Read the latest news about mortgages, foreclosures, servicers, loan modifications, HAMP, Dodd-Frank, Qualified Residential Mortgage (QRM), mortgage brokers and more.
- Mortgage Debt a Threat for Near-Retirees
MarketWatch 25 Sep 2013
Economists AnnaMaria Lusardi of George Washington University and Olivia Mitchell of the University of Pennsylvania recently studied the debt load of the Baby Boomer generation and found that the changing dynamics of the housing market have put many of these near-retirees in a financial bind.
- Mortgage Relief Didn't Help Many Keep Their Homes, Critics Say
Los Angeles Times 25 Sep 2013
While the five big banks involved in 2012's nationwide mortgage aid settlement have kept their promise to deliver billions of relief to homeowners, consumer advocates are disappointed that most of the assistance has come in the form of short sales and forgiveness of second mortgages.
- Rates Are Up, But It's Easier to Get a Mortgage Now
Time 24 Sep 2013
Home prices are staging a modest recovery in many parts of the country, even though mortgage rates are up nearly an entire percentage point since spring. The rise in borrowing costs has put the brakes on refinancing, with the Mortgage Bankers Association reporting activity recently slumping to a four-year low.
- Banks Exceed Mortgage Aid Promised to Californians, Monitor Says
Los Angeles Times 24 Sep 2013
Bank of America, Wells Fargo, and JPMorgan Chase have provided more than $18.4 billion in relief to California homeowners.
- Homeowner Rights After Foreclosure Expanded
Arizona Daily Star 23 Sep 2013
Arizona's Court of Appeals, in a precedent-setting decision, has ruled that state residents who lose title to their homes in foreclosure actions are legally entitled to occupy the property during appeal.
- FHFA Launches Campaign to Boost HARP Participation Rates
MortgageOrb.com 23 Sep 2013
Hoping to spark borrower interest in the four-year-old Home Affordable Refinance Program (HARP), the Federal Housing Finance Agency (FHFA) has set up a new website at www.harp.gov.
- Debate over Mortgage Interest Deduction, Government Role in Housing
Mortgage News Daily 20 Sep 2013
At least one panel at a housing forum sponsored by the National Association of Home Builders saw sharp disagreement among participants regarding the balance between the private sector's role in mortgage financing and the level of federal support.
- Florida Program to Offer Mortgage Reductions
Sarasota Herald-Tribune 20 Sep 2013
The Florida Housing Finance Corp. has allocated $350 million to offer principal reductions to underwater borrowers in the state. The initiative is expected to help about 10,000 homeowners who are current on their payments but owe 125 percent more on their mortgage than what the property is worth.
- Executives From Biggest Subprime Lenders Are Peddling Risky Mortgages Again
Huffington Post 20 Sep 2013
Five years after the financial crisis peaked, executives from the top 25 subprime lenders before the mortgage crisis are developing new products aimed at borrowers with low credit scores and small down payments.
- Calif. City Contemplates Using Eminent Domain to Solve Its Foreclosure Crisis
PBS 20 Sep 2013
In Richmond, Calif., officials are preparing to take unprecedented action to help underwater homeowners.
- N.Y. Seeks Ban on Force-Placed Insurance Commissions to Banks
American Banker 19 Sep 2013
New York Gov. Andrew Cuomo on Thursday introduced a sweeping set of rules to overhaul the force-placed insurance industry, including forbidding New York insurers from paying commissions to banks or servicers to prevent them from issuing policies on properties serviced by affiliated companies.
- Senators Cite Importance of Maintaining Federal Backstop in Housing Finance Overhaul
North Dallas Gazette 19 Sep 2013
Senators Jon Tester (D-Mont.), Bob Corker (R-Tenn.), and Johnny Isakson (R-Ga.) recently pointed out that efforts to reform the U.S. tax code and housing finance should account for housing's important role in the economy.
- Fed Stays the Course on Easy Money
Wall Street Journal 19 Sep 2013
The Federal Reserve on Wednesday announced they have decided to keep their signature easy-money program in place for the time being, after spending months alerting the public that they might begin to pare their $85 billion-a-month bond-buying program at the September policy meeting.
- Black and Latino Wealth Plummets as Home Ownership Rate Drops to Record Lows
Business & Heritage Clarksville 19 Sep 2013
A new report from the National Association of Real Estate Brokers (NAREB) describes how the financial crisis has caused significant harm to African-American and Hispanic families, which now face major roadblocks in trying to obtain home financing.
- Housing Starts Rise 0.9 Percent to 891,000 Rate in August
MarketWatch 18 Sep 2013
Construction on new U.S. homes increased by 0.9 percent in August to a seasonally adjusted annual rate of 891,000, as starts for single-family homes rose, while volatile apartment starts dropped, the U.S. Department of Commerce estimated Wednesday.
- Homes-Sale Frenzy Eases
Wall Street Journal 17 Sep 2013
The U.S. housing market is showing signs of cooling after a year-long rally as higher prices and interest rates, a slowdown in investor purchases, and shortages of homes for sale weigh on one the sector.
- Deceptive Practices in Foreclosures
New York Times 17 Sep 2013
This New York Times editorial notes that in early 2012, "when five big banks settled with state and federal officials over widespread foreclosure abuses, flagrant violations — including the seizure of homes without due process — were supposed to end." However, abuses keep coming to light.
- Cordray Tries to Ease Industry Concerns on Mortgage Rules
Wall Street Journal 17 Sep 2013
Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), on Sept. 11 said his agency has strived to craft new mortgage rules that do not worsen today's tight lending environment.
- Mistakes Put Homes in Peril
Washington Post 17 Sep 2013
Tax officials in the District of Columbia punish homeowners who are delinquent on their property taxes by placing a lien against the houses and selling them at auction.
- Judge Rejects Challenge to Richmond's Threat to Seize Mortgages
Los Angeles Times 17 Sep 2013
A federal judge in San Francisco says he will toss out a lawsuit challenging a plan by Richmond, Calif., to seize underwater mortgages and write down their balances.