More Mortgage Woes Ahead
When the Obama administration established programs in March to help home owners modify mortgage payments or refinance for a lower interest rate, the intent was to curb the foreclosure crisis and keep families in their homes. Now, seven months later, rates are ticking up, programs are expiring and foreclosure numbers are still on the increase. [...]
California Legislation Tightens Restrictions On Lenders
Governor Arnold Schwarzenegger has approved new legislation that will provide a wide range of protection to the borrowing consumer. The Governor signed seven new laws that will take effect at the beginning of next year starting with AB 260 which was authored by Assemblyman Ted Lieu (D-Torrance). AB 260 tightens restrictions on mortgage brokers which [...]
Fannie and Freddie Planning to Aide Lenders
Mortgage insurers Fannie Mae and Freddie Mac are planning aide to mortgage lenders. The plan is to create a program to help independent mortgage banks get access to short term credit needed to make home loans. Fannie Mae and Freddie Mac will provide advance commitments for the purchase of home mortgages that meet specific standards. [...]
Democrats Say Lenders Are Falling Short
Four U.S. Democrats introduced legislation on Wednesday that would slow record high foreclosure rates and stabilize the housing market. “This bill will force lenders to modify qualified mortgages, create a homeowners assistance program and give states a bigger role in mediation efforts, says Senator Dick Durbin (D), adding, voluntary efforts to keep families in their [...]
Resetting Option ARM’s Increasing Mortgage Delinquencies
The unemployment rate in the U.S. is now at 9.7%. A record 7.58% of U.S. homeowners with a mortgage were delinquent by at least 30 days in the August, up from 7.32% in July according to Equifax. August marked the fourth consecutive month with an increase in mortgage delinquencies. In the months leading up to [...]
First Time Home Buyer Tax Credit Deadline Looms
Upon the signing of the American Recovery and Reinvestment Act of 2009 (otherwise known as the “2009 economic stimulus plan” or “government stimulus package”), certain United States taxpayers became eligible for an $8,000 tax credit upon the purchase of a home. First time home buyers are looking for guidance while negotiating their way through the [...]
More Changes Ahead for Freddie Mac and Fannie Mae
A proposal released Wednesday by the Mortgage Bankers Association is asking congress to split Freddie Mac and Fannie Mae. The proposal outlines a detailed plan for restructuring the U.S. mortgage market by establishing a “proposed framework for a refined government role in the secondary mortgage market designed to ensure liquidity for mortgages without presenting unnecessary [...]
California Housing Woes To Continue
Trans Union, a Chicago based credit information company and one of the 3 largest credit reporting agencies in the U.S., reported this week that, “in the immediate future the percentage of California home loans that are delinquent by at least 60 days or are in foreclosure is projected to skyrocket to more than 14% by [...]
Fed Says Growth Likely To Return
Federal Reserve Chairman Ben Bernanke offered his most optimistic outlook on the economy since the financial crisis began last September. Bernanke, during his Jackson Hole Wyoming speech said, “After contracting sharply over the past year, economic activity appears to be leveling out, both in the United States and abroad, and the prospects for a return [...]
Mortgage Rates Rise as Foreclosures Increase
The Federal Reserve announced that the average rate of a 30 year fixed rate mortgage rose to 5.38%, up from 5.17% the week before. The average rate for a 15 year fixed rate mortgage is now at 4.71%, up from 4.6%. Real estate research firm Zillow reported on Tuesday that, while home values continue to fall, [...]
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