Mortgage applications for refinances and home purchases rose slightly for the week as the up and down spiral of the real estate recovery demonstrated its bumpy ride, according to the Mortgage Bankers Association. The leading index of mortgage applications in the U.S. moved a minor 2.7% higher during the week. The rise in applications came… Continue reading Mortgage Applications Rise Slightly
Category: Banks
Real Estate at Pennies on the Dollar
By Kevin Chiu California real estate investor Simon Volkov says stick it to the bank, and buy real estate at pennies on the dollar purchasing single family homes at wholesale prices. Volkov is a foreclosure and tax property note specialist, who urges investors to take advantage of the distress in the current marketplace to ring… Continue reading Real Estate at Pennies on the Dollar
Bankers Oppose Mortgage Retention Proposal
By Kevin Chiu Six federal agencies are proposing a rule that would require banks and mortgage companies to retain at least 5% of the mortgages they make, and not sell them to the investment market to hedge against credit risk. But the proposal is being opposed by the banking industry as part of the Dodd-Frank… Continue reading Bankers Oppose Mortgage Retention Proposal
California Realtor President Requests Aid in Short Sales
By Kevin Chiu Short sales were hardly ever heard of before the real estate collapse, but these days bank assisted short sales, in which lenders take less than what is owed on a mortgage are failing on at least 40% of those attempted, according to a Realtors organization. In a letter published in seven California… Continue reading California Realtor President Requests Aid in Short Sales
Freddie Mac Expands Mortgage Lending
By Kevin Chiu In an effort to stimulate more mortgage lending, Freddie Mac has extended its eight year agreement with independent banks, giving more than 5,000 lenders more access to funds to generate additional home loans. The program is targeted at independent community banks, which are facing more restrictive lending guidelines as a result of… Continue reading Freddie Mac Expands Mortgage Lending
Home Purchases Stall as Refinancing Grows
Applications for new home mortgages dropped as shopping for homes came to a stall last week, according to the Mortgage Bankers Association. However, refinancing increased to the highest level since last year. The seasonally adjusted purchase index fell 4% from the previous week, while refinances rose 0.9% to hit the best threshold since December. The… Continue reading Home Purchases Stall as Refinancing Grows
Wall Street Bankers Should Be Prosecuted, Survey Shows
In an over-whelming show of support Americans want those responsible for sending the U.S. economy into a massive downturn prosecuted by federal authorities, according to a new opinion poll. The finding was determined through the latest Housing Predictor poll, which surveyed visitors over Wall Street bankers actions related to the near freeze of the U.S.… Continue reading Wall Street Bankers Should Be Prosecuted, Survey Shows
New Homebuilders Brighter Future
By Kim Olson With the real estate market soft many homebuilders, especially large corporate homebuilders are still struggling. Real estate analysts say that the recovery will continue to be slow through 2011, and may in fact be a bit longer. Inventory of newly built homes is still high, with pending and closed sales down. Prices… Continue reading New Homebuilders Brighter Future
Mortgage Hiring Frenzy Expected
By Mike Colpitts New government imposed regulations in the mortgage industry are expected to drive a hiring frenzy of mortgage professionals even after the industry lost more than 10,000 jobs in February, according to the Labor Department. Demand for new regulatory compliance analysts, accountants, internal auditors and financial analysts is expected to drive the hiring… Continue reading Mortgage Hiring Frenzy Expected
Expecting Huge Penalties, Banks Want More Money Down
By Kim Olson Gone are the days when you could “put nothing down” to get a home mortgage. Lenders are pushing for bigger down payments, and want more money down, forcing borrowers to rethink just how much house they can afford. The developments come as the nation’s largest mortgage lenders, Bank of America, Wells Fargo… Continue reading Expecting Huge Penalties, Banks Want More Money Down