Home » Mortgage News » 2010 » January
Treasury Streamlines HAMP Loan Modification Guidelines
The Treasury Department is simplifying and standardizing key documents needed to apply for loan modifications under the government’s Home Affordable Modification Program (HAMP), in hopes of speeding approvals for homeowners seeking mortgage relief. Read More» |
Record 2.8 Million Foreclosures Reported in 2009
A record 2.8 million U.S. properties went into foreclosure last year, a 21 percent increase over the year before and more than double the number recording in 2007, according to figures released today by the foreclosure tracking company RealtyTrac. Read More» |
Mortgage Rates Hold Steady
Mortgage rates remained relatively unchanged this past week, according to the weekly Freddie Mac market survey. Read More» |
New Home Sales Drop for Second Month
New home sales fell to an annual rate of 342,000 in December, according to figures released today by the Commerce Department, exceeding the expectations of economists who had predicted a much smaller decline. Read More» |
Bank of America Signs On to Second Lien Modification Program
Bank of America has announced that it will participate in a government program to modify second liens on home mortgages, becoming the first lender to agree to do so. Read More» |
Home Prices Show Mixed Picture
Seasonally adjusted U.S. home prices posted a small increase in November, despite signs of weakness in several areas that present a mixed picture of the overall housing market. Read More» |
Rep. Frank Calls for Fannie, Freddie to be Eliminated
Fannie Mae and Freddie Mac, the giant lenders that support the majority of the U.S. mortgage market, should be abolished and replaced with a new system to back mortgage lending, according to U.S. Rep. Barney Frank, chair of the House Financial Services Committee. Read More» |
State Attorneys General Urge Mortgage Principal Markdowns
A task force of state attorneys general and banking regulators is calling for principal reductions on “underwater” mortgages in order to stem foreclosures in areas that have experienced steep declines in housing values. Read More» |
Mortgage Rates Drop Back Below 5 Percent
Mortgage interest rates fell back below the 5 percent threshold this past week, despite predictions that sharp increases are on the way as the government winds down a program designed to support credit markets. Read More» |
Mortgage Rates Drop Back Below 5 Percent
Mortgage interest rates fell back below the 5 percent threshold this past week, despite predictions that sharp increases are on the way as the government winds down a program designed to support credit markets. Read More» |
FHA Tightens Up Mortgage Lending Guidelines
Getting an FHA mortgage is about to get a bit more expensive and a bit more difficult. Read More» |
More Homeowners Approved for Permanent Loan Modifications
The number of permanent loan modifications finalized under the government’s Making Home Affordable Program more than doubled in December, following criticism that few homeowners were obtaining long-term mortgage relief under the program. |
FHA Mortgage Restriction Eased for Foreclosure Repurchases
To encourage the resale of foreclosed properties, the Department of Housing and Urban Development (HUD) is temporarily easing a restriction on the type of properties that can be bought with an FHA mortgage. Read More» |
Consumer Confidence Up Less Than Expected
Consumer confidence in the economy edged up slightly in early January, but not nearly as much as economists had expected. Read More» |
Foreclosures Hit 2.8 Million Homes in 2009
More than 2.8 million U.S. properties, or one home in 45, were subject to foreclosure in 2009, according to a year-end report released this week by the foreclosure data firm RealtyTrac. Read More» |
Mortgage Rates Ease for Second Week
Mortgage rates eased slightly for the second consecutive week, giving borrowers a respite after a December in which some interest rates by nearly half a percent. Read More» |
Mortgage Rates Predicted to Hit 6 Percent in 2010
Mortgage interest rates will jump to around 6 percent in the coming months, but then stabilize for the rest of the year, according to a new economic forecast from the Mortgage Bankers Association (MBA). Read More» |
Federal Reserve Posts Record Surplus in 2009
The Federal Reserve’s interventions this past year did more than goose the economy and send mortgage interest rates to record lows – the generated a tidy profit for the government as well. Read More» |
Minnesota AG Seeks Foreclosure Mediation Law
The Minnesota attorney general has said she and allies in the state legislature will try again this year to enact a foreclosure mediation law giving at-risk borrowers a chance to save their homes. Read More» |
Home Equity Delinquencies Hit Record High
Delinquencies on home equity loans hit a record high in the third quarter of the year, even while falling for most other types of consumer installment loans, according to new data from the American Bankers Association (ABA). Read More» |
Mortgage Rates Fall Back Slightly
Mortgage rates fell back slightly the first week of the year after posting sharp increases throughout December, according to the latest weekly survey from Freddie Mac. Read More» |
Las Vegas Home Prices Post First Increase in Three Years
Las Vegas has posted its first quarterly increase in housing prices in three years and Detroit led all U.S. metropolitan areas in housing price gains for the second consecutive month, as some of the nation’s most battered housing markets are showing signs of stability. Read More» |
Mortgage Applications Drop
Mortgage applications fell sharply just before Christmas, as rising interest rates seem to have dampened consumer interest in mortgage refinancing. Read More» |
Existing Home Purchases Drop Sharply
Pending home sales fell sharply in November, breaking a string of nine consecutive monthly increases, according to figures released today by the National Association of Realtors (NAR). Read More» |
HUD Lifts Cap on FHA Mortgage Origination Fees
FHA mortgages could get a bit more expensive for borrowers, now that the government has lifted a cap on what lenders can charge for originating the loans. Read More» |
Bernanke Says Lax Regulation to Blame for Housing Bubble
A lax economic policy was not the cause of the housing bubble and crash of the past decade, according to Federal Reserve Chair Ben Bernanke, who said stronger financial regulations and oversight are needed to prevent it from happening again. Read More» |