By Mike Colpitts Bolstered by a jump in home refinances, home mortgage applications surged higher last week on to nearly a record breaking pace. The Mortgage Bankers Association Refinance Index increased 9.4% from the prior week. The average contracted mortgage rate on a fixed 30-year loan dropped to 4.05%, the lowest in the history of… Continue reading Refinances Surge on Record Low Mortgage Rates
Category: Banks
Feds Reach Mortgage Deal with 49 States
By Mike Colpitts The U.S. government and 49 states attorneys general have reached a landmark $25-billion agreement over the robo-signing scandal with the country’s largest five banks. The unprecedented deal closes a chapter in the nation’s foreclosure crisis, which has cost millions of homeowners their homes. The agreement offers financial relief to some homeowners caught… Continue reading Feds Reach Mortgage Deal with 49 States
Time Running Out for Short Sales
By Mike Colpitts Time may be running out for homeowners hoping to do a short sale on their home and not get hit with a big federal tax bill because they had to walk away from their mortgage. The Mortgage Forgiveness Debt Relief Act approved by Congress is scheduled to expire at the end of… Continue reading Time Running Out for Short Sales
Private Equity Firms Purchase Fannie Mae Foreclosures
By Kevin Chiu The bulk sale of foreclosed Fannie Mae homes to private equity firms will place foreclosures right back into the very hands of some of the banks and investors which triggered the foreclosure crisis by manipulating financial markets. Fannie Mae is inviting investors to become joint venture partners in the biggest bulk sale… Continue reading Private Equity Firms Purchase Fannie Mae Foreclosures
Mortgage Rates Jump on Fewer Applications
By Mike Colpitts Banks and mortgage companies raised mortgage rates on new borrowers this week as the demand for new home loans and refinancing sunk, according to Freddie Mac. The rate on the benchmark 30-year fixed rate mortgage saw a jump to 3.98%, a tenth of one-percent higher than last week. The rate was at… Continue reading Mortgage Rates Jump on Fewer Applications
SEC Charges Bank CEO with Misleading Investors
By Mike Colpitts Almost five years after the housing market collapse, the Securities and Exchange Commission (SEC) charged a bank CEO with misleading investors about growing problems over its real estate loan portfolio. The SEC said BankAtlantic Bancorp CEO Alan Levan made misleading statements in public filings and earnings calls in order to hide the… Continue reading SEC Charges Bank CEO with Misleading Investors
FHA Cracks Down on Mortgage Lenders
By Kevin Chiu The Federal Housing Administration (FHA) will toughen its standards to approve mortgage lenders doing business with the government, and force more banks and mortgage companies to buy back defaulted mortgages in a major move to crack down on mortgage lenders. The federal government’s changes are part of an effort to improve mortgage… Continue reading FHA Cracks Down on Mortgage Lenders
Refinancing Underwater Mortgage Program Proposed
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
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