Category: 2011 Housing Market

Freddie Mac and Fannie Mae Foreclosure Preventions Double

By Kevin Chiu The number of foreclosure preventions by mortgage giants Freddie Mac and Fannie Mae doubled in 2010 over a year earlier, according to the Federal Housing Finance Agency formed to administer the failed government lenders. But remains drastically under what the White House promised to deliver. Combined preventative measures by both mortgage giants… Continue reading Freddie Mac and Fannie Mae Foreclosure Preventions Double

Home Purchases Jump as Mortgage Applications Rise

By Kevin Chiu Mortgage applications rose sharply for both refinancing and home purchases as lower rates drove more consumers back to the marketplace, according to the Mortgage Bankers Association weekly survey. Applications for home purchases had a jump to the highest level they have reached for the year. Refinances also jumped 17.2% to reach their… Continue reading Home Purchases Jump as Mortgage Applications Rise

U.S. Flooded in Underwater Homes

By Mike Colpitts More than one out of four homes in the U.S. with a mortgage is in or near negative equity as the nation is flooded in underwater homes, according to a major real estate research firm. The data indicates a declining number of homeowners with mortgages that are upside down on their homes… Continue reading U.S. Flooded in Underwater Homes

Victims of a Reverse Mortgage

Part 2 Mandatory HUD counseling required for reverse mortgages does not protect or help the borrower. The counseling is never done with the final figures of the contract, which changes absolutely everything, including the terms, disclosures, costs and fees, the amount of funds (money) to the borrower and most of all the ability to understand… Continue reading Victims of a Reverse Mortgage

Expecting Huge Penalties, Banks Want More Money Down

By Kim Olson Gone are the days when you could “put nothing down” to get a home mortgage. Lenders are pushing for bigger down payments, and want more money down, forcing borrowers to rethink just how much house they can afford. The developments come as the nation’s largest mortgage lenders, Bank of America, Wells Fargo… Continue reading Expecting Huge Penalties, Banks Want More Money Down

Baby Boomers Celebrate 65 by Moving Homes

By Mike Colpitts The first baby boomers hit 65-years-old this year, but they won’t be living like their parents as they enter senior–hood in a whole new way defying the odds, and living longer moving homes more than most could have imagined. A combination of better diets, exercise and medical science is driving the expectation… Continue reading Baby Boomers Celebrate 65 by Moving Homes

Anti-Flipping Rule Eliminated

By Keisha Joseph In order to accelerate foreclosure sales the FHA has eliminated a temporary waiver of their anti-flipping rule. The extension will last until the end of this year, allowing home buyers to obtain FHA-insured loans to purchase foreclosed properties. The length of time the homeowner has held title is no longer a factor.… Continue reading Anti-Flipping Rule Eliminated

Mortgage Rates Drop Three Straight Weeks

Mortgage rates showed a drop for the third week in a row averaging just 4.87% on a 30-year fixed rate loan, according to Freddie Mac. The average dropped to the lowest level in more than a month as lenders slashed rates to get borrowers back into the market, down from an average of 4.95% last… Continue reading Mortgage Rates Drop Three Straight Weeks

Paying Homeowners Money to Stay Works

By Mike Colpitts A former Wall Street banker, who started a company to save homeowners with mortgages from foreclosure has enrolled just short of 10,000 borrowers in its RH Reward program that is paying cash rewards to hurting homeowners. The plan works with banks and other financial institutions, including hedge funds to work with upside… Continue reading Paying Homeowners Money to Stay Works