By Kevin Chiu Led by a slowdown in mortgage refinancing activity, mortgage applications slowed for the sixth time in seven weeks this past week to keep the housing market at a snails pace, according to the Mortgage Bankers Association. The disappointing news came after an increase in mortgage applications the prior week. The slowdown was… Continue reading Mortgage Slowdown Resumes Despite Low Rates
Category: Housing Market
Bank CEO Admits to Robo-Signing Scandal
By Mike Colpitts Rising pressure on banks and mortgage firms are forcing lenders to merge, go out of business and make massive cuts to trim their bottom lines. The U.S. foreclosure crisis is making an ugly display of many banks balance sheets, and at least one major bank CEO is admitting to errors made during… Continue reading Bank CEO Admits to Robo-Signing Scandal
California Real Estate Bust Offers U.S. Hope
By Mike Colpitts The boom bust cycle of California real estate holds historic lessons that every where else in the U.S. can learn from as the nation sustains the housing crisis driven by the sharpest foreclosure epidemic on record. California has seen home values drop an average of 43.7% since the housing crisis started in… Continue reading California Real Estate Bust Offers U.S. Hope
Housing Czar Delays Decision on Underwater Mortgages
By Mike Colpitts The chief administrator of the U.S. agency overseeing the nation’s giant mortgage lenders stopped short of offering aid to underwater mortgage holders with principal reductions in a speech in Washington D.C., Tuesday morning, delaying any decision on the matter for the time being. Acting Federal Housing Finance Agency director Edward DeMarco, who… Continue reading Housing Czar Delays Decision on Underwater Mortgages
Chinese Drywall Damage Tops 100,000 Homes
By Mike Colpitts Attorneys are working on a class action settlement with the makers of Chinese drywall that has damaged or destroyed more than 100,000 U.S. homes. But the drywall, which has been used in the construction of homes since as early as 2001 may soon be outlawed in the U.S. Homeowners in at least… Continue reading Chinese Drywall Damage Tops 100,000 Homes
Former Bank CFO Pleads Guilty to Fraud
By Mike Colpitts The former chief financial officer of one of the U.S. largest mortgage banking operations has plead guilty to committing bank fraud and lying to federal investigators in a $2.9 billion scheme that drove Taylor, Bean & Whitaker and Colonial Bank out of business. Delton de Armas may receive up to 10 years… Continue reading Former Bank CFO Pleads Guilty to Fraud
Housing Peaks at 60% Deflation
By Ryan Jackson Nevada has led the U.S. in foreclosures for more than five years straight and it has also suffered the highest loss in average housing deflation, according to an audit conducted by Housing Predictor. With Las Vegas at the center of action, Sin City has sustained 62 months as the nation’s foreclosure capital… Continue reading Housing Peaks at 60% Deflation
Mortgage Rates Jump to New High
By Mike Colpitts Borrowing rates for home mortgages jumped above 4.00% for the first time since last October on 30-year fixed rate mortgages, hitting 4.08% this week, the highest they have been in six months, according to Freddie Mac. The jump in rates was driven by higher returns being paid for U.S. Treasuries to investors… Continue reading Mortgage Rates Jump to New High
Attorney General Appoints Monitor in Bank Settlement
By Mike Colpitts In an effort to protect consumers from additional fraudulent behavior by banks, the California attorney general has appointed an independent monitor to oversee the nation’s five largest banks performance in $18 billion worth of benefits that will be split up between homeowners. Attorney General Kamala Harris announced the appointment of University of… Continue reading Attorney General Appoints Monitor in Bank Settlement
Mortgage Rates Creep Higher
By Mike Colpitts Despite the Federal Reserve’s best efforts to keep mortgage rates low, conventional home loan borrowing rates are slowly climbing. The hike in rates is developing because of higher yields being paid for U.S. Treasuries combined with improving economic news. The upward trend in rates is developing as better economic news about the… Continue reading Mortgage Rates Creep Higher