By Mike Colpitts Mortgage insurance giant PMI Group has been ordered to stop writing mortgage insurance policies by state regulators. Technically, PMI Inc’s two Arizona subsidiaries were placed under regulatory supervision by the Arizona Department of Insurance, where its main operations are headquartered. Then Fannie Mae announced it will no longer purchase home mortgages from… Continue reading Mortgage Insurance Giant Shutdown
Category: Mortgage
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
Investors Buying Fewer Homes
Investor purchases of homes and other residential properties fell for the third month in a row in July, according to the Campbell Inside Mortgage Finance Housing Pulse Tracking Survey. The survey said investors accounted for just 19.6% of U.S. home purchases during the month, down from 23% in April. Despite higher sales of existing homes… Continue reading Investors Buying Fewer Homes
Mortgage Rates Near Record Lows
The 30-year fixed rate mortgage remained near its record low level, while the shorter fixed rate loan and adjustable rate mortgages fell for the week as mortgage rates remain exceptionally low, according to Freddie Mac’s weekly survey. The 5-year ARM also set a new all-time record low falling for eight straight weeks. The 5-year mortgage… Continue reading Mortgage Rates Near Record Lows
Short Sales Rise to Aid Real Estate
By Kevin Chiu At least two of the U.S. largest commercial banks are increasing the volume of short sales in efforts to increase their profit margins even as more homes bloat the inventory of properties that aren’t producing profits for the lenders. The transition hasn’t been an easy one for lenders in these wild days… Continue reading Short Sales Rise to Aid Real Estate
Homeowners Flock to Fixed Rate Mortgages
As a result of the foreclosure crisis and risky lending practices consumers have witnessed over the last decade, homeowners are flocking to fixed rate mortgages in mass, according to Freddie Mac. Fixed rates accounted for 95% of refinancing based on the giant lenders’ new quarterly report for 2011. Fifty-five percent of borrowers who had an… Continue reading Homeowners Flock to Fixed Rate Mortgages
S&P Downgrade Shakes Confidence in Housing Market
The Standard and Poor’s U.S. credit downgrade seriously shakes the confidence that a recovery in the U.S. housing market will develop anytime soon, according to a new Housing Predictor poll. More than 2 out of 3 respondents or 67% said that the S&P downgrade shakes their confidence that a recovery in the housing market will… Continue reading S&P Downgrade Shakes Confidence in Housing Market
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
Low Mortgage Rates Drive Few to Buy
By Mike Colpitts Mortgage rates are at near record lows again for the first time since last October when rates hit an all-time record low, but the lower rates seem to be doing little other than driving some homeowners to refinance their mortgages. Built up anxiety over troubles with the U. S. economy, consumer debt… Continue reading Low Mortgage Rates Drive Few to Buy
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