Category: Banks

Huge Mortgage Rates Jump

By Kevin Chiu Mortgage rates jumped higher to the highest level in ten months as applications for home mortgages tumbled, demonstrating further weakness in the housing market as many home buyers remained on the sidelines, according to the Mortgage Bankers weekly survey. The rate on a fully executed 30-year fixed rate mortgage increased to 5.13%,… Continue reading Huge Mortgage Rates Jump

Revolt Grows as More Homeowners Stop Paying Mortgages

By Mike Colpitts Millions of homeowners are living in their homes without paying mortgages as more mortgage holders revolt against banks and mortgage servicing companies in America’s growing foreclosure crisis. Some mortgage borrowers are trying to work with banks and mortgage companies. Others have tired over the hassles it takes to work with lenders to… Continue reading Revolt Grows as More Homeowners Stop Paying Mortgages

Federal Housing Agency Orders Halt to Home Resale Fees

By Mike Colpitts U.S. mortgage giants Freddie Mac and Fannie Mae will be halted from providing mortgages on homes that hold home resale fees under a new federal mandate. The decision, ordered by the Federal Housing Finance Agency, which oversees both government backed lenders, was ordered late Tuesday. It was contained in a proposal made… Continue reading Federal Housing Agency Orders Halt to Home Resale Fees

Underwater Homeowners Receive Little Aid

By Mike Colpitts Underwater homeowners struggling to pay mortgages are getting little aid from an Obama administration program aimed at helping upside down mortgage holders at risk of losing their homes nearly a half a year after the program went into effect. There have been just 40 U.S. homeowners helped by the FHA short refinancing… Continue reading Underwater Homeowners Receive Little Aid

Markets Forecast to Rise with Housing Inflation

In a turning point that demonstrates U.S. housing markets are making a recovery, Housing Predictor is forecasting that local markets in seventeen states will experience housing inflation in 2011. The states are dominated by the Mid-west and most Northern regions that were less affected by harmful new mortgage lending products during the real estate bubble,… Continue reading Markets Forecast to Rise with Housing Inflation

Mortgage Volume Slows as Applications Decline

By Mike Colpitts Refinancing applications fell to the lowest level in more than a year and mortgage applications for new purchases also declined for the week, demonstrating mixed signals for the housing market, according to the Mortgage Bankers Association. The composite index, a measure of loan application volume showed a decline of 12.9% on a… Continue reading Mortgage Volume Slows as Applications Decline

Efforts Grow Against Bad Bank Behavior

By Kevin Chiu Billions of dollars in damages are being sought against bank executives through lawsuits as foreclosure fraud class actions pile up against major banks. The lawsuits are besieging an industry that racked up record profits as a result of bad bank behavior in what amounts to the U.S. largest series of alleged fraud… Continue reading Efforts Grow Against Bad Bank Behavior