By Mike Colpitts Mortgage fraud loan originations are estimated to decline nearly 40% in 2011 from $12-billion in damages to the U.S. economy last year, according to real estate research firm CoreLogic. Fraud experts predict that residential mortgage fraud will total $7.4-billion this year. CoreLogic attributes the year over year drop primarily to lower mortgage… Continue reading Mortgage Fraud Declines
Category: Loans
Americans Feel Home Prices Won’t Improve
A new opinion poll shows that Americans feel home prices won’t improve enough in the next five years to pull millions of underwater homeowners out from being upside down on their home mortgages. The just complete poll found that 2 out of 3 surveyed or 66% don’t expect home prices to improve within five years… Continue reading Americans Feel Home Prices Won’t Improve
Despite Mortgage Rate Drop, Loan Applications Ease
By Mike Colpitts Mortgage rates kept near record all-time low levels, but couldn’t budge home lending much as applications for mortgages dropped for the third week in a row, according to the Mortgage Bankers Association. The average rate on a fully executed 30-year fixed loan dropped to 4.23% from 4.32% for the week ending September… Continue reading Despite Mortgage Rate Drop, Loan Applications Ease
Despite Mortgage Rate Drop, Loan Applications Ease
By Mike Colpitts Mortgage rates kept near record all-time low levels, but couldn’t budge home lending much as applications for mortgages dropped for the third week in a row, according to the Mortgage Bankers Association. The average mortgage rate on a fully executed 30-year fixed loan dropped to 4.23% from 4.32% for the week ending… Continue reading Despite Mortgage Rate Drop, Loan Applications Ease
Lending Rises as Mortgage Rates Drop
Boosted by a surge in refinancing, lending applications rose for the week as mortgage rates hit a new low for the year, according to the Mortgage Bankers Association. The rate on a 30-year fixed mortgage dropped to an average 4.32% from 4.37% last week, setting a new low for 2011 on fully executed mortgage contracts.… Continue reading Lending Rises as Mortgage Rates Drop
Fannie Mae & Freddie Mac Own Almost 200,000 Foreclosures
By Kevin Chiu Giant U.S. mortgage lenders Fannie Mae and Freddie Mac own nearly 200,000 single family homes in their bloated inventories of foreclosed properties, according to a review of the government sponsored enterprises. The nation’s largest lenders, which were originally started as a way to purchase mortgages and then re-sell them as securities on… Continue reading Fannie Mae & Freddie Mac Own Almost 200,000 Foreclosures
Mortgage Delinquencies Rise as Foreclosures Drop
By Mike Colpitts Mortgage delinquencies increased during the second quarter of the year, but formal foreclosures saw a drop as a result of banking legal issues, problems related to the robo-signing scandal and other troubles, according to the Mortgage Bankers Association. Default rates on mortgages covering one-to-four unit residential properties rose to 8.44% on outstanding… Continue reading Mortgage Delinquencies Rise as Foreclosures Drop
Mortgage Fraud Strike Force Busts 27
By Mike Colpitts Twenty-seven South Florida residents were indicted on charges related to a series of mortgage fraud schemes after being arrested by the U.S. Mortgage Fraud Strike Force. The busts produced by the special task force now account for more than 500 arrests since it was started four years ago involving more than $620-million… Continue reading Mortgage Fraud Strike Force Busts 27
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
Home Lending Slows Despite Mortgage Rate Drop
Mortgage applications dropped for the third straight week, despite a decline in interest rates demonstrating a slowdown in home lending led chiefly by a drop in refinancing, according to the Mortgage Bankers Association. The decline in interest rates saw the contract rate on a 30-year fixed rate mortgage decrease to 4.55% from a higher 4.69%… Continue reading Home Lending Slows Despite Mortgage Rate Drop