sponsored enterprises with a stable outlook. Read More» |
Fannie Mae Relaxes Requirements for Loan Repayments
Government sponsored enterprise; Fannie Mae has decided to set a single national standard for downpayments on mortgages it buys in a bid to stimulate the housing market. Read More» |
Police Officer Charged in Mortgage Loan Scam
A veteran officer has been charged for his involvement in a string of mortgage scams that duped lenders into parting with hundreds of thousands of dollars. Read More» |
Mortgage Rates in Slight Decline
Rates on 30-year mortgages fell for the second consecutive week by 4 basis points to 6.01 percent with an average 0.6 point for the week ended May 15, a weekly survey released by Freddie Mac on Thursday revealed. Read More» |
Mortgage Application Volumes Climb
Mortgage applications again rose for a second consecutive week by 2.9 percent. The rise for the week ending May 9 has been largely fueled by an increase in demand for home refinancing loans as interest rates dropped. Read More» |
FBI Warns of Rising Mortgage Fraud
The FBI, which is currently involved in over 1300 active investigations into mortgage 'irregularities' reported on Tuesday that as a result of the sinking housing market, they expect to witness a sharp rise in the number of 'suspicious' mortgage activity reported. Read More» |
Michael Jackson's Neverland Escapes Foreclosure
Pop legend Michael Jackson has averted foreclosure on his Neverland Ranch, following late intervention from real estate investment firm, Colony Capital. Read More» |
Jingle Mail May be Urban Myth
Despite reports to the contrary, a trend described as "walking away" or "jingle mail" which involves homeowners voluntarily defaulting on their loans even though they possess the means to make payments has been dismissed by experts as a myth. Read More» |
Mortgage Bill gets House Approval
The House of Representatives on Thursday approved legislation to create a $300 billion mortgage insurance fund designed to provide billions more in homeowner aid. Read More» |
Mortgage Lenders under Spotlight at Senate Hearing
In an ongoing investigation into alleged irregularities by mortgage lenders, the Senate on Tuesday heard testimony from the Chief Executive of Countrywide Financial Corporation, Steve Bailey and Katherine Porter, a professor at the University of Iowa. Read More» |
Fannie Mae Reports Bigger Than Expected Loss
Fannie Mae posted a big first-quarter loss of $2.2 billion Tuesday and said it planned to raise $6 billion through a stock offering to shore up its balance sheet. Read More» |
Fed Head Demands Action over Foreclosure Fears
Federal Reserve Chairman, Ben Bernanke has urged action from the government and mortgage lenders in a bid to stave off the threat of foreclosure to millions of households around the country. Read More» |
Government Subprime Probe Intensifies
The FBI along with federal, state and local agencies is looking into potential crimes ranging from mortgage fraud by brokers to securities fraud, inside trading and accounting fraud, according to reports from the Wall Street Journal. Read More» |
House Panel Approves Bill to Assist Borrowers
The House of Representatives Financial Services Committee on Thursday approved a sweeping bill led by the Democrats to finance $300 billion in distressed mortgages with the aim of helping homeowners facing the threat of foreclosure. Read More» |
Rates on 30-year Mortgages Reach 7 Week High
Long-term mortgage rates ended the week mixed, with the 30-year fixed rate average rising, as markets reacted to news of higher inflation. Read More» |
Mortgage Applications Drop to 2008 Low
The Mortgage Bankers Association's leading index of mortgage activity dropped to its lowest level this year. Read More» |
GMAC, Countrywide Post Huge Losses on Mortgages
Countrywide and GMAC LLC on Tuesday reported big first-quarter losses as they continue to be hurt by credit problems. Read More» |
Bank of America Pledges Help to Troubled Owners
With the takeover of home-loan giant Countrywide Financial Corp imminent, the Bank of America took time off its round table negotiations to promise help to the troubled 265,000 borrowers struggling to keep their homes over the next two years by refinancing or modifying at least $40 billion in... Read More» |
Freddie Mac Mortgage Portfolio in March Rise
Freddie Mac, the second largest funder of US home loans on Friday announced that its agreement to purchase mortgages rose to its highest level in March after its regulator eased capital constraints. Read More» |
Goldman Sachs Mortgage Chief Steps Down
The head of Goldman Sachs' mortgage department, Daniel Sparks will leave his post for personal reasons, the company revealed on Friday. Read More» |
Inflation Fears Push Up Mortgage Rates
Rates on 30-year mortgages topped 6 percent for the first time in six weeks as financial markets grew more worried about rising inflation pressures. Read More» |
Mortgage Applications Volume Sinks as Rates Soar
Application for mortgages plunged during the week ending April 18, with surging interest rates contributing to fewer purchases and less refinancing, a weekly application survey by the Mortgage Bankers Association (MBA), revealed. Read More» |
Bank of America to Tighten Mortgage Standards
Bank of America (NYSE:BAC) on Tuesday outlined proposed plans to implement new lending guidelines for its consumer mortgage business ' as soon as is practical' following the completion of its proposed acquisition of Countrywide Financial Corp (NYSE: CFC). Read More» |
Fed Champions Clearer Mortgage Standards
Federal Reserve Board Governor Randall Kroszner has called for greater transparency in an industry bugged down by unease and uncertainty. Read More» |
Freddie To Purchase 'Conforming Jumbo' Loans
Freddie Mac announced on Thursday that it would finance $10 billion to $15 billion in large mortgages called Jumbo Loans from four of the largest U.S mortgage lenders. Read More» |
MGIC Reports 1Q Loss
The nation's largest mortgage insurer, MGIC Investment Corp., lost $34.4 million in the first quarter as it paid out more claims with more homeowners struggling to meet their mortgage payments. Read More» |
FBI in Mortgage Fraud Probe
The FBI is currently investigating cases of potential fraud in the U.S home mortgage industry, with FBI Director Robert Mueller saying, there's a been a "tremendous surge" in mortgage fraud cases, with the trend likely to continue. Read More» |
Fannie and Freddie Pose Risk to US Economy
An S&P report, published on Monday, further exasperated the plight of stricken homeowners by estimating the potential bill to U.S taxpayers to bail out Wall Street firms hit by the credit crisis could grow to as much as $400 billion. With Fannie Mae (FNM) and Freddie Mac (FRE) added to the... Read More» |
3 Cities Added to Watch List of Declining Markets
Boston, Cape Cod and the South shore have been added to a watch list of declining real estate markets by six of the nation's major insurers where they seek more stringent lending requirements. Read More» |
Homeowners Who Walkaway Will Feel Pain
Mortgage Lenders, Fannie Mae and Freddie Mac have issued a warning to persons looking to join the growing number of struggling homeowners to "walkaway" from their mortgages. Read More» |
"Rescue" Scams Add to Homeowner Woes
Crooks, hustlers, con artists…call them what you will, but a new breed of opportunists have crawled out of the woodwork to steal what little cash, troubled home owners may still have left. Read More» |
White House Unveils Foreclosure Aid
As Senate toiled away drawing up a bipartisan plan designed to stave off the effects of the credit crisis, the Bush administration on Wednesday announced plans to help homeowners fend off foreclosure. Read More» |
S&P Lowers Ratings for 4 Mortgage Insurers
Amid rumored losses within the mortgage insurance business, Standard & Poor's has lowered the credit rating for four guarantors. Read More» |
Mortgage Applications Rise
Applications for US mortgages, fueled by ongoing increase in activity for government-backed loan programs jumped 5.4 percent in the week ending April 4, according to data released by the Mortgage Bankers Association on Wednesday. Read More» |
Mortgage Firms Pledge Help
Ohio Governor, Ted Strickland today announced that nine mortgage loan servicers agreed to sign a 'compact to Help Ohioans Preserve Homeownership,' the first agreement of its kind in the nation. Read More» |
Mortgage Association Can't Pay Own Mortgage
One can't help but chuckle at the irony, but according to recent reports, the Mortgage Bankers Association is having trouble paying the mortgage on its new building in Washington. Read More» |
Capitol Hill to Tackle Mortgage Mess
The week sees the mortgage crisis take centre stage in the Senate as a bill aimed at helping homeowners and businesses affected by the subprime debacle comes up for a key procedural vote. Read More» |
Recession Reality Near as Bankruptcies Rise
All signs point to a U.S. economy recession as bankruptcy filings in states severely affected by the housing crunch witnessed a sharp rise in March. Read More» |
Fannie Mae Tightens Loan Criteria
Fannie Mae, largest U.S. mortgage-finance company, has announced the introduction of a new minimum 580 FICO for all eligible loans. It will no longer buy most loans made to borrowers with credit scores below 580 as it again reacts to the slumping housing market by tightening its lending standards. Read More» |
Mortgage Application Volumes Drop
The volume of mortgage applications filed in the week ending March 28 tumbled 28.7 percent, according to a survey revealed by the Mortgage Bankers Association's weekly survey. Read More» |
Senate Agree on Mortgage Bill
Despite varying points of view from both the Democrats and Republicans on how best to tackle the nation's housing related economic crisis, Senate today voted to consider legislation aimed at helping millions of homeowners avoid foreclosure. Read More» |
Jackson sets resignation date
As expected, Housing and Urban Development Secretary Alphonso Jackson today announced his decision to step down from his post on April 18. Read More» |
HUD secretary to resign
Controversial Housing and Urban Development Secretary, Alphonso Jackson is expected to announce his resignation Monday following allegations of cronyism. Read More» |
Congress and Treasury to tackle mortgage crisis
Congress are racing to push through an array of election-year housing measures designed to help homeowners caught in the mortgage meltdown. Read More» |
Candidates to tackle mortgage crisis
As the race to the White House heats up, the contenders for the Presidency have aired their reactions to the mortgage crisis, with Democrat Barack Obama mocking Senator John McCain for urging government restraint in responding to the mortgage mess. Read More» |
Home prices fall - Fannie Mae reacts
It's widely acknowledged that housing is a key component of the economy. In fact, housing represents 15.2 percent of the U.S gross national product so worried glances must have been exchanged when a recent survey released earlier today revealed home prices in 20 U.S metropolitan areas fell in... Read More» |