By Mike Colpitts Following weeks of rumors and speculation, President Barack Obama said he would be sending Congress a proposal to provide refinancing for underwater homeowners that will save borrowers up to $3,000 a year during his State of the Union Speech last night. The announcement could not have come with better timing. Mortgage applications… Continue reading Refinancing Underwater Mortgage Program Proposed
Category: Banks
Mortgage Rates Tick Lower
By Kevin Chiu Mortgage rates, already at their lowest levels on record, ticked a single basis point lower on the fixed rate 30-year mortgage, according to Freddie Mac. The weekly survey showed that the heavily watched mortgage average edged slightly lower to 3.88% to a new all-time record low. However, the shorter 15-year fixed rate… Continue reading Mortgage Rates Tick Lower
Refinances Leap to New High on Low Mortgage Rates
By Kevin Chiu Refinancing mortgages leaped to a new high as homeowners came out in force to obtain lower mortgage rates prompted by the recently introduced Obama administration refinance program, according to the Mortgage Bankers Association. The jump in loan applications came as borrowing costs hit record low rates. Refinances saw a leap of 26.4%… Continue reading Refinances Leap to New High on Low Mortgage Rates
Record Low Mortgage Rates Push Pick Up
By Mike Colpitts Driven by an increase in home purchases, mortgage applications picked up for the week as buyers took advantage of record low mortgage rates, according to the Mortgage Bankers Association. The sharp increase in home sales accounted for an 8.1% rise in mortgage applications after the holiday week placed by home buyers for… Continue reading Record Low Mortgage Rates Push Pick Up
Tougher Sanctions on Banks Proposed
By Kevin Chiu U.S. Senator Sherrod Brown (D-OH) is calling for tougher sanctions on banks abandoning homes they foreclose on leaving tax payers on the hook to maintain properties, and tougher standards to prevent evictions of families. “Too many Wall Street banks are walking away from too many Ohio Main Street communities,” said Brown. “And… Continue reading Tougher Sanctions on Banks Proposed
Attorney General Moves to Recover Homeowner Damages
By Kevin Chiu Florida Attorney General Pam Bondi is going after foreclosure attorney David J. Stern in state court in an aggressive effort to speed up the court case against the foreclosure kingpin. The state’s top prosecutor has filed a motion asking the Fourth District Court of Appeal to certify a decision that makes a… Continue reading Attorney General Moves to Recover Homeowner Damages
Lawmakers Expand Role of Freddie Mac and Fannie Mae
By Mike Colpitts Instead of reducing their role in the U.S. mortgage market as lawmakers assured voters, Congress has increased the government’s part in the home mortgage market, and is expected to keep a major portion of Freddie Mac and Fannie Mae under government control for at least a decade. Under the agreement to extend… Continue reading Lawmakers Expand Role of Freddie Mac and Fannie Mae
Foreclosure Activity Drops 34% in 2011
By Mike Colpitts Court ordered moratoriums halting foreclosures produced a 34% drop in the number of homes entering the foreclosure process in 2011, according to foreclosure tracker RealtyTrac. The slowdown in activity came as lenders reviewed foreclosures in the pipeline after bank servicing employees admitted to making illegal forgeries on what is likely to be… Continue reading Foreclosure Activity Drops 34% in 2011
Riskiest Real Estate Bet in 2012
By Kevin Chiu Vacation destination housing markets like Honolulu, posh Hilton Head, South Carolina or beautiful Miami Beach have challenges of their own, and they may be the real estate industry’s riskiest bet in 2012. Each hold traditional housing markets with year-round residents, but the condominium and vacation homes that are sought by vacationers and… Continue reading Riskiest Real Estate Bet in 2012
Real Estate Recovery Hard to Fathom
By Kevin Chiu Sometimes it’s hard to fathom. But there isn’t going to be a full-fledged recovery from this real estate crash for many years to come. For some reason a lot of people want to believe that things will somehow mercifully get better—and get better fast – like over night. Some areas of the… Continue reading Real Estate Recovery Hard to Fathom