By Mike Colpitts Financial giants like Goldman Sachs, Bank of America, JP Morgan Chase and private hedge funds should be prevented from purchasing the glut of foreclosed homes held by Freddie Mac, Fannie Mae and the FHA, the National Association of Homebuilders warns. Testifying before the Senate Subcommittee on Housing, Transportation and Community Development, NAHB… Continue reading Builders Warn Against Home Sales to Banks
Category: Financing
Hurricane Irene Magnifies Financial Pain
By Kevin Chiu Cities and counties dealing with clean-up costs of Hurricane Irene are facing increasing financial pain as they recover from the monster storm, which affected more than a dozen states along the eastern seaboard. Irene may cost insurers as much as $4.5 billion in damages in the U.S., according to Risk Management Solutions,… Continue reading Hurricane Irene Magnifies Financial Pain
Trouble Qualifing for Low Mortgage Rates
By Jeanne Roberts Home prices are way, way down from their peak just a few years ago. So are interest rates. It’s easy to find 15-year mortgage rates below 3.5% and 30-year fixed rate mortgages just above 4%. Which leaves some would-be refinancers (and buyers) wondering why they can’t get the loan or house of… Continue reading Trouble Qualifing for Low Mortgage Rates
Mortgage Refinances Jump
Led by a jump in home refinances, mortgage applications rose last week as refinancing grew by 2.2% from a week earlier, according to the Mortgage Bankers Association. Homeowners turned out in larger numbers to refinance their mortgages at near record low mortgage rates. However, applications for new home mortgages on purchases dropped as consumer confidence… Continue reading Mortgage Refinances Jump
Few Bankers Go to Prison in Financial Crisis
By Mike Colpitts Besieged by Wall Street and banking irregularities more than three years after the financial crisis exploded on Wall Street, only a handful of banking industry executives have been sentenced to prison in the fallout of the U.S. mortgage crisis that transformed the U.S. economy. A New Jersey based mortgage company president was… Continue reading Few Bankers Go to Prison in Financial Crisis
Homeowners Stuck With High Mortgage Rates
The over-whelming majority of homeowners with underwater mortgages are stuck with high interest rate loans and are unable to refinance their mortgages, according to real estate research firm CoreLogic. Some 10.9 million home mortgages were in negative equity in the second quarter of the year, and another 2.4 million were close or within 5% of… Continue reading Homeowners Stuck With High Mortgage Rates
Refinances Drop Two Straight Weeks
By Kevin Chiu Homeowners applying to refinance mortgages dropped for the second week in a row, despite interest rates falling to the lowest level of the year, according to the Mortgage Bankers Association. The drop, however, in refinancing applications was buffered by a slight increase in new home purchases. The seasonally adjusted purchase index rose… Continue reading Refinances Drop Two Straight Weeks
S&P Credit Downgrade May Restore Confidence
By Mike Colpitts Mortgage interest rates had little immediate change as a result of Standard & Poor’s credit agency downgrading the U.S. economy for the first time in the nation’s history since the announcement was made after banks and financial markets were closed Friday. S&P announced the credit downgrade from AAA to AA+ Friday evening.… Continue reading S&P Credit Downgrade May Restore Confidence
Undermining the Credit Rating Agencies For the Public Good
By Mike Colpitts They blew it! Standard and Poor’s, Fitch and Moody’s all blew the calls on the financial crisis and real estate crash. So what does it really matter now that S&P downgraded the U.S. economy for the public good? It’s their history MAN! S&P has been around for more than 150 years, and… Continue reading Undermining the Credit Rating Agencies For the Public Good
Foreclosure Victims Offered New Credit
By Mike Colpitts Former homeowners who have defaulted on their home mortgages and suffered through foreclosure are increasingly receiving offers of credit to obtain credit cards, auto loans and all sorts of other loans. However, the offers of new credit to the foreclosure victims come with a high price. The offers arrive in the mail… Continue reading Foreclosure Victims Offered New Credit