OCC Calls for Minimum Mortgage Standards

By:

Kirk Haverkamp - MortgageLoan.com | 11/19/2009 - 6:31pm

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.

New Home Starts Drop Sharply

By:

Kirk Haverkamp - MortgageLoan.com | 11/18/2009 - 7:13pm

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.

Mortgage Delinquencies at All-Time High

By:

Kirk Haverkamp - MortgageLoan.com | 11/17/2009 - 4:48pm

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.

First-Time Homebuyers Set Record Share of Purchases

By:

Kirk Haverkamp - MortgageLoan.com | 11/16/2009 - 6:50pm

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.

FHA Reserve Fund Falls to Fraction of Required Minimum

By:

Kirk Haverkamp - MortgageLoan.com | 11/13/2009 - 5:59pm

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.

Foreclosure Rates Decline for Third Straight Month

By:

Kirk Haverkamp - MortgageLoan.com | 11/12/2009 - 7:09pm

Foreclosure filings fell for the third consecutive month in October, but still remained at an elevated level, according to figures released today by RealtyTrac.

Mortgage Rates Fall to Lowest Level Since Spring

By:

Kirk Haverkamp - MortgageLoan.com | 11/12/2009 - 6:38pm

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.

Delays Reported in Making Trial Loan Modifications Permanent

By:

Kirk Haverkamp - MortgageLoan.com | 11/11/2009 - 6:19pm

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 after the three month trial period has ended.

Median Home Prices Rise for Second Consecutive Quarter

By:

Kirk Haverkamp - MortgageLoan.com | 11/10/2009 - 6:41pm

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.

Share of "Underwater" Mortgages Declines

By:

Kirk Haverkamp - MortgageLoan.com | 11/09/2009 - 7:11pm

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.

Fannie Mae Announces Rent-to-Stay Foreclosure Relief Program

By:

Kirk Haverkamp - MortgageLoan.com | 11/06/2009 - 6:23pm

Some homeowners facing foreclosure will be able to remain in their property as renters under a new program announced Thursday by Fannie Mae.

Senate Approves Homebuyer Tax Credit Extension

By:

Kirk Haverkamp - MortgageLoan.com | 11/05/2009 - 6:00pm

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 President Obama is considered certain. The House is expected to vote to approve the measure today and send it to the president for his signature.

Job Losses Decline for Seventh Straight Month

By:

Kirk Haverkamp - MortgageLoan.com | 11/04/2009 - 6:19pm

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 smallest decrease since July 2008. September’s job losses were also revised to 227,000, a 27,000 improvement over the previous estimate of 554,000.

Homeowners Save $3 Billion by Refinancing Mortgages

By:

Kirk Haverkamp - MortgageLoan.com | 11/03/2009 - 10:10pm

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.