By Kevin Chiu Hampered by internal bank and mortgage servicing company delays, foreclosure notices fell to a 40 month low in April, declining 9% from the prior month and 34% from a year ago. The slowdown represented the seventh straight month of delays in the foreclosure crisis as a result of the moratorium put in… Continue reading Foreclosures Fall Seven Straight Months, But Still at Crisis Level
Category: Banks
Mortgage Rates Shoot Up As Applications Rise
By Kevin Chiu The volume of home mortgage applications for refinancing and purchases rose slightly higher for the week as mortgage rates took an abrupt jump. The rate on a fully executed 30-year fixed rate loan shot up 0.09 for the week, according to the Mortgage Bankers Association survey. Mortgage rates had been on a… Continue reading Mortgage Rates Shoot Up As Applications Rise
Survey Finds Congress Should Force Banks to Modify Mortgages
Congress should force bankers to modify mortgages for homeowners who are in trouble on their home loans instead of foreclosing, a new Housing Predictor survey has found. It’s been a subject of debate since the housing mess started more five years ago in many regions of the country, and especially since foreclosures hit record all-time… Continue reading Survey Finds Congress Should Force Banks to Modify Mortgages
Mortgage Rates Fall Two Weeks
By Mike Colpitts Mortgage rates fell for the second consecutive week as spring time weather gripped most of the nation to provide a boost for the home buying season, according to Freddie Mac. The rate on a fixed rate 30-year mortgage dropped to 4.71% from 4.78% the previous week. The rates on a 15-year fixed… Continue reading Mortgage Rates Fall Two Weeks
Refinancing Soars On Lower Mortgage Rates
By Kevin Chiu A five week drop in mortgage interest rates grabbed the attention of homeowners who are refinancing at the highest level since last December as refinances soared 13.2% for the week, according to the Mortgage Bankers Association. Mortgage applications for refinancing and new home loans combined rose 7.8% as the spring home buying… Continue reading Refinancing Soars On Lower Mortgage Rates
Interest Rates Fall Four Straight Weeks
By Mike Colpitts Mortgage interest rates fell for the fourth straight week to the lowest level of the year as an over supply of homes on the market pressure lenders’ to keep rates low to draw more buyers back into the market. The rate on a 30-year fixed rate mortgage had a fall of 0.08… Continue reading Interest Rates Fall Four Straight Weeks
Government Finds Foreclosure Oversight Needed
By Mike Colpitts Nearly three years after problems arose plaguing the U.S. in the foreclosure crisis, government regulators have found that federal agencies oversight of foreclosures has been limited, fragmented and needs to be corrected, according to the agency charged with investigating U.S. banks. In what has become the largest financial swindle in American history,… Continue reading Government Finds Foreclosure Oversight Needed
U.S. May Dump Homeowner Aid
By Mike Colpitts Little government aid is available to homeowners struggling to hold on to their homes caught in the grip of economic hardship, according to a leading attorney who is spearheading legal action against seven of the nation’s largest banks in the foreclosure crisis. Attorney Philip Kramer, whose firm Kramer-Kaslow of Calabasas, California has… Continue reading U.S. May Dump Homeowner Aid
Mortgage Qualifying Standards Tighten
By Kevin Chiu Qualifying for a conventional home mortgage has gotten tougher in the fallout of the financial crisis, but Freddie Mac and Fannie Mae requirements show that obtaining a conventional mortgage has gotten much tougher even before Congress implements changes as part of the Dodd-Frank Financial Reform Act. The average credit score approved for… Continue reading Mortgage Qualifying Standards Tighten
Mortgages Jump Higher as Rates Drop
By Kevin Chiu The volume of applications for home mortgages jumped higher for the week as mortgage rates dropped, according to the Mortgage Bankers Association. The composite index, a figure compiled from both new purchase applications and refinances jumped 8.2%. Refinancing led applications as homeowners with mortgages they were trying to get a lower rate… Continue reading Mortgages Jump Higher as Rates Drop