Mortgages Dry Up As Interest Rates Drop

Mortgage applications dried-up slightly even as interest rates dropped for the week, according to the Mortgage Bankers Association survey. The composite index, a measure of mortgage loan application volume fell 2.7% on a seasonally adjusted basis as applications fell for the second straight week. Loan applications have been on an up-and-down cycle for more than… Continue reading Mortgages Dry Up As Interest Rates Drop

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

Interest Rates Hold Steady as New Home Purchases Fall

By Mike Colpitts Restrained by a weak U.S. economy and lower demand for new home purchases, mortgage interest rates held steady after moving just one-basis point last week, according to Freddie Mac. The rate on a 30-year fixed mortgage remained at 4.50%. The fixed 15-year loan narrowly edged up two basis points to 3.69%. New… Continue reading Interest Rates Hold Steady as New Home Purchases Fall

HUD Launches Emergency Home Loans

By Mike Colpitts In a move that has been awaited more than a year, the Housing and Urban Development Department launched the Emergency Homeowners Loan Program to help unemployed homeowners at risk of foreclosure in 27 states. The program is slated to help only a small number of troubled homeowners during its life-span. The White… Continue reading HUD Launches Emergency Home Loans

Home Affordability Vital To Ownership

By Kevin Chiu Gone are the days of being over-extended as a result of easy “Liar Loans” with borrowers qualifying for mortgages in today’s housing market at restrictive borrowing standards. Lenders are qualifying mortgage applicants with much lower home affordability ratios and higher credit scores. Millions of homeowners find themselves over extended and unable to… Continue reading Home Affordability Vital To Ownership

Extra Short Sale Losses to Exceed $375 Million

By Mike Colpitts Short sales in which lenders cooperate with homeowners to sell at a price lower than what is owed on a properties mortgage is costing the lending industry an estimated $375 million in additional losses in 2011, according to a study by a leading real estate research firm. The rate of fraudulent short-sale… Continue reading Extra Short Sale Losses to Exceed $375 Million

Freddie Mac Buys Fewer Mortgages

By Mike Colpitts Already on a path to reduce the number of mortgages it buys, Freddie Mac purchased fewer loans in March, reducing its share of the mortgage market as calls to eliminate the government sponsored lender increased in Congress. The number of mortgages Freddie Mac bought in March dropped 4.7% for the month to… Continue reading Freddie Mac Buys Fewer Mortgages

Mortgage Rates, Loan Applications Fall

Mortgage purchase applications, driven by a sharp decline in applications for FHA loans fell for the week as home buyers reversed the trend of applying for mortgages in greater numbers. Mortgage rates also dropped slightly. The fall off in applications was driven by an increase in higher FHA premiums that went into effect after months… Continue reading Mortgage Rates, Loan Applications Fall

Mortgage Qualifying Standards Tighten

By Kevin Chiu Qualifying for a conventional home mortgage has gotten tougher in the fallout of the financial crisis, but Freddie Mac and Fannie Mae requirements show that obtaining a conventional mortgage has gotten much tougher even before Congress implements changes as part of the Dodd-Frank Financial Reform Act. The average credit score approved for… Continue reading Mortgage Qualifying Standards Tighten

Feds Slam 14 Banks in Robo Signing

By Kevin Chiu The federal government has announced formal enforcement sanctions against 14 banking organizations addressing a serious “pattern of misconduct and negligence” in the robo signing scandal. The deficiencies, announced jointly by the Federal Reserve, Comptroller of the Currency and the Office of Thrift Supervision requires banks and mortgage servicing companies to make corrections… Continue reading Feds Slam 14 Banks in Robo Signing