Category: Financing

Refinancing Soars On Lower Mortgage Rates

By Kevin Chiu A five week drop in mortgage interest rates grabbed the attention of homeowners who are refinancing at the highest level since last December as refinances soared 13.2% for the week, according to the Mortgage Bankers Association. Mortgage applications for refinancing and new home loans combined rose 7.8% as the spring home buying… Continue reading Refinancing Soars On Lower Mortgage Rates

Foreclosure Crisis Triggers S&P Credit Downgrade

By Kevin Chiu Standard and Poor’s long term credit downgrade of the U.S. economy is directly impacted by the foreclosure crisis, which has cost tax payers $148-billion to bail-out Freddie Mac and Fannie Mae so far. But S&P analysts expect “extraordinary official assistance to large players in the U.S. financial sector” to be made to… Continue reading Foreclosure Crisis Triggers S&P Credit Downgrade

Housing Recovery Clouded in Oil Prices

By Kevin Chiu The jump in oil prices and the likelihood for further financial belt-tightening suggest less economic momentum developing than previously believed in the U.S. in 2011 delaying a full-fledged housing recovery, according to an economic outlook released by Fannie Mae. Economic growth for the year was lowered to 3.5% — a down grade… Continue reading Housing Recovery Clouded in Oil Prices

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

Chain Reaction Slams World Housing Markets

By Mike Colpitts The world financial system is in a chain reaction collapse and if drastic changes aren’t implemented, the structure of the world’s economy will be changed forever, according to economist Lyndon LaRouche, who ran for U.S. President eight times, more than any other candidate for the nation’s highest office. “I said that in… Continue reading Chain Reaction Slams World Housing Markets

New U.S. Mortgage System Lost in Wasteland

By Mike Colpitts The new home builders association released a proposal to redesign the U.S. housing finance system, which would eventually wipe-out Freddie Mac and Fannie Mae, the nation’s giant mortgage lenders. The National Association of Home Builders proposal is similar to others that have been offered by industry groups lost in a wasteland for… Continue reading New U.S. Mortgage System Lost in Wasteland

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

Mortgage Company President First Sentenced in Financial Crisis

By Mike Colpitts More than three years after the financial crisis erupted on Wall Street, a New Jersey based mortgage company president is the first person to be sentenced to federal prison in the government’s efforts targeting criminals in the financial crisis. The sentence was imposed as a result of a major conspiracy to defraud… Continue reading Mortgage Company President First Sentenced in Financial Crisis

Victims of a Reverse Mortgage

Part 2 Mandatory HUD counseling required for reverse mortgages does not protect or help the borrower. The counseling is never done with the final figures of the contract, which changes absolutely everything, including the terms, disclosures, costs and fees, the amount of funds (money) to the borrower and most of all the ability to understand… Continue reading Victims of a Reverse Mortgage