Home » Mortgage News » 2009 » March
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» |
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» |
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 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» |
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» |
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» |
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» |
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» |