Mortgage News Archive - May 2009
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FHA Allows $8,000 Credit to be Used for Purchase
May 29, 2009First-time homebuyers will be able to immediately apply an $8,000 tax credit toward the purchase of a new...
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Mortgage Rates Rise on Higher Bond Yields
May 28, 2009Mortgage rates edged higher this week, as inflationary fears drove up the cost of borrowing despite the...
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Foreclosures Increase at Record Rate
May 28, 2009More than one U.S. mortgage in eight is either past due or in foreclosure, as the number of new foreclosures...
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FHFA Reports Slight Decrease in Home Prices
May 27, 2009U.S. housing prices fell by half a percent in the first quarter of 2009, the smallest decrease since the...
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Exsting Home Sales, Prices Move Upward
May 27, 2009Existing home sales rose slightly in April, driven by bargain hunters taking advantages of foreclosures,...
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Report Questions Effectiveness of Loan Modifications
May 26, 2009A new study is raising doubts about the effectiveness of mortgage loan modifications as a means of providing...
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No Bottom to Housing Market Yet: Standard and Poor's
May 26, 2009Housing prices continued to decline in March, suggesting that the housing market has yet to bottom out,...
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New York AG Investigating Debt Relief Companies
May 22, 2009The New York State Attorney General has announced an investigation into the debt settlement industry, issuing...
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Obama Approves Enhancements to Mortgage Refinance Program
May 21, 2009Legislation to make the floundering Hope for Homeowners mortgage bailout program more attractive to lenders...
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Economic Indicators Post Big Gain in April
May 21, 2009The Conference Board's Index of Leading Economic Indicators posted its first increase in seven months in...
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Mortgage Rates Head Back Down
May 20, 2009Credit remains cheap but hard to get, as mortgage rates declined again last week, approaching the record lows...
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New Consumer Protection Agency Floated for Mortgages, Other Financials
May 20, 2009The Obama administration appears to be floating a trial balloon to test the viability of a proposal that...
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Senate Approves Consumer Credit Card Protections
May 19, 2009The U.S. Senate voted today to enact new restrictions on credit cards that would curb some common practices...
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Builder Confidence Rises as New Home Starts Fall
May 19, 2009New housing starts in April fell to their lowest level in 50 years, even as home builders are starting to say...
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Texas May Lengthen Nation's Shortest Foreclosure Process
May 18, 2009Financially stressed Texas homeowners could soon get a little more breathing room from the state's "fastest...
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Pace of Mortgage Refinancing Slows
May 15, 2009The intense demand for home mortgage refinancing, which has soared over the past six months as mortgage rates...
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Homeowners Think Housing Market Has Bottomed: Survey
May 15, 2009U.S. homeowners are increasingly coming to terms with declines in property values, but many remain...
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New Incentives for Mortgage Modification Program Announced
May 14, 2009The Obama Administration is expanding its homeowner assistance program to provide new incentives for lenders...
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FHA Seeks to Allow Tax Credit for Mortgage Down Payment
May 14, 2009First-time homebuyers may soon be able to apply an $8,000 tax credit to their mortgage down payment, under a...
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Fannie, Freddie Foreclosure Sales Up Sharply
May 13, 2009Both foreclosures and foreclosure prevention efforts by government-sponsored lenders jumped in February, as...
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Foreclosures Set New Record - Barely
May 13, 2009U.S. foreclosure rates increased slightly in April, easing what had a series of steady increases over the...
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Foreclosures, Short Sales Send Housing Prices Down
May 12, 2009Foreclosures and short sales made up nearly half of all existing single-family home sales in the first three...
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Citibank to Put Up $1 Billion for Mortgage Refinancings
May 12, 2009Citibank will make available an additional $1 billion in loans to refinance mortgages for qualified...
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Small Businesses Increasingly Rely on Credit Cards
May 11, 2009In a worsening economy, small businesses are growing increasingly reliant on the use of credit cards to cover...
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Recession May Have Ended in April: Economists
May 11, 2009In the wake of a number of encouraging economic trends in recent weeks, some economists are beginning to...
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Job Losses Slow as Obama Urges Job Training for Unemployed
May 08, 2009Job losses slowed in April, even as overall unemployment reached its highest level in over 25 years,...
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FHA to Seek $800M to Cover Reverse Mortgage Losses
May 08, 2009The Federal Housing Administration (FHA) says that its finances are solid, but still expects to ask the...
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Realtors Call for New Consumer Mortgage Protections
May 07, 2009With foreclosure rescue scams and other predatory lending practices on the rise, the National Association of...
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Investors Voice Support for Mortgage Writedowns
May 07, 2009A group of mortgage investors is expressing their support for measures that would enable homeowners to reduce...
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Senate Approves Changes to Mortgage Relief Program
May 06, 2009Legislation passed by the U.S. Senate on Wednesday may give new life to a program for financially stressed...
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Report: One in Five Homeowners Now Underwater
May 06, 2009More than one in five U.S. homeowners now "underwater" on their mortgages, owing more than the home is worth...
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Construction Spending Rose In March
May 05, 2009Construction spending rose slightly in March, reversing five straight months of declines, according to...
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Fed Extends TALF to Cover Commercial Mortgages
May 05, 2009The Federal Reserve Board, which has been moving aggressively to breathe life into the residential real...
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Pending Home Sales Up in March
May 04, 2009Pending home sales rose in March, as first-time buyers took advantage of low prices and mortgage interest...
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134,000 Mortgages Modified in March
May 01, 2009U.S. mortgage lenders modified nearly 134,000 mortgages for at-risk homeowners in March for the second month...
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House Passes Limits on Credit Card Companies
May 01, 2009Legislation that would limit the ability of credit cards companies to raise interest rates and restrict other...
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