By Kevin Chiu Protestors staged a massive demonstration and sit-in at Bank of America’s Boston headquarters Friday evening to protest the unfair lending practices the nation’s largest bank has used against homeowners. Dozens of families facing foreclosure were among the estimated 3,000 people carrying banners, banging drums and confronting the lender for its role in… Continue reading Thousands Protest Against Bank of America
Category: Banks
Local Banks May Hold Recovery Key
By Mike Colpitts The banks that didn’t get the U.S. into the financial crisis may be the avenue to help the housing market, according to the National Association of Realtors president. Local community banks may hold the key to the nation’s future for home mortgage lending. “Buyers may be able to find more favorable credit… Continue reading Local Banks May Hold Recovery Key
Builders Warn Against Home Sales to Banks
By Mike Colpitts Financial giants like Goldman Sachs, Bank of America, JP Morgan Chase and private hedge funds should be prevented from purchasing the glut of foreclosed homes held by Freddie Mac, Fannie Mae and the FHA, the National Association of Homebuilders warns. Testifying before the Senate Subcommittee on Housing, Transportation and Community Development, NAHB… Continue reading Builders Warn Against Home Sales to Banks
Mortgage Rates Massive Record Drop
By Mike Colpitts Mortgage rates dropped to the lowest rate in U.S. recorded history this week on the heels of the Federal Reserve announcement that the Fed will buy additional mortgage-backed securities. The massive drop in rates rocketed the average 30-year fixed rate mortgage to 4.01%, and the shorter term fixed rate loan to another… Continue reading Mortgage Rates Massive Record Drop
Mortgage Originations Surge on Record Low Rates
By Mike Colpitts Driven by the lowest interest rates in U.S. history, mortgage originations soared for the third straight week as loan buyers moved to take advantage of lower mortgage rates. Loan applications jumped 9.3% last week, according to the Mortgage Bankers Association. Refinances saw the largest surge in mortgage applications, rising 11.2% for the… Continue reading Mortgage Originations Surge on Record Low Rates
Likely Failure in Robo-Signing Talks
By Mike Colpitts Talks between State Attorney Generals in Washington, D.C. and representatives of the Obama administration have yet to provide a settlement for the robo-signing scandal, and many of President Barack Obama’s critics expect that any agreement with bankers will be a sellout of mammoth proportions. Negotiations between the U.S. Justice Department and the… Continue reading Likely Failure in Robo-Signing Talks
Mortgage Applications Climb As Rates Tick Up
By Kevin Chiu Applications for home mortgages climbed last week as interest rates moved slightly higher on finalized contracts, according to the Mortgage Bankers Association. Refinances grew a modest 1.3%, while purchase money applications also rose a smaller 1.1% across the U.S. The increase was driven by government loan applications, especially for FHA mortgages that… Continue reading Mortgage Applications Climb As Rates Tick Up
Bank Regulators to Review 4.5 Million Mortgages
By Mike Colpitts U.S. banking regulators will review as many as 4.5 million mortgages to determine the gravity of foreclosure fraud at 14 bank servicing companies. The investigation will determine how many homeowners were damaged in the robo-signing scandal, according to Acting Comptroller of the Currency John Walsh. Walsh made the announcement during a speech… Continue reading Bank Regulators to Review 4.5 Million Mortgages
Record Low Mortgage Rates Trigger Investors Jump in Real Estate
By Mike Colpitts Real estate investors are ditching other investment assets to buy homes and properties in rising numbers. Record low all-time mortgage rates combined with the lowest housing affordability rate in more than 20 years make it time to buy real estate for many investors. But if you’re counting on getting a loan to… Continue reading Record Low Mortgage Rates Trigger Investors Jump in Real Estate
Trouble Qualifing for Low Mortgage Rates
By Jeanne Roberts Home prices are way, way down from their peak just a few years ago. So are interest rates. It’s easy to find 15-year mortgage rates below 3.5% and 30-year fixed rate mortgages just above 4%. Which leaves some would-be refinancers (and buyers) wondering why they can’t get the loan or house of… Continue reading Trouble Qualifing for Low Mortgage Rates