Mortgage Rates Drop with Applications

By Ryan Rodriguez Mortgage applications dropped for the second week in a row even as interest rates fell, demonstrating economic turbulence persists in the housing market and the greater  U.S. economy, according to the Mortgage Bankers Association. However, the drop in application activity was by only a slim margin. The mortgage market composite index dropped 0.4%… Continue reading Mortgage Rates Drop with Applications

Glass-Steagall Should Be Re-Adopted, Survey Overwhelmingly Shows

The Glass-Steagall Act that was enacted at the height of the Great Depression to halt “improper banking activity” should be re-adopted to halt the possibility of another financial crisis, according to a new Housing Predictor survey. Respondents to the online opinion poll overwhelmingly support the act’s re-implementation. During the Great Depression when half of all… Continue reading Glass-Steagall Should Be Re-Adopted, Survey Overwhelmingly Shows

ACLU Says Foreclosure ‘Rocket Docket’ Unconstitutional

By Mike Colpitts The American Civil Liberties Union says that Florida’s ‘rocket docket’ designed to speed up the foreclosure process to benefit bankers’ is unconstitutional, and will challenge the system to the fullest extent of the law in court. The U.S. 20th Judicial Circuit operates the system, which covers foreclosures in five Southern Florida counties,… Continue reading ACLU Says Foreclosure ‘Rocket Docket’ Unconstitutional

Mortgage Interest Rates & Applications Drop

By Kevin Chiu Weak economic data and disappointing news on jobs led a drop in mortgage interest rates as the yield on heavily monitored 10-year Treasury bonds slid below 3%. It was the seventh week in a row that mortgage rates saw a drop along with applications for home loans. The Feds quantitative easing program… Continue reading Mortgage Interest Rates & Applications Drop

New Home Builder Giving Away Vacations

By Mike Colpitts In a move to drive up new home sales, the nation’s largest publicly traded luxury homebuilder is giving away vacations to attract buyers. Toll Brothers will pay up to $4,000 in airfare and vacation accommodations to visit one of its four new home communities in Florida. The “Fly and Buy” program was… Continue reading New Home Builder Giving Away Vacations

Freddie Mac, Fannie Mae Bailout Reaches $317 Billion

By Mike Colpitts The cost of bailing out giant mortgage lenders Freddie Mac and Fannie Mae is actually $317 billion so far, according to the Congressional Budget Office, more than double what the Obama administration has claimed. Before the mortgage giants are cleaned-up it’s likely the government will spend at least $1-trillion on foreclosed mortgages,… Continue reading Freddie Mac, Fannie Mae Bailout Reaches $317 Billion

Sarah Palin’s Daughter Turns Landlord

Former vice presidential candidate Sarah Palin’s daughter Bristol is becoming a landlord in Phoenix. The ex-Dancing with The Stars contestant, whose out of wedlock pregnancy alarmed the Republican religious right wing during Palin’s run to win the vice presidency, has moved out of her Phoenix area home, and has put it on the market as… Continue reading Sarah Palin’s Daughter Turns Landlord

Record Low Mortgage Rates 8 Straight Weeks

By Mike Colpitts For eight straight weeks, mortgage rates have hit new record lows as uncertainty over the Eurozone combined with concerns over the U.S. economy unsettles financial markets. The Freddie Mac average for a 30-year fixed rate loan reached 3.67% last week. However, government officials in Spain asked for $100 billion to bail-out the… Continue reading Record Low Mortgage Rates 8 Straight Weeks

Bums No More, Mortgage Defaulters Good Risks

By Kevin Chiu Homeowners who default on their mortgages and still make good on their other debts like credit cards and car payments aren’t risky consumers to lend to and are bums no longer, according to a new study. The survey was conducted by TransUnion, one of the U.S. largest credit reporting agencies. Among other… Continue reading Bums No More, Mortgage Defaulters Good Risks