More Foreclosures Imminent
Assistant Secretary to Financial Stability, Herbert Allison, reported to the Senate Panel that the Government is considering a proposal to allow homeowners to remain in their homes as renters after foreclosure proceedings have ended… an attempt by the current administration to address the abundance of vacant homes across the country. Freddie Mac launched a similar [...]
Refinancing Boom Ending
The recent run-up in mortgage rates has cooled the recent refinancing boom. Refinancing applications fell 12% last week. Mortgage applications fell 7.2%. Freddie Mac reports 30-year mortgages averaged 5.59% this week, the highest since November 2008. Adjustable rate mortgages rose to 5.04%. The Federal Reserve had been buying up Mortgage Backed Securities in order to [...]
Mortgage Rates Jump
Thirty-year fixed mortgages jumped to 5.45 % last week, up from a low of 4.85 % in April and threatening to derail any economic recovery. The yield on10-year Treasury notes jumped to 3.9% last week as inflation leary investors demanded higher yields. In March, the Fed pledged to use up to $1.25 trillion to buy [...]
Mortgage Delinquencies Surge
The Federal Reserve reported that home mortgage delinquencies rose to 7.91%, the highest level since the Fed began tracking delinquencies. Credit card delinquencies, at 6.5%, are also at record highs. Commercial real estate delinquencies are also rising rapidly at 6.4%. The overall delinquency rate of all consumer loans stands at 4.7%, also a record.
Making Home Affordable
Banks accepting new Troubled Asset Relief Program (TARP) funds must also adopt President Obama’s mortgage modification plan says Shaun Donovan, Housing and Urban Development Secretary. Currently, only Fannie Mae and Freddie Mac are participating in the Making Home Affordable program. Some private banks may participate. The Obama administrations’ Making Home Affordable seeks to bring mortgage [...]
Mortgage Delinquencies Continue to Increase
The Office of the Comptroller of the Currency and the Office of Thrift Supervision report that mortgage delinquencies are still rising, and re-defaults of modified mortgages are high and rising quickly. The report covers two-thirds of all U.S. mortgages. Over 40% of loan modifications are at least 2 months delinquent within 8 months. 32% the [...]
Freddie Mac Chief Says Mortgage Rates Near Bottom
John Koskinen, Freddie Mac’s interim CEO, said that mortgage rates are near their bottom on friday. Any further rate decreases will be small. Freddie Mac’s Primary Mortgage Market Survey shows the 30-year fixed mortgages averaged 4.85 % for the week, down drom 4.98 % the week before and 5.85 % last year at this time. [...]
Federal Reserve Move Lowers Mortgage Rates Below 5%
The Federal Reserve will increase its purchases of mortgage-backed securities this year by $750 billion. This is on top of the $500 billion promised between January and June. Market watchers expect the move to drive down mortgage rates in coming weeks. Mortgage rates are already at near-record lows. Nationally, the average 30-year fixed mortgage was [...]
Second Homes Eligible for Refinancing Under Mortgage Plan
Initial reports from the White House and Treasury were that only owner occupied, primary residences would be eligible for refinancing under the mortgage relief plan. Now Fannie Mae and Freddie Mac are saying that loans they hold on second homes and small rental properties of less than 4 units are eligible, provided the loans are [...]
Obama’s Mortgage Relief Plan
Under the Housing Affordability and Stabilization Plan, lenders will be given incentives to try to slow foreclosures. The plan may help up to 5 million homeowners refinance mortgages, which they have been unable to because they owe more than 80 percent of the home’s value. The plan also provides incentives for lenders who modify the [...]
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