Category: Banks

Treasuries Trigger Lower Mortgage Rates

By Mike Colpitts U.S. Treasury bonds unexpectedly hit their lowest level in more than two years Monday as financial markets reacted to the S&P downgrade of U.S. credit. The drop in Treasury rates, hitting 2.32% on the benchmark 10-year note in late afternoon trading was a reversal from what financial analysts had expected, sending mortgage… Continue reading Treasuries Trigger Lower Mortgage Rates

Higher Mortgage Rates Likely on Credit Downgrades

By Kevin Chiu The two U.S. giant credit rating agencies, Standard and Poor’s and Moody’s are likely to downgrade the nation’s credit rating from AAA to double A as a result of the government’s financial boondoggle. Should that occur, the impact is going to be massive for mortgage interest rates and other loans. Home mortgage… Continue reading Higher Mortgage Rates Likely on Credit Downgrades

States Balk at Banks Foreclosure Deal

By Kevin Chiu A move by five of the U.S. largest banks to reportedly limit their liability over illegal foreclosures is being rejected by at least three states now investigating lenders for their roll in the robo signing scandal. Massachusetts Attorney General Martha Coakley added the state’s name to the growing list of states refusing… Continue reading States Balk at Banks Foreclosure Deal

MERS Order May Provide Greater Transparency

By Mike Colpitts An order from the nation’s electronic registration company that halts banks and mortgage servicing companies from foreclosing on homes in MERS name may result in greater transparency for homeowners in foreclosure and could actually be of help to consumers. “I think it’s a good step in the right direction,” said National Consumer… Continue reading MERS Order May Provide Greater Transparency

Equifax Survey Shows Credit Improvement

By Kevin Chiu Mortgages made to applicants for home purchases and refinancing were down 4% in July from a year ago as weaknesses in job growth and auto sales took a toll on the economy, according to Equifax Credit Forecast Company. But defaults dropped sharply and other areas of credit extended to consumers, including home… Continue reading Equifax Survey Shows Credit Improvement

Countrywide CEO Troubled by Mortgage Lending Practices

By Mike Colpitts Former Countrywide Lending CEO Angelo Mozilo was troubled by his former company’s lending practices, especially problems that could arise from ALT-A adjustable rate mortgages, emails between Mozilo and former company employees’ show. The emails came to light during a federal investigation into the nation’s former giant mortgage lender. The sun tanned ex-Countrywide… Continue reading Countrywide CEO Troubled by Mortgage Lending Practices

Banks Demolish Thousands of Homes

By Mike Colpitts Swamped by foreclosures banks and mortgage lenders are demolishing homes in some of the hardest hit real estate markets in the U.S. after they foreclose on them in order to free up capital and get a tax write-off on the properties. JP Morgan Chase donated 1,900 homes since 2008 to be demolished… Continue reading Banks Demolish Thousands of Homes

Mortgage Volume Jumps on Lower Interest Rates

Mortgage volume jumped last week to the largest level in four months as low interest rates drove homeowners to refinance loans, according to the Mortgage Bankers Association. The upbeat news is likely to spur more refinancing activity this week. The bankers’ composite index, a combination of refinances and new home mortgages rose 15.5% on a… Continue reading Mortgage Volume Jumps on Lower Interest Rates

Taking a Loss On Your Own Home

By Kevin Chiu It’s a beating that’s hard to take –a financial loss on your own home. Just a handful of years ago you couldn’t go any where in public without over hearing how hot the housing market was. People were buying and selling property as much as they could afford or were allowed to.… Continue reading Taking a Loss On Your Own Home