Qualifying For The New Foreclosure Relief Program
Last Friday the Obama administration announced their latest plans for helping consumers who are currently in foreclosure or are moving slowly toward the foreclosure process. The following information comes from administration statements and analysis of those plans from Goldman Sachs in New York. Help for the unemployed- Jobless mortgage holders can receive a three month [...]
‘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 [...]
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 [...]
Pending Home Sales Drop, Market Looks Bleak
The National Association of Realtors’ index on pending home sales dropped by 16% in November. This is more than three times what economists expected to see. The pending home sales index showed a decline in every region, 26% in the northeast and mid-west, 15% in the south and 3% in the west. The drop-off was [...]
Permanent Loan Modifications Difficult To Achieve
The Making Home Affordable Program has begun trial modifications for more than 650,000 eligible borrowers since being launched in February. According to data released by the Treasury Department, 1 in 5 eligible homeowners has enrolled in the program. Almost 900,000 borrowers have been offered trial modification plans and servicers have distributed over 2 million request [...]
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 [...]
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