Category: Mortgage

Freddie Mac and Fannie Mae Foreclosure Preventions Double

By Kevin Chiu The number of foreclosure preventions by mortgage giants Freddie Mac and Fannie Mae doubled in 2010 over a year earlier, according to the Federal Housing Finance Agency formed to administer the failed government lenders. But remains drastically under what the White House promised to deliver. Combined preventative measures by both mortgage giants… Continue reading Freddie Mac and Fannie Mae Foreclosure Preventions Double

Home Purchases Jump as Mortgage Applications Rise

By Kevin Chiu Mortgage applications rose sharply for both refinancing and home purchases as lower rates drove more consumers back to the marketplace, according to the Mortgage Bankers Association weekly survey. Applications for home purchases had a jump to the highest level they have reached for the year. Refinances also jumped 17.2% to reach their… Continue reading Home Purchases Jump as Mortgage Applications Rise

U.S. Flooded in Underwater Homes

By Mike Colpitts More than one out of four homes in the U.S. with a mortgage is in or near negative equity as the nation is flooded in underwater homes, according to a major real estate research firm. The data indicates a declining number of homeowners with mortgages that are upside down on their homes… Continue reading U.S. Flooded in Underwater Homes

Victims of a Reverse Mortgage

Part 2 Mandatory HUD counseling required for reverse mortgages does not protect or help the borrower. The counseling is never done with the final figures of the contract, which changes absolutely everything, including the terms, disclosures, costs and fees, the amount of funds (money) to the borrower and most of all the ability to understand… Continue reading Victims of a Reverse Mortgage

Anti-Flipping Rule Eliminated

By Keisha Joseph In order to accelerate foreclosure sales the FHA has eliminated a temporary waiver of their anti-flipping rule. The extension will last until the end of this year, allowing home buyers to obtain FHA-insured loans to purchase foreclosed properties. The length of time the homeowner has held title is no longer a factor.… Continue reading Anti-Flipping Rule Eliminated

Mortgage Rates Drop Three Straight Weeks

Mortgage rates showed a drop for the third week in a row averaging just 4.87% on a 30-year fixed rate loan, according to Freddie Mac. The average dropped to the lowest level in more than a month as lenders slashed rates to get borrowers back into the market, down from an average of 4.95% last… Continue reading Mortgage Rates Drop Three Straight Weeks

Wealth Effect Impact Enormous on U.S.

By Kevin Chiu The impact of the now near fatal “Wealth Effect” on the US is enormous with weakening consumer confidence over the economy. Just in case you hadn’t heard of it before, the Wealth Effect is the way people feel about their personal financial condition as a result of equity in their home or… Continue reading Wealth Effect Impact Enormous on U.S.

Underwater Homeowners Numbers Surge

By Mike Colpitts The number of homeowners underwater on mortgages reached 11.1 million during the final quarter of 2011, representing 22.8% of U.S. residential properties, according to real estate data firm CoreLogic. The increase marks a surge of 400,000 mortgage holders who are upside down on mortgages from the previous quarter. Declining home values in… Continue reading Underwater Homeowners Numbers Surge

Mortgages Drop, Despite Decline in Rates

Applications for home mortgages dropped 6.5% for the week, despite a decline in mortgage interest rates, according to the Mortgage Bankers Association. The drop came as a result of fewer homeowners and potential new home buyers applied for mortgages as the U.S. economy deals with a series of challenges, including long term concerns over higher… Continue reading Mortgages Drop, Despite Decline in Rates