‘Seasonality Disorder’ In The Housing Market?
Credit research company TransUnion has just released a report that shows mortgage loan delinquencies have increased and are up for the 12th quarter in a row. RealtyTrac predicts the number of foreclosures will increase to three million in 2010. Some experts see this number as conservative. The total unemployment number is also expected to rise [...]
FTC Proposes Up-Front Fee Ban for Mortgage Modifications
The Federal Trade Commission has proposed a new rule that would ban third party mortgage companies from charging up-front fees for mortgage modification and foreclosure rescue. Under the new FTC rule, third party mortgage companies would only receive payment after services are completed for the borrower. These companies would also be required to disclose the [...]
Coalition Proposes Mortgage Principal Reduction Plan
This week a group of mortgage investors proposed a principal reduction plan to congress. This proposal will encourage a new phase in the HAMP program and would also give homeowners the ability and incentive to pay their mortgage loans. These proposals are from the Mortgage Investors Coalition, lead by the Fortress Investment Group, a New [...]
FHA Announces Tighter Restrictions On Lending
This week the Federal Housing Administration announced tighter restrictions will be placed on lending requirements. This is being done in the hope of reducing risks and strengthening the nations’ financial health. FHA Commissioner, David Stevens outlined a set of policy changes that will enable the agency to fulfill its mission to provide access to home [...]
Existing Home Sales Decline
A real-estate industry report released this week showed existing home sales fell in the month of December. According to the National Association of Realtors, existing home sales dropped 16.7% nationally. This is the largest monthly drop on record in 40 years. Existing home sales totaled 5,156,000 in 2009, higher than the previous year by 4.9%. [...]
Report: HAMP Program Only Making A Dent In Foreclosure Crisis
A report released this week says the nation’s foreclosure crisis is on the verge of deepening. This is according to the State Foreclosure Prevention Working Group, which is made up of 12 state attorneys general and 3 banking regulators. The group collected data from 13 different mortgage servicers for two years. This is their fourth [...]
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