Home » Mortgage News » 2009
Mortgage Rates Continue to Rise
Mortgage interest rates continued to climb this last week, rising nearly one-tenth a percent in the current Freddie Mac weekly survey, released today. Read More» |
Florida Supreme Court Orders Foreclosure Mediation Process
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Home Prices Remain Flat: Case-Shiller
Raw U.S. home prices were unchanged in October, but posted a moderate increase on a seasonally adjusted basis, according to a leading market survey released today. Read More» |
Treasury Expands Support for Fannie, Freddie
The U.S. Treasury Department will provide nearly unlimited support for Fannie Mae and Freddie Mac over the next three years to ensure the viability of the two major mortgage financiers. Read More» |
Mortgage Rates Go Back Above 5 Percent
Interest rates on standard 30-year mortgages rose above the 5 percent mark for the first time in eight weeks, according to the weekly Freddie Mac survey released today. Read More» |
Existing Home Sales Continue to Rise
Existing home sales rose again in November, but prices remained stagnant despite a dwindling inventory of available properties, according to new data from the National Association of Realtors (NAR). Read More» |
Early Loan Modification Redefaults Fall in Third Quarter
Foreclosure avoidance actions by mortgage lenders and servicers were up sharply in the third quarter of the year, while redefault rates on newly modified loans fell, according to new government figures out this week. Read More» |
Online Application to Streamline Loan Modification Process
A new online service to help homeowners submit and track the documents needed for a government-backed mortgage loan modification has been launched by HOPE NOW, a coalition of mortgage companies and credit counseling agencies. Read More» |
Fannie, Freddy, Citi Suspend Evictions
Three major lenders have announced that they’re suspending foreclosure evictions over the Christmas season, so foreclosed homeowners won’t have to leave their homes until after the holidays. Read More» |
Interest in Buying Foreclosures Drops
Consumer interest in buying foreclosed properties is declining, even as large numbers of foreclosed homes continue to come onto the market. Read More» |
New Housing Starts Rebound
New housing starts rebounded in November, increasing 8.9 percent to an annual rate of 574,000 units, according to figures released today by the Commerce Department. Read More» |
Industrial Production Rises Again
U.S. industrial production picked up 0.8 percent in November, marking five consecutive months without a decline and raising hopes that the economy is truly on the mend. Read More» |
House Approves Creation of Consumer Protection Agency
Legislation to establish a Consumer Finance Protection Agency to regulate mortgages, credit cards and other consumer lending was passed by the U.S. House on Friday, along with other measures to regulate financial markets. Read More» |
Equal Numbers Approved, Rejected for Permanent Loan Mods
Nearly as many homeowners are being rejected as are being approved for permanent loan modifications under the government’s main foreclosure prevention program, according to Treasury officials. Read More» |
Foreclosure Rates Fall Again
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Mortgage Interest Rates Reverse Six-Week Decline
Interest rates on 30-year fixed rate mortgages rose last week, breaking a streak of six consecutive weeks of declines, according to figures released today by the Mortgage Bankers Association. The average interest rate on 30-year fixed rate mortgages rose to 4.88...
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FDIC May Seek Principal Reductions on At-Risk Mortgages
The FDIC may seek to reduce the principal on more than $45 billion in mortgages held by failed banks that it acquired in an effort to help “underwater” homeowners. Read More» |
One-quarter Reported Delinquent on Trial Loan Mods
More than one in four homeowners who obtained trial mortgage loan modifications under the government’s Making Home Affordable Program are already behind on their payments, according to a new information from the Treasury Department. Read More» |
Treasury Announces Short Sale Incentive Program
As part of its foreclosure prevention efforts, the Obama Administration is launching a new program to encourage short sales and deed-in-lieu of foreclosure transactions for financially pressed homeowners who are unable to obtain loan modifications. Read More» |
FHA to Raise Lending Requirements for Home Mortgages
Getting an FHA home mortgage is about to get more costly and difficult, as regulators take steps to rebuild the federal agency’s shrunken financial reserves and reduce the risk of defaults on FHA-insured mortgages. Read More» |
Private Residential Construction Up in October
Private residential construction was up in October, following a summer season in which home building rates fell to their lowest levels in 14 years, according to new data from the Commerce Department. Read More» |
Pending Home Sales Up for 9th Straight Month
Pending home sales rose for the ninth consecutive month in October and posted their biggest-ever one-year increase as well, according to figures released today by the National Association of Realtors. Read More» |
New Measures Intended to Speed Up Loan Modifications
The White House is turning up the pressure on lenders to step up the pace on finalizing mortgage loan modifications for at-risk homeowners, among widespread complaints that many banks are dragging their feet. Read More» |
New Home Sales Rise Again
New home sales rose 6.2 percent in October, for the sixth increase in the past seven months, according to new figures released by the Commerce Department. Read More» |
Mortage Rates Hit Record Lows - Again
Mortgage rates fell to record lows again this week, setting or matching all-time records in two major weekly surveys. Read More» |
Home Sales Post Record Monthly Gain
Existing home sales posted a record gain in October, surging 10.1 percent to their highest level in nearly three years, according to new figures from the National Association of Realtors. Read More» |
Study: Counseling Dramatically Reduces Foreclosures
Financially stressed homeowners who receive foreclosure counseling are far less likely to lose their homes and obtain better terms on loan modifications than homeowners who do not receive counseling, according to a new report. Read More» |
Mortgage Rates Hit Record Lows
Mortgage rates fell again last week, hitting record lows in some weekly surveys. Read More» |
OCC Calls for Minimum Mortgage Standards
The U.S. Comptroller of Currency is urging that all nations adopt minimum mortgage lending standards to avoid some of the practices that led to the recent financial crisis, including bans in the United States on certain types of mortgages that have gotten borrowers into financial difficulty. Read More» |
New Home Starts Drop Sharply
New housing starts and residential building permits fell unexpectedly in October, dealing a blow to hopes that an improving housing market would help lead the economy out of recession. Read More» |
Mortgage Delinquencies at All-Time High
Mortgage delinquency rates hit an all-time high in the third quarter of the year, with 6.25 percent of borrowers at least 60 days past due on their home loans. Read More» |
First-Time Homebuyers Set Record Share of Purchases
A record 47 percent of all home purchases in the past year were first-time homebuyers, according to a new survey of home buyers and sellers by the National Association of Realtors. Read More» |
FHA Reserve Fund Falls to Fraction of Required Minimum
Significant losses on mortgage loans have caused the Federal Housing Administration’s cash reserves to fall well below the minimum required by law, raising concerns that the self-funded agency may require a congressional bailout. Read More» |
Foreclosure Rates Decline for Third Straight Month
Foreclosure filings fell for the third consecutive month in October, but still remained at an elevated level, according to figures released today by RealtyTrac. Read More» |
Mortgage Rates Fall to Lowest Level Since Spring
Mortgage interest rates fell last week to their lowest levels since the astonishingly low levels of last spring, according to two major rate surveys released today. Read More» |
Delays Reported in Making Trial Loan Modifications Permanent
With more than 650,000 trial mortgage loan modifications now under way, the Obama administration’s Making Home Affordable Program (MHA) appears to be gaining momentum after a slow start. But there are new reports that relatively few of those are being converted into permanent status, even... Read More» |
Median Home Prices Rise for Second Consecutive Quarter
U.S. median sales prices on existing home rose for the second consecutive quarter in the three months ending Sept. 30, according to new figures released today, although prices still remained well below the levels of one year ago. Read More» |
Share of "Underwater" Mortgages Declines
The percentage of homeowners who are “underwater” shrank in the third quarter of this year, an encouraging sign that the residential real estate market may be stabilizing. Read More» |
Fannie Mae Announces Rent-to-Stay Foreclosure Relief Program
Some homeowners facing foreclosure will be able to remain in their property as renters under a new program announced Thursday by Fannie Mae. Read More» |
Senate Approves Homebuyer Tax Credit Extension
The U.S. Senate has voted unanimously to extend the $8,000 first-time homebuyer tax credit and extend a credit to existing homeowners as well, virtually guaranteeing that the popular program will continue past the current Nov. 30 deadline. Approval by the House of Representatives and... Read More» |
Job Losses Decline for Seventh Straight Month
Job losses declined in October for the seventh consecutive month, although actual gains in employment are still probably several months off, according to today’s National Employment Report from payroll giant ADP. Nonfarm private employment decreased by 203,000 in October, according to ADP, the... Read More» |
Homeowners Save $3 Billion by Refinancing Mortgages
U.S. homeowners who refinanced their mortgages in the first nine months of the year will save a combined $3 billion over the first 12 months of their new loan, government supported lender Freddie Mac is reporting. Read More» |
Home Sales, Residential Construction Increase
Pending home sales and residential construction both posted significant increases in September, according to separate reports released today by the Commerce Department and National Association of Realtors (NAR), signaling that the housing market may be pulling out of its doldrums. Read More» |
Personal Spending Falls Even as GDP Rises
Personal incomes and spending fell in September, even as a rise in the gross domestic product has economists declaring that the recession has ended. Read More» |
Senate Said to Agree on Extending Homebuyer Tax Credit
The U.S. Senate has reached broad agreement on a bill to extend the $8,000 first-time homebuyer tax credit and offer a credit to existing homeowners as well, according to numerous media sources. Read More» |
Abusive Credit Card Pratices Increase Despite Law
Virtually all credit cards offered online by major banks still include abusive practices that will be outlawed early next year, according to a new report from the Pew Charitable Trust. Read More» |
Government Mortgage Refinance Program Struggling
A government program designed to help at-risk homeowners refinance their mortgages is struggling, even as conventional mortgage refinances have surged in response to historically low interest rates. Read More» |
Existing Home Sales Up Strongly in September
Existing home sales posted a strong increase in September, according to the National Association of Realtors, as first-time homebuyers took advantage of low interest rates and a soon-to-expire $8,000 tax credit. Existing home sales posted a strong increase in September, according to... Read More» |
Leading Economic Indicators Up Six Straight Months
The Index of Leading Economic Indicators rose again in September, making six straight months the index has risen and providing hope that an economic recovery is in the offing. Read More» |
Report: Foreclosure More Profitable than Loan Modifications for Servicers
The incentives mortgage servicers receive for managing a home loan are a significant obstacle to loan modification that would help financially troubled borrowers avoid foreclosure, according to a new report from the National Consumer Law Center. Read More» |
Home Finance Agencies to Get Lending Boost
A new program to help low- and moderate-income homebuyers obtain mortgages has been announced by the Obama administration. Read More» |
Foreclosures Hitting High-End Homes
Thirty percent of U.S. foreclosures are occurring among the top third, an indication that the foreclosure crisis is hitting well-to-do homeowners in almost equal proportion to lower income families. Read More» |
Mortgage Rates Up Slightly
Mortgage rates rose slightly this past week, but still remained under 5 percent for a 30-year fixed rate mortgage, according to the weekly survey by government-backed lender Freddie Mac. Read More» |
Record Foreclosures in Third Quarter of 2009
U.S. foreclosure filings hit an all-time high in the third quarter of the year, according to the foreclosure data firm RealtyTrac, with one home in 136 receiving at least one foreclosure filing during that period. Read More» |
New Retail Sales Figures Seen as Positive Sign
Retail sales fell in September, but analysts are still hailing it as a hopeful sign for the economy. That's because nonautomotive sales actually rose for the second straight month and more than analysts expected. Read More» |
Home Prices Down for Second Straight Month: IAS360
U.S. home prices fell slightly in August, raising concerns of a new downturn following several months in which the market appeared to be rallying, according to a new report from national foreclosure management company Integrated Asset Services (IAS). Read More» |
Loan Modification Program Inadequate, Report Says
Current government programs to help homeowners keep their homes are inadequate to address a coming wave of foreclosures and will only delay foreclosure for many, according to a new report from the bipartisan Congressional Oversight Panel. Current government programs to help homeowners... Read More» |
FHA Won't Need Bailout, Commissioner Says
The Federal Housing Administration may be running low on cash, but it won't need a government bailout, FHA Commissioner David Sterns told members of Congress on Thursday. Read More» |
Prices Cut On One Listed Home in Four
More than one-quarter of all nondistressed homes for sale in the U.S. have seen at least one price cut since going on the market, at an average discount of 10 percent off the listed price, the real estate data firm Trulia Inc. reported today. Read More» |
Mortgage Rates Fall Again
Mortgage applications surged to their highest level since last spring, as 30-year interest rates remained below 5 percent for the third consecutive week, according to the weekly survey by the Mortgage Bankers Association. Read More» |
Irate Consumers Cancelling Credit Cards
Consumers are becoming increasingly upset with their credit card companies, with about one in six recently closing out at least one card in response to actions taken by their credit card issuers. Read More» |
Blacks, Hispanics See Increased Mortgage Rejection Rates
Black and Hispanic mortgage loan applicants in the United States continued to face higher rejection rates on than whites and Asians last year, according to data released by the Federal Reserve last week. Read More» |
Home Sales Rise, Interest Rates Drop
Pending home sales rose for the seventh consecutive month in August, the National Association of Realtors has reported, the longest streak of monthly increases since the organization began reporting data in 2001. Read More» |
Foreclosures Up, But New Filings Slow
Completed foreclosures rose almost 17 percent in the second quarter of the year, with lenders reclaiming 106,000 properties from U.S. homeowners, according to official government figures released Wednesday. Read More» |
Gross Domestic Product Revised Slightly Upward
The U.S. gross domestic product shrunk at an annual rate of 0.7 percent in the second quarter of the year, far slower than in the preceding quarter and less than previous estimates had predicted. Read More» |
Home Prices Up, But Consumers Pessimistic
U.S. home prices rose for the third straight month in July, according to a leading index, but the good news comes against a background of more recent data showing continued trouble for the economy. Read More» |
State Mortgage Agences May Get $35 Billion Assistance
The U.S. Treasury will provide up to $35 billion over the next three years to state housing agencies to support low- and moderate income mortgages, according to new reports. Read More» |
New Home Sales Up; Existing Home Sales Down
Sales of newly constructed single-family homes rose for the fifth month in a row in August, according to figures released today by the U.S. Census Bureau and Department of Housing and Urban Development (HUD). Read More» |
Fed to Ease Out of Efforts to Keep Rates Low
Seeking to avoid a big jump in interest rates, the Federal Reserve has voted to stretch out its program to buy mortgage-backed securities and other debt to ease the impact on credit markets. Read More» |
Mortgage Rates Back Below 5 Percent
Interest rates on 30-year mortgages fell below the 5 percent barrier last week for the first time since May, prompting a surge in homeowners seeking to refinance their mortgages, according to the weekly rate survey from the Mortgage Bankers Association. Read More» |
FHFA Reports Slight Gain in Home Prices
U.S. housing prices rose 0.3 percent in July, somewhat weaker than analysts had expected, according to figures released today by the Federal Housing Finance Agency (FHFA). Read More» |
FHA to Tigthen Credit, Appraisal Rules
The Federal Housing Administration has announced that it will require higher credit scores and tighten credit requirements in general for both lenders and borrowers, effective January 1. It's about to get more difficult to obtain an FHA home mortgage. Just how much isn't yet clear.... Read More» |
15-Year Mortgage Interest Rates Hit Record Low
Fifteen-year mortgage rates hit their lowest level in at least 18 years last week, dropping to an average 4.47 percent and 0.6 points, megalender Freddie Mac announced Thursday. Read More» |
Housing Starts Up Again
New housing construction starts rose modestly in August, continuing a generally upward trend since last spring and providing further hope that the housing market and economy are stabilizing after the worst economic downturn since the Great Depression. Read More» |
Bernanke Says Recession Is Probably Over
The recession is probably over, at least from a technical standpoint, Federal Reserve Chairman Ben Bernanke said Tuesday, although the economy will likely continue to struggle for another year or more. Read More» |
Retail Sales Rallied in August
U.S. retail sales rose 2.7 percent in July, driven largely by automotive sales but reflecting gains in general merchandise and food service sales as well, the Commerce Department announced today. Read More» |
IC Urges Mortgage Help for Jobless
In an effort to help homeowners avoid foreclosure, the Federal Deposit Insurance Corp. (FDIC) is urging its partner banks to temporarily reduce mortgage payments for borrowers who have become unemployed or underemployed. Read More» |
Case-Shiller: Home Prices Rising
U.S. home prices rose for the fourth consecutive month in August, according to the monthly Standard & Poors/Case Shiller Index, although rising unemployment and the pending expiration of the first-time homebuyer's tax credit raise doubts about whether the trend can be sustained. Read More» |
Cramdown Legislation Could Be Revived to Ease Foreclosures
U.S. Rep. Barney Frank (D-Mass.) and other leading Democrats have indicated that they may try again to pass "cramdown" legislation giving bankruptcy judges authority to modify mortgages if lenders don't do a better job of assisting at-risk homeowners. Read More» |
Foreclosures ease; loan modifications still lag
Foreclosure filings dropped slightly in August, but still remained near record levels, according to figures released this morning by the foreclosure tracking firm RealtyTrac. Read More» |
Mortgage Rates Approach 5 Percent Mark
Applications for new mortgages jumped sharply last week, as 30-year fixed interest rates dropped toward the magic 5 percent level, according to the weekly survey by the Mortgage Bankers Association. Read More» |
Home Prices Drop Slightly in July
U.S. housing prices fell slightly in July, reversing four months of modest gains, according to the latest IAS360 survey of major housing markets. Read More» |
IRS May Take Closer Look at Mortgage Interest to Catch Tax Dodgers
The IRS will likely start taking a closer look at mortgage interest deductions and payments in an effort to identify tax cheats who are underreporting their income or not filing at all. Read More» |
Mortgage Rates, Applications Both Fall
Mortgage rates fell last week, but the decrease failed to spur homeowners and potential home buyers into additional mortgage refinances and home purchases, according to figures released today by the Mortgage Bankers Association. Read More» |
Pending Home Sales, Other Economic Indicators Gain
Pending home sales rose in July for the sixth consecutive month, the longest streak of monthly increases since the National Association of Realtors (NAR) began tracking the data in 2001, one of several reports today offering positive economic news. Read More» |
"Walkable" Communities Said to Have Higher Property Values
Communities with walkable neighborhoods command higher home prices than similar properties where a car is required for getting around, according to a recent study of 15 major urban areas. Read More» |
Consumer Spending Up Slightly
Consumer spending rose 0.2 percent in July, increasing for the third month in a row, although at a lower rate than the month before, the Commerce Department reported today. Read More» |
Mortgage Rates Largely Unchanged This Week
Mortgage rates remained essentially unchanged this past week, rising only by the smallest of margins, according to two of the nation's leading rate surveys. Read More» |
New Home Sales Increase for Fourth Straight Month
Sales of newly constructed single-family homes rose for the fourth month in a row in July, increasing almost 10 percent to a seasonally adjusted annual rate of 433,000 units. Read More» |
Home Prices Up Nearly 3 Percent in Second Quarter
U.S. home prices rose nearly 3 percent in the second quarter of the year, the first quarterly gain in housing prices in nearly three years, according to the latest Standard & Poor's/Case-Shilling Home Price Index. Read More» |
Indianapolis Continues to Lead Nation in Housing Affordability
Indianapolis continues to lead the nation in home affordability among major cities, with nearly 95 percent of all homes affordable by a family earning the area's median income. Read More» |
Home Sales Post Biggest Increase in 10 Years
Sales of existing homes rose sharply in July, rising 7.2 percent in the biggest monthly increase in at least 10 years, according to figures released today by the National Association of Realtors (NAR). Read More» |
Mortgage Rates Drop to Lowest Level in Three Months
Average 30-year mortgage rates dropped to their lowest level in nearly three months this past week, falling to 5.12 percent in the weekly Freddie Mac mortgage rate survey released this morning. Read More» |
Homeowners Optimism Over Housing Prices Increases
U.S. homeowners are increasingly optimistic about their future home values, even though they continue to overestimate just how well those values have been holding up in the current downturn, according to a new report. Read More» |
Single Family Construction Permits Rise
Construction permits for single-family homes rose again in July, increasing 5.8 percent to an annualized rate of 458,000, according to figures released today by the Commerce Department. Read More» |
Pace of Mortgage Delinquencies Slows
Mortgage loan delinquencies increased for the 10th straight quarter from April to June, hitting an all-time high of 5.81 percent of all home loans. However, the rate of increase slowed for the first time since the recession began, suggesting that the mortgage market may be stabilizing, according to... Read More» |
More Home Sellers Reducing Asking Price
One-quarter of all U.S. homes for sale have seen at least one price reduction since being listed, as more home sellers are forced to readjust their expectations in a declining home market. Read More» |
Foreclosure Rate Sets New Monthly Record - Again
The U.S. foreclosure rate rose 7 percent in July, and set a new record for the third time in five months, according to the foreclosure marketing firm RealtyTrac, in a report released today. Read More» |
Existing Home Sales Rise
Sales of existing homes posted a modest gain in the second quarter of 2009, rising 3.8 percent to an annual rate of 4.76 million units, according to figures released today by the National Association of Realtors. Read More» |
Productivity Posts Strongest Gain in Six Years
U.S. productivity rose at an annual rate of 6.4 percent in the second quarter of the year, the biggest increase in nearly six years, according to figures released this morning by the Labor Department. Read More» |
Most Economists Say Recession is Ending
Most economists believe the recession is either ending or has already ended, according to a leading survey of private economists released this morning. Read More» |
Report Predicts Half of Mortgages Underwater by 2011
Nearly half of U.S. homeowners with mortgages could soon end up owing more on their loans than their property is worth, according to a new report from Deutsche Bank. Read More» |
No Consistent Trend in Week's Mortgage Rates
Mortgage rates once again posted a mixed performance this past week, with two of the major surveys reporting declines against one that reported an increase. Read More» |
Pending Homes Sales Up for Five Straight Months
Pending home sales posted their fifth straight monthly increase in June, according to new figures from the National Association of Realtors (NAR), the longest streak of consecutive monthly increases since July 2003. Read More» |
First Lender Loan Modification Rankings Issued
The first "report card" on how well lenders are doing in modifying mortgage loans under the Making Home Affordable Program (MHA) has been released, and there's a big difference between the top and bottom of the class. Read More» |
Foreclosures, Delinquencies Exceed Loan Modifications
Foreclosures and mortgage loan delinquencies are outpacing loan modifications, despite the Obama administration's efforts to help financially pressed Americans avoid losing their homes. Read More» |
California, Florida Cities Dominate Foreclosure Rankings
Sun Belt cities continue to be pummeled by foreclosures, with California and Florida heavily dominating the list of worst-affected communities, according to new data from the foreclosure management firm RealtyTrac. Read More» |
Lenders Pressured to Modify More Mortgages
The Obama Administration is putting increased pressure on the nation's lenders to step up the pace of mortgage loan modifications performed under the government's Making Home Affordable (MHA) foreclosure avoidance program. Read More» |
Elderly Increasingly Rely on Credit Cards for Medical,Other Expenses
Elderly consumers are piling up credit card debt at a rate far exceeding all other age groups, with health care costs and deteriorating values of retirement savings causing many age 65 and older to increasingly rely on plastic for routine living expenses. Read More» |
New Home Sales Jump
Sales of newly constructed homes rose 11 percent in June, according to new data released by the Commerce Department, as buyers continue to be drawn back into the market by low prices, tax incentives and mortgage rates that remain near historic lows. Read More» |
New Rules Would Require Clearer Disclosure of Mortgage Terms
New rules designed to provide consumers with a clearer understanding of the potential costs and risks of a particular type of loan when applying for a mortgage or home equity line of credit (HELOC) have been proposed by the Federal Reserve Board of Governors. Read More» |
Mortgage Rates Show Mixed Results
Mortgage rates posted a mixed performance this past week, with the three leading weekly surveys showing significant disagreement over which way rates are headed. Read More» |
Existing Home Sales Up for Third Straight Month
Sales of existing homes rose for the third month in a row in June, the first time that's happened in five years, according to survey data released today by the National Association of Realtors. Read More» |
New Limits on Credit Rating Agencies Proposed
New rules to tighten regulation of credit rating agencies, which were blamed for failing to properly assess the risk of mortgage-backed securities prior to the collapse of credit markets last fall, are being proposed by the Obama Administration. Read More» |
FHA Mortgages Set Record in June
Nearly 186,000 Federal Housing Administration (FHA) loans were made in June, the most in the agency's history, as its relatively relaxed lending standards continue to attract homebuyers squeezed out of other credit markets. Read More» |
Leading Economic Indicators Rise Again
The Index of Leading Economic Indicators rose for the third straight month in June, reinforcing hopes that the recession is nearing an end, even as a companion index showed actual economic activity continues to decline. Read More» |
New Housing Starts Up in June
New home construction rose in June, driven by a strong surge in construction starts on single-family homes, which were up nearly 15 percent from May's level, according to new figures released by the Census Bureau. Read More» |
Foreclosures Up 11 Percent in Second Quarter
Foreclosures filings rose nearly 11 percent in the second quarter of the year, as a number of lenders lifted voluntary moratoriums that had been in place during the first few months of the year and job losses continued to take their toll on the housing market. Read More» |
Mortgage Refinances Pick Up as Rates Drop
Mortgage refinancing activity jumped sharply last week as 30-year interest rates dropped back down toward the magic 5 percent mark. Read More» |
Home Prices Rise for Second Straight Month
Home prices rose for the second month in a row in May, with increases posted in all four major regions of the United States, according to the monthly IAS360 Home Price Index. Read More» |
FHA, VA Account for One in Three New Mortgages
Government-insured mortgages, those backed by the FHA or VA, are at their highest rate in almost two decades, accounting for more than one mortgage application in three. Read More» |
Lenders Urged to Step Up Loan Modification Efforts
Expressing dissatisfaction with the progress to date under the government's Making Home Affordable Program the Obama Administration is urging the nation's lenders to do more to help financially troubled homeowners obtain mortgage loan modifications. Read More» |
Small Increase Reported in Quarterly Home Prices
Quarterly home prices have risen nationwide for the first time since 2006, according to at least one new study, with prices edging up 1.7 percent over the previous quarter. Read More» |
Mortgage Rates Steady, Applications Rise
Mortgage activity increased last week, with applications for both refinances and new home purchases rising after interest rates backed down from recent highs. Read More» |
Credit Delinquencies Hit Record Levels
Delinquencies on credit cards, home equity loans, personal loans and other forms of consumer credit all rose in the first quarter of 2009, as more Americans struggled to pay their bills in the face of mounting job losses and a worsening economy. Read More» |
Michigan Restores Federal Mortgage Credit Program
First-time home buyers in Michigan are getting an added incentive to buy a home, as the state is rejoining an old and often overlooked federal tax credit program. Read More» |
Foreclosures Hit One Mortgage in Forty
Foreclosures rose sharply during the first quarter of the year, increasing by more than 20 percent to account for one in 40 outstanding U.S. mortgages, according to government figures released this week. Read More» |
Foreclosures Hit One Mortgage in Forty
Foreclosures rose sharply during the first quarter of the year, increasing by more than 20 percent to account for one in 40 outstanding U.S. mortgages, according to government figures released this week. Read More» |
Mortgage Applications Drop Sharply
Mortgage applications dropped sharply last week, declining almost 19 percent from the week before despite a third consecutive week of falling interest rates, the Mortgage Bankers Association (MBA) has reported. Read More» |
Decline in Home Prices Slows
The decline in home prices slowed for the third straight month in April, according to a leading market surveys, suggesting that while the housing market has not turned around, it may finally be firming up. Read More» |
As Many as 1 in 4 Said to Willingly Default on Mortgage
As many as one in four mortgage defaults are voluntary, with homeowners walking away from the property despite an ability to make mortgage payments, according to a new study by economists at Northwestern University and the University of Chicago. Read More» |
Bond Yields Decline, Will Mortgage Rates Follow?
People who are still hoping to refinance their mortgage or are shopping for a home got some good news the past two days, thanks to an easing of concerns over some of the factors that have been pushing up mortgage rates. Read More» |
Jackson: Financial Woes Eclipsed Music Later in Life
Michael Jackson, who died unexpectedly Thursday at age 50, will always be known for his music. But in his later years, it was his financial problems that kept him in the news. Read More» |
New Home Sales Remain Stable
Sales of newly built single-family homes have remained relatively stable the past four months, meeting a Commerce Department standard for the establishment of a trend. Read More» |
Mortgage Applications Up as Rates Back Down
U.S. mortgage applications increased last week, ending four consecutive weeks of declines, according to data released this morning by the Mortgage Bankers Association (MBA). Read More» |
Banks Rejecting Home Sales Due to Faulty Appraisals: NAR
Problems with faulty appraisals in a distressed housing market are causing increasing numbers of home sales to fall through at the last minute, the National Association of Realtors (NAR) is reporting. Read More» |
Making Home Affordable May Expand Refinance Limits
The Obama Administration's Making Home Affordable Plan may soon increase its limits on refinancing "underwater" mortgages to allow more homeowners to take advantage of the program, according to the director of the Federal Housing Finance Agency (FHFA). Read More» |
Mortgage Modifications Increasing Under Obama Plan
The Making Home Affordable Plan is picking up steam, according to HUD Secretary Shaun Donovan, extending trial mortgage loan modifications to 40,000 homeowners in the past week alone. Read More» |
Mortgage Rates Back Off From Recent Increases
Mortgage rates backed off from their recent highs this past week, ending three weeks of sharp increases that had squelched strong demand for refinancing and dampened interest in home purchases. Read More» |
Obama Proposes Consumer Protections for Mortgages, Other Financial Products
Endless lines of fine print, hidden charges and "exploding" interest rates on mortgages could be a thing of the past under a sweeping reform of the nation's financial regulations proposed Wednesday by the Obama Administration. Read More» |
New Housing Starts Up Sharply In May
New housing construction starts were up sharply in May, spurred by low mortgage rates and a first-time homeowner tax credit widely credited for stirring interest in the slumping housing market. Read More» |
Getting the Best Mortgage Rate
With 30-year mortgage rates moving upward from the recent historic lows, many people are wondering if they can still get a good deal on a mortgage. The answer is definitely yes - provided you keep a few things in mind. Read More» |
California Law to Boost Loan Modifications Takes Effect
In an effort to pressure lenders into doing more mortgage loan modifications to help keep financially troubled borrowers in their homes, California is today implementing a 90-day moratorium on foreclosures. Read More» |
Getting a Government Loan Modification
For homeowners who are having difficulty meeting their mortgage payments, a loan modification can help them avoid foreclosure and stay in their homes. Most lenders offer some sort of loan modification options, but a government-sponsored loan modification under the Making Home Affordable (MHA) Plan... Read More» |
Fed Seen As Unlikely to Take Strong Action to Lower Mortgage Rates
The Federal Reserve is unlikely to take strong actions to bring mortgage rates back down again when it meets later this month, the Wall Street Journal is reporting. Read More» |
Loan Modifications Picking Up Under Making Home Affordable
More than 150,000 homeowners have been offered mortgage loan modifications through the government's Making Home Affordable Plan in the program's first three months, according to the U.S. Department of Treasury. Read More» |
Can You Still Get a Good Rate to Refinance Your Mortgage?
Can you still get a good mortgage refinance rate? With mortgage rates climbing nearly a full percentage point over the past month, many people who had been hoping to refinance their mortgages to a lower rate are wondering if they've missed the bargain boat. Read More» |
All Home Buyers Could Be Eligible for Expanded Tax Credit
With rising mortgage rates threatening to squelch a potential housing recovery before it even gets started, a coordinated effort by business interests and members of Congress is seeking greatly expand the new $8,000 tax credit homebuyer tax credit and make it available to more than just first-time... Read More» |
Mortgage Rates Up, Refinancing Down Again
Mortgage rates rose nearly a third of a percent last week, according to figures released today by the Mortgage Bankers Association (MBA), further dampening interest in mortgage refinancing, which had flourished in the weeks after rates hit record lows in March. Read More» |
States, Feds Step Up Efforts Against Loan Modification Scams
The New York State Attorney General today announced plans to sue one of the state's largest loan modification assistance companies and subpoena records from 14 others as part of an investigation into an industry that many say takes unfair advantage of homeowners in financial distress. Read More» |
Housing Prices Level Off in April
U.S. housing prices leveled off in April, reversing 10 straight months of declines as low mortgage rates and a first-time homebuyer tax credit lured buyers back into the market. Read More» |
Homeowners Get More Options for Government Refinance
Mega mortgage lender Freddie Mac is making several changes to provide homeowners with more flexibility in obtaining a government refinance of their mortgage under the Obama Administration's Making Home Affordable Program. Read More» |
New Consumer Protections Urged for Reverse Mortgages
Stricter rules governing reverse mortgages are needed to guard against repeat of the kind of problems that led to the subprime mortgage crisis, the U.S. Comptroller of Currency has said. Read More» |
List Prices Reduced on One Home in Four
Nearly one in four homes currently for sale in the United States have undergone at least one price reduction as owners adjust their expectations to the realities of the current housing market. Read More» |
May Job Losses Less Than Expected
Job losses declined to 345,000 in May, well below what economists had predicted and the fewest since last September, the Labor Department reported today. Read More» |
Mortgage Rates Post Another Big Jump
Mortgage rates took another big jump for the second week in a row, frustrating homeowners who had still hoped to lock in a refinance at ultra-low rates, but perhaps not enough to deter bargain-hunting home buyers seeking to take advantage of a depressed housing market. Read More» |
Total Unemployment Claims Drop
Weekly unemployment claims fell for the first time in five months, the latest "green shoot" to pop up this spring and raise hopes the economy may soon begin to recover. Read More» |
New Foreclosures Top 1 Million in 2009
More than one million homes have already been targeted for foreclosure in 2009, with the rate only expected to increase, according to data released this week by the Center for Responsible Lending (CRL). Read More» |
Refinancing Drops as Mortgage Interest Rates Jump
Homeowners looking to refinance may have missed their best opportunity, as 30-year fixed-rate mortgages shot up nearly half a percent last week, according to figures from the Mortgage Bankers Association. Read More» |
New Consumer Law Could Make Credit Cards More Exspensive for Some
The new credit card rules that President Obama signed into law last month will provide a number of protections for consumers. But some analysts say that many consumers will actually end up paying more to use their credit cards or may find it more difficult to obtain credit to begin with. Read More» |
Pending Home Sales Jump
Pending home sales rose sharply in April, the third consecutive month of increases, according to a monthly report released today by the National Association of Realtors (NAR). Read More» |
FTC May Limit Fees for Loan Modification Services
The Federal Trade Commission (FTC) is looking to clamp down on so-called "foreclosure rescue" scams by restricting or banning outright advance payments to loan modification services that offer to solve homeowner's mortgage problems for a fee. Read More» |
Residential Construction Inches Up: Commerce Dept.
U.S. residential construction spending rose slightly in April, reversing seven months of declines, according to data released today by the Commerce Department. Read More» |
FHA Allows $8,000 Credit to be Used for Purchase
First-time homebuyers will be able to immediately apply an $8,000 tax credit toward the purchase of a new home, the secretary of the U.S. Department of Housing and Urban Development (HUD) announced today. Read More» |
Foreclosures Increase at Record Rate
More than one U.S. mortgage in eight is either past due or in foreclosure, as the number of new foreclosures rose sharply in the first quarter of the year. Read More» |
Mortgage Rates Rise on Higher Bond Yields
Mortgage rates edged higher this week, as inflationary fears drove up the cost of borrowing despite the Federal Reserve's ongoing efforts to keep interest rates down. Read More» |
FHFA Reports Slight Decrease in Home Prices
U.S. housing prices fell by half a percent in the first quarter of 2009, the smallest decrease since the housing downturn began, according to a figures released Wednesday by the Federal Housing Finance Agency (FHFA). Read More» |
Exsting Home Sales, Prices Move Upward
Existing home sales rose slightly in April, driven by bargain hunters taking advantages of foreclosures, short sales and near-record low interest rates. Read More» |
Report Questions Effectiveness of Loan Modifications
A new study is raising doubts about the effectiveness of mortgage loan modifications as a means of providing relief to financially stressed homeowners. Read More» |
No Bottom to Housing Market Yet: Standard and Poor's
Housing prices continued to decline in March, suggesting that the housing market has yet to bottom out, according to a Standard & Poor's survey released today. Read More» |
New York AG Investigating Debt Relief Companies
The New York State Attorney General has announced an investigation into the debt settlement industry, issuing subpoenas to 14 debt settlement companies and one law firm with nationwide operations. Read More» |
Economic Indicators Post Big Gain in April
The Conference Board's Index of Leading Economic Indicators posted its first increase in seven months in April and its biggest gain since November 2005, in one of the most hopeful signs to date that the economy may finally be bottoming out. Read More» |
Obama Approves Enhancements to Mortgage Refinance Program
Legislation to make the floundering Hope for Homeowners mortgage bailout program more attractive to lenders was signed into law Wednesday by President Obama, along with another measure designed to crack down on mortgage fraud. Read More» |
Mortgage Rates Head Back Down
Credit remains cheap but hard to get, as mortgage rates declined again last week, approaching the record lows they have posted over the past two months. Read More» |
New Consumer Protection Agency Floated for Mortgages, Other Financials
The Obama administration appears to be floating a trial balloon to test the viability of a proposal that would concentrate authority over consumer financial products such as mortgages and credit cards within a single agency. Read More» |
Senate Approves Consumer Credit Card Protections
The U.S. Senate voted today to enact new restrictions on credit cards that would curb some common practices that have drawn the ire of consumers. Read More» |
Builder Confidence Rises as New Home Starts Fall
New housing starts in April fell to their lowest level in 50 years, even as home builders are starting to say that things are starting to look up. Read More» |
Texas May Lengthen Nation's Shortest Foreclosure Process
Financially stressed Texas homeowners could soon get a little more breathing room from the state's "fastest foreclosure in the West" foreclosure law under legislation that recently passed the state senate. Read More» |
Pace of Mortgage Refinancing Slows
The intense demand for home mortgage refinancing, which has soared over the past six months as mortgage rates have fallen, may finally be slackening. Read More» |
Homeowners Think Housing Market Has Bottomed: Survey
U.S. homeowners are increasingly coming to terms with declines in property values, but many remain unrealistically optimistic about the value of the own property, especially in regard to future trends, according to a new survey of consumer confidence. Read More» |
New Incentives for Mortgage Modification Program Announced
The Obama Administration is expanding its homeowner assistance program to provide new incentives for lenders to modify at-risk mortgages and to promote remedies short of foreclosure in cases where a homeowner cannot retain the property. Read More» |
FHA Seeks to Allow Tax Credit for Mortgage Down Payment
First-time homebuyers may soon be able to apply an $8,000 tax credit to their mortgage down payment, under a plan being advanced by the Federal Housing Administration (FHA). Read More» |
Foreclosures Set New Record - Barely
U.S. foreclosure rates increased slightly in April, easing what had a series of steady increases over the past year, but still enough to set a new all-time high. Read More» |
Fannie, Freddie Foreclosure Sales Up Sharply
Both foreclosures and foreclosure prevention efforts by government-sponsored lenders jumped in February, as Fannie Mae, Freddie Mac and their kin lifted a two-month moratorium that had kept a lid on things. Read More» |
Foreclosures, Short Sales Send Housing Prices Down
Foreclosures and short sales made up nearly half of all existing single-family home sales in the first three months of 2009, as housing prices recorded their biggest annual decline on record. Read More» |
Citibank to Put Up $1 Billion for Mortgage Refinancings
Citibank will make available an additional $1 billion in loans to refinance mortgages for qualified homeowners, using capital it obtained through the Troubled Asset Relief Program (TARP), the bank has announced. Read More» |
Recession May Have Ended in April: Economists
In the wake of a number of encouraging economic trends in recent weeks, some economists are beginning to suggest that the worst recession in 80 years may already have ended. Read More» |
Small Businesses Increasingly Rely on Credit Cards
In a worsening economy, small businesses are growing increasingly reliant on the use of credit cards to cover expenses, despite increasingly unfavorable terms on those cards, according to a new report from the National Small Business Association (NSBA). Read More» |
FHA to Seek $800M to Cover Reverse Mortgage Losses
The Federal Housing Administration (FHA) says that its finances are solid, but still expects to ask the federal government for $800 million to cover losses in a reverse mortgage program for senior citizens. Read More» |
Job Losses Slow as Obama Urges Job Training for Unemployed
Job losses slowed in April, even as overall unemployment reached its highest level in over 25 years, according to figures released by the Labor Department on Friday. Read More» |
Investors Voice Support for Mortgage Writedowns
A group of mortgage investors is expressing their support for measures that would enable homeowners to reduce the principal on at-risk mortgages and is calling on the banking industry to join them. Read More» |
Realtors Call for New Consumer Mortgage Protections
With foreclosure rescue scams and other predatory lending practices on the rise, the National Association of Realtors (NAR) is calling on Congress to enact new protections for consumers. Read More» |
Senate Approves Changes to Mortgage Relief Program
Legislation passed by the U.S. Senate on Wednesday may give new life to a program for financially stressed homeowners that has largely been a dud since it was introduced last year. Read More» |
Report: One in Five Homeowners Now Underwater
More than one in five U.S. homeowners now "underwater" on their mortgages, owing more than the home is worth, according to a new report documenting the continued slide in U.S. home values. Read More» |
Fed Extends TALF to Cover Commercial Mortgages
The Federal Reserve Board, which has been moving aggressively to breathe life into the residential real estate market, has announced new measures to boost commercial real estate as well. Read More» |
Construction Spending Rose In March
Construction spending rose slightly in March, reversing five straight months of declines, according to figures released Monday by the Commerce Department. Read More» |
Pending Home Sales Up in March
Pending home sales rose in March, as first-time buyers took advantage of low prices and mortgage interest rates, plus an $8,000 tax credit, to make the move into home ownership. Read More» |
134,000 Mortgages Modified in March
U.S. mortgage lenders modified nearly 134,000 mortgages for at-risk homeowners in March for the second month in a row, with foreclosure sales dropped sharply, the private sector HOPE NOW alliance has reported. Read More» |
House Passes Limits on Credit Card Companies
Legislation that would limit the ability of credit cards companies to raise interest rates and restrict other practices that have drawn the ire of consumers easily passed the U.S. House of Representatives on Thursday. Read More» |
Senate Rejects 'Cramdown' Relief on Mortgages
The U.S. Senate has rejected legislation that would have allowed bankruptcy judges to reduce the principal owned on a homeowner's mortgage, a measure known as "cramdown." Read More» |
New Unemployment Claims Decline
New unemployment filings decreased last week, but the total number of persons collecting unemployment benefits hit an all-time high, according to figures released today by the Commerce Department. Read More» |
Mortgage Applications Drop
Mortgage applications dropped sharply in the week ending April 24, ending what had been a series of steady increases over the past two months. Read More» |
Bond Yields Up, Will Mortgage Rates Follow?
Mortgage rates may soon be nudging back up from the ultra-low levels they have been occupying for the past six weeks, after yields on 10-year bonds rose following today's announcements by the Federal Reserve. Read More» |
New Mortgage Assistance Addressed Second Liens
A new initiative to help resolve issues with second liens that have presented problems for many homeowners seeking assistance with problem mortgages was announced today the Obama Administration. Read More» |
Home Ownership Continues Decline
U.S. home ownership dipped to its lowest level in nearly nine years in the first three months of the year while housing vacancies reached an all-time high, according to figures released Monday by the Commerce Department. Read More» |
Bank of America Retires Countrywide Brand
The Countrywide brand, until recently the biggest name in mortgages, is being retired as Bank of America consolidates its home lending operations under a single roof. Read More» |
Sales of New Homes Unchanged
Sales of new, single-family homes were essentially unchanged in March, while the supply of unsold new homes shrank by 5 percent, according to figures released today by the Commerce Department. Read More» |
30-year Rates Beat ARMs for First-Time Ever
The dizzying descent down the rabbit hole of the current financial markets just got curiouser and curiouser. Long term, 30-year fixed mortgage rates dipped below the rate of short-term adjustable rate mortgages in the weekly Freddie Mac survey for the first time ever. That means, for the moment at... Read More» |
Obama Calls for Stricter Rules on Credit Cards
With Congress already moving to enact tighter restrictions on credit card companies, President Obama met with major lenders today to outline consumer protections that he wants to see. Read More» |
Housing Sales Down, But Prices Up
Sales of existing homes declined slightly in March but prices rose, suggesting that the housing market is still struggling to find its footing after months of decline. Read More» |
Can't Get a Mortgage? Think Small (Banks)
In the middle of a credit crunch, there's a mortgage boom going on. Overall lending is down, as banks have tightened their purse strings. But demand for mortgages is as strong as ever, driven by some of the lowest interest rates on record and housing prices driven into the ground by the... Read More» |
Housing Prices Rise for Second Straight Month
Home prices rose slightly for the second straight month in February, raising hopes that the implosion of the real estate market may finally be bottoming out. Read More» |
Inspector General's Report Criticizes TARP Management
A report sharply critical of the Treasury Department's management of the government's Troubled Asset Relief Program (TARP) was released today by the program's legal overseer. Read More» |
IMF Predicts Global Losses to Hit $4 Trillion by 2010
Total losses in the global economic meltdown could reach $4 trillion by 2010, according to a report released today by the International Monetary Fund (IMF). Read More» |
Housing Prices Now Considered Undervalued
Housing prices across the United States have fallen so far from their previous highs they are now considered slightly undervalued, with further declines yet to come. Read More» |
Obama to Take On Credit Card Companies
Senior executives of the nation's leading credit card companies are scheduled to meet with White House economic advisor Larry Summers and other administration officials at the White House on Thursday. It may not be a pleasant meeting. Read More» |
Lending by TARP Banks Remains Flat
Lending by the 20 largest banks to receive TARP funds remained flat through the first two months of the year, despite the program's stated goal of providing government funds to free up credit. Read More» |
Legislation Seeks to Limit Creative Mortgages
The subprime loans, exotic mortgages and endlessly repackaged securities that gave rise to the housing bubble are a thing of the past. New legislation now making its way through Congress seeks to ensure that they stay that way. Read More» |
New Housing Starts Fall, Dimming Hopes for Recovery
Hopes for a revival in home construction were dampened Thursday, with reports that new housing starts fell sharply in March following an unexpected rally the month before. Read More» |
First Funds Released for Mortgage Relief Program
Financially stressed homeowners should finally begin to get some relief, now that the Treasury Department has completed arrangements with the first major lenders to participate in the administrations mortgage modification program. Read More» |
Mortgages Up, But Other Lending Falls
Mortgage lending increased, but all other forms of credit declined in February among banks that were the major recipients of government funds under the Troubled Asset Relief Program (TARP), the U.S. Treasury reported Wednesday. Read More» |
Foreclosures Hit Record High in March
Foreclosures shot up to a new all-time high in March, as banks ended self-imposed moratoriums that had been put in place to allow distressed homeowners time to seek assistance. Read More» |
Housing Prices Continue to Fall
Median housing prices continued to drop rapidly in February, falling 3.0 percent, according to the monthly IAS360 House Price Index released today by Integrated Asset Services. Read More» |
Apartment Vacancies Rise Even as Foreclosures Soar
With rising foreclosures driving more and more Americans out of home ownership, you'd think it would be a good time to be a landlord. After all, most people who lose their homes become renters. Read More» |
Economists Predict Recession to End, Job Losses to Continue
The good news is that most economists expect that the ongoing recession will end in the latter part of this year. The bad news is that many Americans are unlikely to notice. Read More» |
As More Seek FHA Loans, Delinquencies Rise
As the economy soured and credit tightened over the past two years, the Federal Housing Administration (FHA) has become an increasingly popular option for mortgage-seekers with limited resources and weak credit. Now, some fear the FHA could be headed for a financial crisis of its own. Read More» |
Study: Short-Term Aid Best Approach to Avoid Foreclosure
Short-term assistance to ease the immediate effects of job loss and other financial crises may be a more effective way to help homeowners than loan modifications and other efforts to reduce long-term debt. That's the conclusion of a new study released by several Federal Reserve economists. Read More» |
Obama Uses Bully Pulpit to Promote Mortgage Programs
President Barack Obama put on his salesman's hat Thursday, urging homeowners to take advantage of low interest rates and new government programs to refinance their mortgages to save money and help boost the economy. Read More» |
Mortgage Rates Post First Increase Since Fed Action
Mortgage rates rose slightly in the past week, the first increase after four weeks of declines that saw rates reach record lows. Read More» |
Mortgages Help Boost Wells Fargo to Record Profits
Wells Fargo reported Thursday that it expects to post a record earnings for the first quarter of 2009, driven by strong returns from its mortgage business and its acquisition last year of Wachovia Corp. Read More» |
Foreclosure Workshops Offer Aid to Homeowners
Distressed homeowners seeking to avoid foreclosure may have more help available than they realize. Foreclosure workshops providing consumer assistance are frequently available in many states, particularly those with high rates of endangered homeowners. The workshops are typically free of charge... Read More» |
Commerce Dept: Inventories Shrink, Sales Rise
U.S. wholesale inventories fell by record rate in February, the Commerce Dept. announced Wednesday, suggesting that businesses are beginning to get a handle on the glut of unsold goods that is holding down production. Read More» |
More Consumers Missing Mortgage Payments
Mortgage delinquencies continued to rise in February, despite a number of other encouraging signs for the U.S. housing market, an indication that the ongoing recession has yet to hit bottom. Read More» |
Credit Crunch Threatens to Boost Mortgage Interest Rates
The good news for consumers is that mortgage rates are at an all-time low. The bad news is, there may not be much money to lend. Read More» |
New Program to Crack Down on Mortgage Fraud
A new initiative to crack down on fraudulent loan modification and refinancing schemes and help homeowners protect themselves against mortgage relief scams has been announced by the Obama Administration. Read More» |
Low Rates Spur Hiring by Mortgage Industry
Historically low interest rates are driving a hiring boom in the mortgage industry, as lenders strive to contend with sharply increased demand brought on by historically low interest rates and other incentives. Read More» |
Many Re-default Following Mortgage Modification
For many financially troubled homeowners, mortgage modifications obtained in 2008 provided only temporary relief, as more than four out of 10 quickly found themselves falling back into trouble again Read More» |
Mark-to-Market Eased, But to What Effect?
Under pressure from banks and some members of Congress, the U.S. Financial Accounting Standards Board has relaxed a controversial rule that some analysts say contributed to last fall's economic meltdown. The big question now is, will undoing it help set things right again? Read More» |
Obama SBA Credit Program Hits Obstacle
The Obama Administration's new initiative to free up credit for small businesses with an infusion of $15 billion for loans has hit a snag after the major lenders targeted by the program said they would not participate. Read More» |
GMAC to Earmark $5 Billion for Auto Loans
In an effort to free up credit and boost auto sales, GMAC has announced it will earmark $5 billion for consumer auto loans over the next 60 days, while temporarily easing finance charges to auto dealerships. Read More» |
Pending Home Sales Up Slightly in February
Pending home sales rose unexpectedly in February, (NAR), a possible indication that the depressed housing market may finally be bottoming out. Read More» |
Housing Prices Predicted to Bottom Out This Year
Housing prices still have a way to drop, but should bottom out by the end of the year, according to a new forecast from Moody's Analytics. Read More» |
Housing prices still dropping fast: Standard and Poor's
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. Read More» |
Senate Committee Approves Limits on Credit Card Companies
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. Read More» |
Vacation Home Sales Down 30 Percent Last Year
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). Read More» |
Seniors Now Able to Tap Reverse Mortgage for Home Purchase
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... Read More» |
Fed to Run Foreclosure Scam Trailer in Movie Theaters
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... Read More» |
Finding a Bargain in the Foreclosure Market
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. Read More» |
Mortgage Bankers Call for New Regulations to Police Industry, Protect Borrowers
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. Read More» |
Mortgage Rates Hit Record Lows Following Fed Action
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. Read More» |
Credit Unions Swim Against the Tide, Increase Mortgage Lending
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. Read More» |
Commerce Department Says New Home Sales Rose in February
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... Read More» |
MBA Boosts Mortgage Originations Forecast By Over $800 Billion
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. Read More» |
New FDIC-Type Authority Urged for Closing Troubled Financial Institutions
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. Read More» |
Surprise! Sales of Existing Homes Rose in February
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. Read More» |
Markets Up on Treasury Plan to Purchase Mortgage Assets, but Pessimism Remains
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. Read More» |
Time to Break the 401K Piggy Bank for Your Mortgage?
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... Read More» |
Options Available for Veterans with Mortgage Problems
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. Read More» |
Fed Actions Stir Early Concerns of Inflation
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. Read More» |
Online Tools Help Homeowners Find if They Have a Fannie or Freddie Mortgage
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. Read More» |
Mortgage Rates Expected to Fall Following Fed Action
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. Read More» |
Market, Economy Waits for Bernanke and FOMC's Next Move
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... Read More» |
Loss of Mortgage Deduction Stirs Homeowners and Mortgage Industry
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. Read More» |
Bernanke Takes Plea for Political Will Straight to the American Taxpayer
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... Read More» |
Homeowners Go Online to Understand New Mortgage Relief Plans
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. Read More» |
Mortgage Applications Continue to Increase, Might Be False Hope
Mortgage applications move higher again in response to declining mortgage rates. Could this be false hope in recovering a steadily declining housing market? Read More» |
New Mortgage Modification Plan Causes Conflicts with Home Equity Portfolios
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. Read More» |
Kenneth Lewis Pleads for Facts to Guide Debate on Economic Crisis
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... Read More» |
Why Consider a Loan Modification and How to Do it Safely
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. Read More» |
Mortgage Cram-Down Bankruptcy Legislation Passes in House
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. Read More» |
Mortgage Crisis Expands as Economy Weakens
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. Read More» |
Treasury Releases Details of Expansive Mortgage Modification Program
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... Read More» |
Citigroup to Help Jobless with Mortgage Payments
According to a Wall Street Journal report, Citigroup will announce a program today that attempts to help unemployed homeowners make their mortgage payment. Read More» |
Mortgage Tax Deduction May Be at Risk, Quietly Wounding Mortgage Payers
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. Read More» |
Mortgage Refinance Stalls on Higher Costs, Tightening Credit
Mortgage applications fell over the last week as mortgage rates climb and some borrowers wait for President Obama's mortgage plan to be implemented. However, there may be an even bigger contraction that will prevent any significant recovery--mortgage loan officers are finding it increasingly... Read More» |
Government to Stress Test Big Banks
US banking regulators reveal the details of the much anticipated "stress test" to be applied to large financial institutions. This process is intended to sort banks by their ability, strength to endure even deeper recession. Read More» |
Obama Returns to Message of Hope:
Taking a historic stage as the first black president, President Obama took a much more positive message to the American people. Reassuring them that although there are challenges ahead, there is little reason to underestimate the resilience of this great nation. Read More» |
Citigroup Moving Towards Nationalization
Debate builds on the topic of nationalizing US banks as Citigroup seems to be headed for that fate. The Obama administration continues to issue statements that assures the market that they favor a policy of a private banking sector. However, slips of the tongue by Federal Reserve Chairman Ben... Read More» |
Governors Debate President's Economic Stimulus Plan
Gathered for the Winter meeting of the National Governors Association, the leaders of the nations' states are pouring over the details of the $787 billion economic stimulus. States are being devastated by the mortgage foreclosures and home values, whose property taxes are the most significant... Read More» |
Mortgage Rates Fall Back Towards 5%, Bank Nationalization Fears Rise
MortgageLoan.com's mortgage rate watch saw the average 30-year fixed-rate move back down, nearing 5 percent. The average 15-year fixed-rate mortgage dipped below 5 percent to 4.80 percent. Read More» |
New Mortgage Plan Expected to Help 9 Million Avoid Foreclosure
President Obama has promised another $275 billion to help homeowners maintain their mortgages and avoid foreclosure. The new mortgage plan will provide $75 billion for direction foreclosure prevention and double the federal guarantee of Fannie Mae and Freddie Mac--adding another $200 billion--to a... Read More» |
Increasing Unemployment Creating New Wave of Housing Problems
Today the Obama administration releases details on how they plan to spend $50 billion, from the remaining TARP funds, to help borrowers in trouble. Most expect another round of loan modification proposals, maybe even some standardization in how to renegotiate these troubled mortgages. Unfortunately... Read More» |
New Mortgage Rescue Plan Expected Wednesday from President Obama
Curiously absent from the enormous economic stimulus plan, expected to be signed by President Obama today, was additional aid for a mortgage and housing market that continues to falter. However, shortly after that legislation cleared the Senate hurdles the Obama administration was talking about... Read More» |
Obama Scraps Car Czar, Will Drive Auto Recovery from the White House
Expected today, is another Obama administration decision that consolidations more power within the White House. President Barack Obama is expected to announce foregoing the concept of a Car Czar, and appointing a task force to administer a reshaping of the US auto industry. Read More» |
US Government May Subsidize Your Mortgage Payment
The Obama administration unveiled an unprecedented plan to directly help homeowners make their mortgage payments. In a dramatic departure from current homeowner assistance programs, this plan would help borrowers before they become delinquent. Read More» |
Tentative Agreement Reached on the Economic Stimulus Package
House and Senate leadership announced an agreement late Wednesday afternoon on a trimmed $790 billion economic stimulus package. The two houses of Congress spent nearly 24 hours negotiating a merger of the House-passed legislation and the stalled Senate version. Read More» |
Geithner's Bailout Plan Leaves Markets with Questions and Big Losses
Contrary to President Obama's promise in Monday's prime time press conference, Treasury Secretary Geithner's new TARP plan was neither "clear" or "specific." Geithner's outline of Obama administration's plan seemed to fall short. Read More» |
New TARP Unveiled Today, Finding Homes for Bad Mortgages
President Obama, in his first prime-time press conference, continually deferred questions of mortgage crisis and financial sector recovery to his Treasury Secretary. Timothy Geithner is scheduled to reveal his approach to financial system rescue and clearing out troubled mortgages. Read More» |
Bank of America Fights Back Government Takeover Rumors
Bank of America stock plunged below $4 last week on rumors that Bank of America would go back for more TARP funds or even be taken over by the US government. Embattled CEO Kenneth Lewis said rumors of a government takeover was "absurd." Read More» |
Fannie Mae Loosen Underwriting on Mortgage Refinance | Fannie Mae Refi Plus Program
Fannie Mae has posted new guidelines for approving homeowners attempting to lower their loan payments with a mortgage refinance. Read More» |
Hope for Homeowners Mortgage Program Needs Makeover
Hope for Homeowners, one of the first mortgage rescue programs, has been a dramatic failure. Designed and advocated as a foreclosure prevention program, it has only received 451 applications, closed a mere 25 loans, and none have been insured by the Federal Housing Administration (FHA). Read More» |
Affordability Returns to Housing Markets, Low Mortgage Rates Drive Home Sales
The National Association of Realtors (NAR) report US homes at the most affordable levels since 1970, when they began tracking affordability. NAR's affordability index jumped 10.9 percent in December--rising on falling home process and low mortgage rates. Read More» |
Republicans Propose Different Stimulus, Targeted at Mortgages and Homeowners
Senate Republican lead Mitch McConnell (R-KY) introduced a radically new economic stimulus approach. McConnell requested an amendment to the House economic stimulus bill entering the Senate. This radical departure from the Democrat engineered economic stimulus would give government-backed low-... Read More» |
Bad Bank Out, Limiting Executive Pay and Expanding Mortgage Lending In?
Wall Street reveilled briefly in the prospect of "bad banks," aggregating toxic mortgage loans into a government controlled bank. Likewise, they reacted aggressively on the hint that the plan is shoved to the back burner. Read More» |
Mortgage Loan Modifications Hit Record High, While New Home Sales Hit Record Low
Mortgage companies continue to move at an accelerating rate to modify trouble loans--modifying 122,000 loans in December. Meanwhile, new home sales in December went the opposite direction to hit record lows--only 23,000 Americans bought homes in December. Read More» |
$819 Billion Stimulus Passes House. Recovery or Pork?
The new Obama administration gets a first legislative victory with the easy passage of his $819 billion economic stimulus package. However, several questions and controversies plague the bills entry into the Senate. Is it spending the right areas? Will the effects be fast enough? Is that pork I see... Read More» |
"Bad Bank" For Toxic Mortgages Gaining Support from Obama Administration
Lawmakers and Wall Street are buzzing about the prospect of a "bad bank." This plan would create an aggregator bank to acquire, rewrite, and liquidate these troubled mortgages. Sources indicate that the Obama administration is behind the proposal and the FDIC is lobbying to manage the operation. Read More» |
Fannie Mae and Freddie Mac Need Billions to Prop Continued Mortgage Losses
Just days after Freddie Mac announced a need for $35 billion, Fannie Mae says it needs $16 billion in federal aid. Continued deterioration in mortgage assets have now driven these enterprises net worth below zero in the last quarter, according to recent securities filings. Read More» |
Federal Reserve May Get Power to Regulate Entire US Financial System
The financial sector may be getting new oversight that makes Sarbanes-Oxley look like a light administrative task. Congress is moving aggressively to bring a new regulatory structure over the entire US financial system, most probably concentrated within the Federal Reserve. Read More» |
Rates Fall Below 5%, But Mortgage Refinance Challenging
Mortgage rates are hitting record breaking lows, flooding down-sized lenders with new mortgage applications. Unfortunately, many of these eager homeowners may find attractive mortgage rates and lower payments elusive. Read More» |
Congress Introduces National Mortgage Fraud Task Force Act
Low mortgage rates have brought more than a refinance boom, it has brought a surge in mortgage fraud. FBI statistics show that it is one of the fastest growing white collar crimes in the United States. Read More» |
President Obama Walks into New Bank Crisis
While President Barack Obama was being sworn in, Wall Street was free falling. Bank stocks continue to inject fear into the market as toxic mortgage assets continue to force large write downs and stockpiling capital into reserve provisions. Read More» |
Obama Campaigned for President, But Becomes Top Mortgage Banker
Warren Buffett called it an "economic Pearl Harbor." Even the best economists concede they were hit with little warning of the economic sneak attack, ensuing from the mortgage meltdown. All early indications are that Barack Obama, only hours away from being the 44th president, approaches this... Read More» |
Plunging Mortgage Rates Have Lenders Hopping, But Not Celebrating
As mortgage rates plunge below 5 percent mortgage lenders are being flooded with consumer inquiries about mortgage refinance. Read More» |
Bernanke Encourages Return to Original TARP Mandate, Remove Toxic Mortgages
Two of the Federal Reserves top officials advocated a refocusing on ridding bank balance sheets of toxic mortgage assets. In recent statements, both Federal Reserve Chairman Ben Bernanke and Vice Chairman Donald Kohn highlighted the adverse effects these illiquid mortgage assets are having on the... Read More» |
FHLB Running Short on Capital, Bad Mortgage Debt Cited
Another government supported mortgage mortgage agency is in trouble. The Federal Home Loan Bank (FHLB) of Seattle joins the San Francisco FHLB in announcing steps to shore up their capital reserves against toxic residential mortgage assets. Read More» |
2005 Bankruptcy Law Linked to Mortgage Crisis
Debate continues on efforts to give Federal bankruptcy judges the power to modify mortgage loans. Heralded as a way to deliver relief directly to distressed homeowners, new academic studies are cautioning hasty bankruptcy reform. Read More» |
US Housing Market Full of Opportunity for Home Buyers
While the TV talking heads continue to despair about a failing economy, home buyers can grab a great deal on a new home. Read More» |
Federal Reserve Support for Expanded FHA Mortgage Lending
In remarks made to the Boston Mortgage Banker Association, Boston Federal Reserve Bank President Eric Rosengren advocated the expansion of Federal Housing Administration (FHA) lending programs. His statement argued that stabilizing to the US housing market needs to start at the bottom. Read More» |
Paulson Officially Turns Over the Mortgage Crisis to Obama
In a Wednesday statement, outgoing US Treasury Secretary Henry Paulson pointed to President-elect Barack Obama as the "decision maker" for the allocation of the balance of $700 billion in TARP bailout funds. Read More» |
Mortgage Bankruptcy Bill Re-Introduced
A controversial mortgage aid bill returns for lawmakers consideration. First introduced in 2007, Senator Richard Durbin (D-IL) and Representative Brad Miller (D-NC) have re-introduced the Democratic plan to change bankruptcy law. The plan would give judges the authority to adjust the terms of... Read More» |
Fed Begins Buying MBS, Pushing Down Mortgage Rates
Yesterday the Fed bought their first round of mortgage securities guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. This kicks off the Federal Reserve's plan to buy $500 billion in mortgage-backed securities by mid-2009, right on schedule. One of many historically unique programs to drive down... Read More» |
Low Mortgage Rates and Sale of IndyMac Bank Ring in New Year
In a mortgage market clamoring for good news, homeowners and investors get a couple of silver linings to kick off 2009. Read More» |
Obama to Cut Wasteful Spending
Faced with a rising deficit and a sour economy, President-elect Obama vows to make tough budget choices down the road. Read More» |
Could 2009 Give Us an Economic Recovery?
In the closing days of 2008, a year fraught with economic turmoil, there are enormous efforts to make 2009 a year of recovery. Is there reason for hope? Read More» |