Category: Banks

Record Lows Drive Mortgages to Sizzle

By Mike Colpitts Driven by record low mortgage rates, applications for new mortgages soared to their highest level since 2009 as consumers applied for refinancing and new home mortgages in growing droves, according to the Mortgage Bankers Association. Refinance applications jumped by a sizzling 19% from the previous week, and purchase applications also climbed 12.8%… Continue reading Record Lows Drive Mortgages to Sizzle

Mortgage Rates Make Incredible Drop

By Mike Colpitts Despite yields being paid to investors on U.S. Treasury bonds rising, mortgage rates dropped for the eighth straight week to another historic all-time low. The rate on a fixed 30-year mortgage fell to an incredible average of 3.67%, down from last week when it averaged 3.75%, according to Freddie Mac. The 30-year… Continue reading Mortgage Rates Make Incredible Drop

Refinances Soar Three Straight Weeks

By Mike Colpitts Fueled by record low mortgage rates, refinances soared for the third straight week as consumers applied for new home mortgages to take advantage of lower mortgage payments, according to the Mortgage Bankers Association. The jump in refinancing, which rose 5.6% for the week ending May 18, is being sparked by the lowest… Continue reading Refinances Soar Three Straight Weeks

Former Police Officers in Group of 26 Pleading Guilty in Fraud Scheme

By Mike Colpitts Four retired Las Vegas police officers and two real estate agents are among a group of 26 people who have pled guilty to federal charges related to a major fraud scheme involving a dozen Nevada condominium complexes. Federal prosecutors say the conspiracy was bank rolled with more than $8 million funneled through… Continue reading Former Police Officers in Group of 26 Pleading Guilty in Fraud Scheme

Healing Real Estate Market Behind the Numbers

By Ryan Jackson The bread and butter of the housing market, single family home sales rose just 3% in April to 4.09 million units, according to the National Association of Realtors. Although the increase represents an improvement for the U.S. housing market, it shows a healing upturn in the pace of sales going into the… Continue reading Healing Real Estate Market Behind the Numbers

Former Homeowners Not Applying for Aid

By Mike Colpitts More than 4-million former homeowners whose homes may have been foreclosed illegally by the nation’s largest banks have received letters from the U.S. government asking them if they would like their foreclosures to be reviewed. But so disillusioned by the banking industry and their own situations, the over-whelming majority have failed to… Continue reading Former Homeowners Not Applying for Aid

Home Buying Picks Up

By Mike Colpitts Ushered in by near record low mortgage rates, evidence of a pick up in home buying is beginning to develop as the annual spring home buying season turns into high gear, with an increase in home purchase applications for mortgages, according to the Mortgage Bankers Association. The announcement is good news for… Continue reading Home Buying Picks Up

States Rip Off Foreclosure Victims

By Mike Colpitts Almost $1-billion targeted to victims of banking foreclosure fraud is being ripped off from foreclosure victims to be used to pay for other programs for states facing serious financial deficits. The nation’s largest five banks agreed to pay a $25 billion settlement as part of their agreement to settle allegations of illegal… Continue reading States Rip Off Foreclosure Victims

Bank of America Increases Short Sale Payments

By Ryan Jackson Bank of America, which has performed more foreclosures than any other single U.S. lender is raising the amount of money it pays delinquent homeowners to agree to a short sale. The program will pay any where from $2,500 to $30,000 in relocation assistance to qualifying mortgage holders. The program is hoped to… Continue reading Bank of America Increases Short Sale Payments