By Kevin Chiu Mortgage rates remained at their all-time record lows on worries over the European debt market and sluggish economic activity in the U.S., according to the Freddie Mac weekly survey. But borrowing rates at many lenders being locked-in by consumers are much lower than the averages represent. The 30-year fixed mortgage average remained… Continue reading Mortgage Rates Drop Holds
Mortgage Fraud Declines
By Mike Colpitts Mortgage fraud loan originations are estimated to decline nearly 40% in 2011 from $12-billion in damages to the U.S. economy last year, according to real estate research firm CoreLogic. Fraud experts predict that residential mortgage fraud will total $7.4-billion this year. CoreLogic attributes the year over year drop primarily to lower mortgage… Continue reading Mortgage Fraud Declines
Bank Regulators to Review 4.5 Million Mortgages
By Mike Colpitts U.S. banking regulators will review as many as 4.5 million mortgages to determine the gravity of foreclosure fraud at 14 bank servicing companies. The investigation will determine how many homeowners were damaged in the robo-signing scandal, according to Acting Comptroller of the Currency John Walsh. Walsh made the announcement during a speech… Continue reading Bank Regulators to Review 4.5 Million Mortgages
Mortgage Rates Drop on Federal Reserve Announcement
By Mike Colpitts Just minutes after the Federal Reserve announced its new monetary policy, dubbed “Operation Twist” mortgage rates dropped. Rates were being set lower and lower by banks and mortgage lenders throughout the afternoon and evening hours Wednesday. For homeowners looking for a refinance and perspective home buyers the policy move came as tremendous… Continue reading Mortgage Rates Drop on Federal Reserve Announcement
Real Estate Developer, County Commissioner Pled Guilty
By Mike Colpitts A Houston real estate developer and Texas county commissioner pled guilty in federal court for their parts in a bribery scandal that influenced the county commission in a land scheme allegedly for more than a decade. Houston developer Michael Surface admitted that he intended to influence former Harris County Commissioner Jerry Eversole… Continue reading Real Estate Developer, County Commissioner Pled Guilty
Record Low Mortgage Rates Trigger Investors Jump in Real Estate
By Mike Colpitts Real estate investors are ditching other investment assets to buy homes and properties in rising numbers. Record low all-time mortgage rates combined with the lowest housing affordability rate in more than 20 years make it time to buy real estate for many investors. But if you’re counting on getting a loan to… Continue reading Record Low Mortgage Rates Trigger Investors Jump in Real Estate
Trouble Qualifing for Low Mortgage Rates
By Jeanne Roberts Home prices are way, way down from their peak just a few years ago. So are interest rates. It’s easy to find 15-year mortgage rates below 3.5% and 30-year fixed rate mortgages just above 4%. Which leaves some would-be refinancers (and buyers) wondering why they can’t get the loan or house of… Continue reading Trouble Qualifing for Low Mortgage Rates
Larger Mortgage Down Payments Dumped
By Kevin Chiu Larger down payments proposed on new home mortgages are quietly being dumped by lawmakers months after a coalition of organizations voiced opposition to the change. The proposal was made in Congress as an answer to the mortgage mess, but a bipartisan group of almost 290 Senators and members of the House of… Continue reading Larger Mortgage Down Payments Dumped
Treasuries Drive Mortgage Rates to New Lows
By Mike Colpitts Record low Treasury bond yields have driven mortgage rates to new record lows in rate offers set by banks and other mortgage lenders early Tuesday, according to a review of rates. Treasury prices fell in early morning trading in New York as investors focused on today’s 10-year note sale. The drop in… Continue reading Treasuries Drive Mortgage Rates to New Lows
Guilty Pleas in Real Estate Ponzi Scheme
An attorney and real estate investor have pled guilty to defrauding dozens of investors out of $52 million in a major real estate Ponzi scheme. Federal prosecutors say the scheme was called the British Lending Program, and involved 67-year-old Derek Smith of Oxfordshire, England and Leawood, Kansas attorney James S. Brown, 66. The two pled… Continue reading Guilty Pleas in Real Estate Ponzi Scheme