Category: Mortgage

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

Banker Sentenced to 30 Years in Federal Prison

By Mike Colpitts The former owner of one of the largest privately held U.S. mortgage lending companies and Colonial Bank was sentenced to 30 years in federal prison and ordered to forfeit $38.5 million for his part in a massive $2.9 billion fraud scheme that drove his bank and mortgage company into failure. Lee B.… Continue reading Banker Sentenced to 30 Years in Federal Prison

Investor Purchases Rack Up

By Mike Colpitts Investors shopping for a deal are purchasing more than one-in-five residential properties in the U.S. and make up the second largest share of home purchasers right behind first time buyers. The rise in investor purchases has been developing over the last year as home values and the prices on all sorts of… Continue reading Investor Purchases Rack Up

Banks Mortgage Servicers Penalized

By Mike Colpitts Nearly four years after the foreclosure crisis began to make inroads to wreck the U.S. economy and mortgage lenders started foreclosing on homes without proof of ownership, the U.S. Treasury is finally taking action to withhold payments to three of the nation’s largest banks as a way to penalize their mortgage servicing… Continue reading Banks Mortgage Servicers Penalized

Interest Rates Hold Steady as New Home Purchases Fall

By Mike Colpitts Restrained by a weak U.S. economy and lower demand for new home purchases, mortgage interest rates held steady after moving just one-basis point last week, according to Freddie Mac. The rate on a 30-year fixed mortgage remained at 4.50%. The fixed 15-year loan narrowly edged up two basis points to 3.69%. New… Continue reading Interest Rates Hold Steady as New Home Purchases Fall

Jumbo Mortgages to Get More Expensive

By Mike Colpitts Mortgages on the nation’s most expensive homes are about to get more costly. In October the government is expected to halt backing jumbo mortgages of more than $625,500 through Freddie Mac and Fannie Mae, triggering higher interest rates and down payments. The change could also send home values lower in some high-end… Continue reading Jumbo Mortgages to Get More Expensive

Mortgages Biggest Spike in 3 Months

Demonstrating that there’s pent up demand for refinances and new home purchases despite erratic highs and lows in the marketplace, applications for home mortgages spiked to the highest level in three months as mortgage interest rates continued to fall. The biggest jump in the last quarter was led by refinancing, which gained 16.5% for the… Continue reading Mortgages Biggest Spike in 3 Months

Spring Home Sales Decline

By Mike Colpitts Hindered by financing problems and weak consumer confidence, existing home sales declined in May, falling 3.8% to a seasonally adjusted annual rate of 4.81 million units, and are more than 15% behind last year’s pace, according to the National Association of Realtors. The slowdown in sales comes at a time when growing… Continue reading Spring Home Sales Decline