For the second time, respondents to a Housing Predictor poll say that banks and other mortgage lenders should be forced to reduce mortgage principal and cut loan payments for underwater homeowners. Respondents to the online poll were in favor of principal reductions by a resounding 60% of those polled. The remaining 40% said bankers should… Continue reading Lenders Should be Forced to Cut Mortgages, Poll Shows
Category: Mortgage
Mortgage Rates Drop to Historic Lows
By Mike Colpitts In a record breaking move, mortgage rates dropped to the lowest level in U.S. history this week as rates paid for Treasury bonds pushed rates lower. The rate on a conventional 30-year fixed rate mortgage fell to an average of 3.79%, four basis points below last week’s all-time record low, according to… Continue reading Mortgage Rates Drop to Historic Lows
Higher Credit Score or Else No Mortgage
By Mike Colpitts A federal study is finally showing what millions of Americans applying for mortgages have known for months. A 720 credit score on the Fair Isaac Credit Index (FICO) is likely to get home mortgage applicants a loan. Anything under that level is probably going to be rejected, according to a new study… Continue reading Higher Credit Score or Else No Mortgage
Shock Hits with Fannie Mae Profit
By Ryan Jackson Mortgage giant Fannie Mae reported a profit for the first time since it was taken over in a forced government seizure four years ago. The first quarter profit may be a shock to bankers who depend on the mortgage financier, but does little to replace the $116 billion the government has spent… Continue reading Shock Hits with Fannie Mae Profit
Home Foreclosure Purchases Push Prices Higher
By Mike Colpitts Strong demand for lower priced foreclosure homes held by banks (REOs) and the nation’s giant mortgage lenders by purchasers is starting to send values of all other homes higher, according to real estate research firm Clear Capital. The Truckee, California based data firm said home prices are still losing ground over the… Continue reading Home Foreclosure Purchases Push Prices Higher
Banks Fight Foreclosure Initiative
By Mike Colpitts A ballot initiative that would force banks to provide proof of ownership before foreclosing on a home is facing a major legal fight in court by bankers, who want to kill the citizen initiated proposal before it makes the ballot. Two big banking associations are battling against the initiative from being placed… Continue reading Banks Fight Foreclosure Initiative
Mortgage Modifications Drop One-Third
By Mike Colpitts Mortgage modifications for troubled homeowners seeking to reduce payments dropped nearly a third during the first quarter of the year, according to the independent alliance of mortgage servicers, investors and non-profit credit counselors, Hope Now. The steep drop in modifications represented 31% less than the same quarter a year earlier, with 207,000… Continue reading Mortgage Modifications Drop One-Third
Vacation Home Sales Surge
By Mike Colpitts Vacation home sales are climbing for the first time since the real estate collapse. In some cases, condominium prices are also soaring in some of the largest second home markets in the U.S., including once hard hit Miami and Las Vegas, where cash buyers make up the majority of purchases. The surge… Continue reading Vacation Home Sales Surge
More Than Half of Homeowners Can’t Move
More than half of all homeowners with a mortgage are unable to move or make a change in their housing situation as a direct result of being underwater on a mortgage, according to a new Housing Predictor survey. Some 54% of those surveyed online said they were halted from making a move. The other 46%… Continue reading More Than Half of Homeowners Can’t Move
US Economic Fear Sends Mortgage Rates Lower
By Mike Colpitts Fear over the U.S. economy and European debt woes sent mortgage rates to all-time record low levels this week as the benchmark 30-year fixed rate loan hit 3.84%. The previous record low was set in early February at 3.87%, according to Freddie Mac. Growing fears over the health of the economy sent… Continue reading US Economic Fear Sends Mortgage Rates Lower