Home » Mortgage News » 2009 » April
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» |
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» |
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» |
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» |
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» |
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» |
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» |
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» |
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» |
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» |
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» |
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» |
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» |
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» |
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» |
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» |
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» |
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» |
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» |
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» |
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» |
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» |
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» |
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» |