By Kevin Chiu The shadow inventory of homes and other real estate is holding an economic recovery back from fully developing, according to a study by credit firm Equifax. As many as six million residential properties make up the inventory of homes not yet officially foreclosed by lenders, but left in limbo to rot in… Continue reading Shadow Inventory Halts Economic Recovery
Category: Mortgage
Homeowners Crisis Builds New Wave
By Matt Weidner I’m a soldier, a street fighter, an attorney battling foreclosures on behalf of homeowners at the ground level, in the trenches, in courtrooms all across Florida. Let me save you the suspense and get right to the point. Things are worse than they’ve ever been and they are only going to get… Continue reading Homeowners Crisis Builds New Wave
Space Shuttle End May Kill Town
By Mike Colpitts Nervousness and uncertainty send jitters through the community of Titusville, the Florida home to the U.S. Space Shuttle program for more than 30 years. Ronald Reagan was president of the United States when this community led the venture into outer space. But the hub for space science exploration is ending its presence… Continue reading Space Shuttle End May Kill Town
Mortgage Modifications Fail to Deliver Recovery
By Mike Colpitts The Obama administration’s program to modify homeowner’s mortgages at risk of foreclosure is being criticized for being the worst failure since the administration faced the financial crisis. Only 730,000 mortgage holders have received permanent modifications, less than a quarter the president had promised. President Barack Obama launched the program in March 2009… Continue reading Mortgage Modifications Fail to Deliver Recovery
Justice Department Sues Largest U.S. Mortgage Insurer
By Mike Colpitts The largest U.S. mortgage guarantee company, Mortgage Guaranty Insurance Corporation (MGIC) is being sued by the Justice Department for violating the Fair Housing Act for allegedly discriminating against women on paid maternity leave. The suit was filed in U.S. District Court in the Western District of Pennsylvania against the mortgage insurer and… Continue reading Justice Department Sues Largest U.S. Mortgage Insurer
Mortgage Growth Stalls on Higher Interest Rates
A sudden increase in mortgage interest rates triggered a slowdown in loan applications for the first time in more than two months, according to the Mortgage Bankers Association weekly survey. The index saw a fall in applications, bringing refinances to a stall. Mortgage rates rose sharply for the week on a 30-year fixed rate loan… Continue reading Mortgage Growth Stalls on Higher Interest Rates
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
Interest Rates Steady Four Straight Weeks
Lenders kept mortgage interest rates steady for the fourth week in a row as disappointing news on the economy held bond rates under 3%. The average rate on the bench mark 30-year fixed rate loan was 4.51%, up a single basis point from last week. Signs for an improvement in the U.S. economy were mixed.… Continue reading Interest Rates Steady Four Straight Weeks
Feds Extend Mortgage Rulemaking
By Mike Colpitts Five U.S. government agencies extended the time-frame to consider major changes to the nation’s mortgage financing system. The extension was announced one-day before time ran out for the government to consider changes offered by dozens of special-interest groups trying to sway Congress’ decision making on new Dodd-Frank financial reform rulemaking. The decision… Continue reading Feds Extend Mortgage Rulemaking
Mortgages Fall as Interest Rates Climb
By Kevin Chiu Mortgage applications fell after interest rates moved higher for the week, according to the Mortgage Bankers Association. The climb in mortgage rates came with a drop in refinancing as homeowners looking to obtain new mortgages wait for lower rates. At the same time, Fannie Mae has revised its mortgage origination forecast for… Continue reading Mortgages Fall as Interest Rates Climb