Category: Banks

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

Paying Homeowners Money to Stay Works

By Mike Colpitts A former Wall Street banker, who started a company to save homeowners with mortgages from foreclosure has enrolled just short of 10,000 borrowers in its RH Reward program that is paying cash rewards to hurting homeowners. The plan works with banks and other financial institutions, including hedge funds to work with upside… Continue reading Paying Homeowners Money to Stay Works

Refinances Lead Mortgage Rise as Rates Drop

Pushed by higher interest rates over the last month, mortgage applications saw a rise from a week ago as home purchases and refinancing shot upward. Refinances led the increase in volume by 17.8%, while purchase money applications rose a seasonally adjusted 5.1%, according to the Mortgage Bankers Association. The combined market composite index for mortgages… Continue reading Refinances Lead Mortgage Rise as Rates Drop

Regulator Confirms Banks Broke Laws in Robo-Signing

By Kevin Chiu Banking regulators are in the process of determining how mortgage servicing companies and banks will suffer for breaking laws in the foreclosure robo-signing scandal, according to the head of the U.S. Office of the Comptroller of Currency. The charges have been a financial and public relations catastrophe for banks and mortgage companies… Continue reading Regulator Confirms Banks Broke Laws in Robo-Signing

Huge Mortgage Rates Jump

By Kevin Chiu Mortgage rates jumped higher to the highest level in ten months as applications for home mortgages tumbled, demonstrating further weakness in the housing market as many home buyers remained on the sidelines, according to the Mortgage Bankers weekly survey. The rate on a fully executed 30-year fixed rate mortgage increased to 5.13%,… Continue reading Huge Mortgage Rates Jump

Revolt Grows as More Homeowners Stop Paying Mortgages

By Mike Colpitts Millions of homeowners are living in their homes without paying mortgages as more mortgage holders revolt against banks and mortgage servicing companies in America’s growing foreclosure crisis. Some mortgage borrowers are trying to work with banks and mortgage companies. Others have tired over the hassles it takes to work with lenders to… Continue reading Revolt Grows as More Homeowners Stop Paying Mortgages

Federal Housing Agency Orders Halt to Home Resale Fees

By Mike Colpitts U.S. mortgage giants Freddie Mac and Fannie Mae will be halted from providing mortgages on homes that hold home resale fees under a new federal mandate. The decision, ordered by the Federal Housing Finance Agency, which oversees both government backed lenders, was ordered late Tuesday. It was contained in a proposal made… Continue reading Federal Housing Agency Orders Halt to Home Resale Fees

Underwater Homeowners Receive Little Aid

By Mike Colpitts Underwater homeowners struggling to pay mortgages are getting little aid from an Obama administration program aimed at helping upside down mortgage holders at risk of losing their homes nearly a half a year after the program went into effect. There have been just 40 U.S. homeowners helped by the FHA short refinancing… Continue reading Underwater Homeowners Receive Little Aid