Category: Mortgage

Underwater Refinancing Program to Expand

By Ryan Jackson A larger number of underwater homeowners with mortgages hoping to take advantage of all-time record low mortgage rates may be able to refinance under a program that is scheduled to be expanded by the U.S. government. An estimated 1.3 million homeowners have already refinanced through the government’s Relief Refinance Mortgage Program, which… Continue reading Underwater Refinancing Program to Expand

Mortgage Rates Claim Another Record

By Mike Colpitts Driven by record low mortgage rates, the U.S. housing market is beginning to show signs of improvement as consumers search for discount priced homes. The 30-year fixed rate loan, 15-year fixed mortgage and the 5-year ARM all hit new all-time record lows this week to push hesitant buyers off the fence. The… Continue reading Mortgage Rates Claim Another Record

1.5 Million Over 50 Lost Homes to Foreclosure

By Mike Colpitts More than 1.5 million U.S. homeowners over the age of 50 lost their homes to foreclosure as a result of banks and Wall Street developing the mortgage crisis, according to a study by the American Association of Retired Persons (AARP). The study surveyed mortgage loan data for 2007 through 2011. The study… Continue reading 1.5 Million Over 50 Lost Homes to Foreclosure

Mortgage Delinquencies Improve 20%

By Mike Colpitts Mortgage delinquencies have improved more than 20% since the height of the U.S. housing market downturn almost two years ago, according to data obtained from Lender Processing Services. Loan delinquencies declined to 7.14% in July, a drop from a record 9.37% of mortgages in October 2009 at the height of the collapse.… Continue reading Mortgage Delinquencies Improve 20%

Proposal to Speed up Home Sales Made

A proposal that would require banks to inform secondary lenders that a short sale is being attempted by homeowners has been made to speed up the process, which homeowners have been complaining about for years. The proposal, introduced in Congress by House Rep. Jerry McNerney (D-CA) would require second mortgage holders and lenders with lines… Continue reading Proposal to Speed up Home Sales Made

Mortgage Activity Hits 3 Year High

By Mike Colpitts The lowest mortgage rates in history pushed refinancing to a three year high as consumers cashed in on lower loan payments, according to the Mortgage Bankers  Association survey, which accounts for 75% of all U.S. home loan activity. The bankers’ market composite index, however, rose just 0.9% as purchase money mortgages increased… Continue reading Mortgage Activity Hits 3 Year High

Mortgage Activity Surges on Refinancing

By Mike Colpitts Mortgage rates hit another record low last week, spurring a huge surge in home refinancing as homeowners sought out the lowest loan payments possible. The Mortgage Bankers market composite index jumped 16.9% on a seasonally adjusted basis. Refinancing surged 22% from the prior week and is at the highest level since last… Continue reading Mortgage Activity Surges on Refinancing

Mortgage Rates Set New Records 4 Straight Weeks

By Mike Colpitts Mortgage rates have been setting new record lows four straight weeks as nervousness over the U.S. economy and uncertainty over the European debt crisis send rates lower. The 30-year fixed rate loan hit an average of 3.49% last week for the first time in history, according to Freddie Mac. Rates have been… Continue reading Mortgage Rates Set New Records 4 Straight Weeks

Appraisal Reform Calls Grow

By Ryan Jackson Despite calls for sweeping reform of appraisal standards and new requirements that have already been implemented, calls for greater  appraisal reforms persist. As Congress takes up the next stages of financial reform appraisers are under going greater scrutiny. Accurate appraisals are fundamental to the successful performance of the financial markets that provide… Continue reading Appraisal Reform Calls Grow