In a move hailed as a last gasp for the subprime mortgage business, Wells Fargo Bank has announced it is leaving the subprime business. The decision made Wells the last big conventional bank to exit subprime following the demise of Countrywide and Washington Mutual in the lending industry. The two former mortgage titans were acquired… Continue reading Wells Fargo Exits Subprime Business
Category: 2010 Housing Market
Mortgage Rates Drop to New Low
By Mike Colpitts Mortgage rates on a conventional 30-year fixed loan dropped one-one-hundredth of one percent lower for the week on average to a new historic low, according to Freddie Mac. The 4.57% average prompted a wide increase in home refinancing. “With mortgage rates falling to historic lows, refinance activity has been strong over the… Continue reading Mortgage Rates Drop to New Low
$100 Home Deal Not Dead
The federal $100 home deal that started out in one of the nation’s hardest hit foreclosure centers is expanding into more states. The move is part of government efforts to revitalize neighborhoods devastated by the foreclosure crisis. The program was launched in Cleveland, Ohio allowing non-profits to take control of homes that were foreclosed as… Continue reading $100 Home Deal Not Dead
Opinion Poll: Americans Divided on Home Tax Credit
In an amazing study of public uncertainness, Americans are divided on whether states should offer tax credits to incentivize home buyers to purchase a home. The new Housing Predictor online opinion poll found that almost by an identical margin respondents were unsure whether states with their troubled finances should provide tax credits to home buyers. A… Continue reading Opinion Poll: Americans Divided on Home Tax Credit