By Mike Colpitts Home purchase mortgage applications jumped as a result of the second lowest mortgage rates on record, but overall home loan activity barely budged last week as applications slowed by a thin margin (1.2%), according to the Mortgage Bankers Association. The jump in mortgage buying activity for home purchases, however, is a positive… Continue reading Home Purchases for Low Mortgage Rates Jump
Category: Banks
US Offers Foreign Residency for Real Estate
By Jeanne Roberts It’s an interesting offer – As a foreigner, buy a home in the United States for $500,000 or more and get a visa that lets you also live in the country. Buyers could also qualify for the visa by purchasing a $250,000 home and spending an equivalent amount on residential real estate… Continue reading US Offers Foreign Residency for Real Estate
Short Sales Projected to Skyrocket
By Mike Colpitts Bank assisted short sales or the lender approved selling of homes at less than what is owed on a mortgage, are projected to skyrocket in 2012 as banks and mortgage lenders come to grips with the mess the U.S. housing market has been in for five years. Short sales are forecast to… Continue reading Short Sales Projected to Skyrocket
Banks Should Be Forced to Modify Mortgages
Americans believe banks have ripped all of us off big, judging by the results of the latest Housing Predictor poll. An over-whelming majority of those surveyed say banks should be forced to modify mortgages to help the U.S. economy, a new poll found. An astounding 83% said the same banks that got us into the… Continue reading Banks Should Be Forced to Modify Mortgages
Americans Unload Homes, Debt at Unprecedented Level
By Kevin Chiu Americans are unloading debt levels at unprecedented rates as they reduce mortgage rates through refinancing, pay down credit cards, loans on cars and in millions of cases let homes go back to banks and mortgage companies at unprecedented levels. The inventory of homes in the foreclosure pipeline not yet formally counted as… Continue reading Americans Unload Homes, Debt at Unprecedented Level
States Investigate Banks Criminal Acts in Foreclosure Crisis
By Mike Colpitts New York’s Attorney General was one of the first to pull out of the 50 state negotiations with big Wall Street banks in the robo-signing scandal, and now the same state’s Attorney General is investigating criminal acts by the same firms tied to the foreclosure crisis. “This was a man made crisis,”… Continue reading States Investigate Banks Criminal Acts in Foreclosure Crisis
Mortgage Originations Pick-Up as Rates Level Off
By Mike Colpitts Mortgage originations picked-up last week as home purchases rose, according to the Mortgage Bankers Association. Purchase applications jumped 6.4% from the previous week. Homeowners shopping for refinancing also applied for lower rate mortgages in rising numbers. Refinances rose 4.4% as mortgage rates remained about the same compared to the prior week. The… Continue reading Mortgage Originations Pick-Up as Rates Level Off
Defining U.S. Socialism Hurts With Freddie Mac and Fannie Mae
By Jeanne Roberts Freddie Mac and Fannie Mae are the U.S. two largest mortgage holders. Between them, they own 75% of all the home loans issued in the nation. Thanks to the bursting of the housing bubble and the resulting fallout, the American taxpayer – under the umbrella of the U.S. government, also owns 80%… Continue reading Defining U.S. Socialism Hurts With Freddie Mac and Fannie Mae
New Mortgage Credit Risk Analysis In Development
By Mike Colpitts Two of the nation’s largest financial firms have teamed up to produce a new credit risk analysis scoring product to determine whether mortgage applicants qualify for home loans. A division of CoreLogic, Credco and FICO – the leading provider of analytics and decision management technology for the financial industry signed an agreement… Continue reading New Mortgage Credit Risk Analysis In Development
Robo-Signing Settlement Stalls
By Kevin Chiu The CEO of one of the U.S. biggest banks charged with illegal foreclosure practices leading to the robo-signing scandal says mortgage servicers and state attorney generals are stalled in negotiation talks to reach a settlement. JP Morgan Chase chief executive officer Jamie Dimon says that negotiations are held up over an agreement… Continue reading Robo-Signing Settlement Stalls