The Obama administration is working to boost mortgage lending to borrowers with less-than-perfect credit, using a coordinated effort among federal agencies and lenders, the Washington Post is reporting.
The number of homes in foreclosure is on the rise but that doesn't mean more homeowners are falling into financial difficulty, according to figures released today by the foreclosure tracking firm RealtyTrac.
Homeowners who have fallen behind on their Fannie Mae or Freddie Mac mortgages will be eligible for a new, simplified loan modification program beginning the summer, the Federal Housing Finance Agency (FHFA) has announced.
A group of state attorneys general are calling for the replacement of Federal Housing Finance Agency head Edward DeMarco, saying his refusal to allow mortgage principle reductions is unduly prolonging the foreclosure crisis.
Mortgage refinance demand picked up this week, with applications for new loans up by a seasonally adjusted 4 percent over the week before, according to today's figures from the Mortgage Bankers Association (MBA).
The average mortgage borrower in 2012 paid an interest rate of 3.90 percent on a 30-year loan and put up a down payment or home equity of 21 percent, according to a year-end review by mortgage software provider Ellie Mae.
Two tax protections for mortgage borrowers were extended for at least another year as part of the fiscal cliff agreement approved by Congress, while the mortgage interest deduction itself went untouched.