By Mike Colpitts A mortgage lender is being sued by the U.S. Justice Department in an effort to recoup $1.6 million in insurance premiums the Federal Housing Administration was forced to pay on homes that were foreclosed. The lawsuit was filed against an Illinois based lender, MDR Mortgage Corporation. The suit, filed against Robert S.… Continue reading Feds Sue to Recoup Mortgage Losses
Category: Mortgage
Mortgages Surge on Interest Rate Drop
Driven by a drop in interest rates, mortgage applications surged last week on a higher volume of homeowners applying to refinance their mortgages to reach the highest level of the year, according to the Mortgage Bankers Association. The drop in rates sent the 30-year fixed rate loan to an average of 4.37%, while the 15-year… Continue reading Mortgages Surge on Interest Rate Drop
Mortgage Lender Agent Licensing Mandatory
By Mike Colpitts As a result of the unethical and illegal lending practices that helped produce the mortgage meltdown and real estate collapse, Congress enacted the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) in 2008 as part of the Dodd-Frank financial reform. The federal law mandating mortgage agent licensing goes into effect… Continue reading Mortgage Lender Agent Licensing Mandatory
Mortgage Rates Drop as 15-Year Loan Nears New Low
Mortgage rates fell as the nation focused on negotiations in Washington, D.C. over the Congressional budget debacle last week. The rate on the little used 15-year fixed mortgage hit the lowest level in more than 21 years to drive a modest upturn in mortgage loan activity, according to the Mortgage Bankers Association. The average rate… Continue reading Mortgage Rates Drop as 15-Year Loan Nears New Low
S&P Credit Downgrade May Restore Confidence
By Mike Colpitts Mortgage interest rates had little immediate change as a result of Standard & Poor’s credit agency downgrading the U.S. economy for the first time in the nation’s history since the announcement was made after banks and financial markets were closed Friday. S&P announced the credit downgrade from AAA to AA+ Friday evening.… Continue reading S&P Credit Downgrade May Restore Confidence
Mortgage Defaults Surge Higher
By Kevin Chiu Mortgage defaults, the first step homeowners face in the foreclosure process, surged higher during the month of June demonstrating an increase in future anticipated foreclosures growing at the fastest rate in more than a year, according to Lender Processing Services, a real estate data supplier which tracks defaults. The surge in mortgage… Continue reading Mortgage Defaults Surge Higher
Countrywide CEO Troubled by Mortgage Lending Practices
By Mike Colpitts Former Countrywide Lending CEO Angelo Mozilo was troubled by his former company’s lending practices, especially problems that could arise from ALT-A adjustable rate mortgages, emails between Mozilo and former company employees’ show. The emails came to light during a federal investigation into the nation’s former giant mortgage lender. The sun tanned ex-Countrywide… Continue reading Countrywide CEO Troubled by Mortgage Lending Practices
Mortgage Rates Climb a Little
Mortgage interest rates climbed slightly for the week as fixed rates moved up a single basis point on 30-year and 15-year loans from a week earlier, according to Freddie Mac. The rates on adjustable mortgages moved slightly lower. The small climb in rates still keeps borrowing for those wanting to refinance mortgages near their historic… Continue reading Mortgage Rates Climb a Little
Mortgages Fall on Interest Rate Hike
Mortgage activity fell as interest rates saw a hike last week on signs of a weaker economy and trouble related to the U.S. budget debacle, according to the Mortgage Bankers Association. The composite index, a combination of refinancing and new home mortgage applications had a fall of 5% from the prior week as an increasing… Continue reading Mortgages Fall on Interest Rate Hike
Mortgage Volume Jumps on Lower Interest Rates
Mortgage volume jumped last week to the largest level in four months as low interest rates drove homeowners to refinance loans, according to the Mortgage Bankers Association. The upbeat news is likely to spur more refinancing activity this week. The bankers’ composite index, a combination of refinances and new home mortgages rose 15.5% on a… Continue reading Mortgage Volume Jumps on Lower Interest Rates