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, [...]
Lawsuits Canvas Top Mortgage Lenders
Class action lawsuits are popping up across the nation, not a surprise to many. Law firms are announcing their formation of sub-prime lending task forces and teams. The top players in the mortgage service industry all face litigation: Bank of America, Wells Fargo & Co., JP Morgan Chase & Co. and Citigroup Inc. In total [...]
More Changes for Lenders as Additional Foreclosures Loom
In a series of meetings this week at the Treasury Department, government officials reached a verbal agreement with executives from 25 mortgage companies on a new goal of completing 500,000 loan modifications by November 1, 2009. This comes in response to fears that the Obama administration will not meet their original goal of helping over [...]
Fed Proposes Changes for Mortgage Lenders
The Federal Reserve took steps to change mortgage broker compensation, improve mortgage disclosures and proposed new rules to bar U.S. mortgage brokers from getting more compensation when offering higher cost loans. Fed Chairman, Ben Bernanke, said during an open meeting of the board, ‘In recent years, consumers have been presented with a wider choice of [...]
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