Home » Mortgage News » 2008 » April
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» |