(Reuters) – U.S. mortgage rates reached new record lows in the latest week as economic data raised the appeal of safe-haven government debt, according to a survey released on Thursday by Freddie Mac, the second-largest U.S. mortgage finance company. While rock-bottom rates offer a glimmer of hope for a housing market struggling to find footing […]
(Black Enterprise) — Recently, here in the hallways of BLACK ENTERPRISE, a few of us editors wondered if there’s any advice we should be offering to homeowners who are currently underwater on their mortgages. Over the last two years, we’ve given guidance to homeowners who can’t make their mortgage payments due to a sudden hardship; we’ve […]
(AP) – More than 30 companies that promise help for at-risk homeowners have been added to the growing list of firms getting letters from New York attorney general’s office over illegal and deceptive practices. Andrew Cuomo said Monday his office has sent cease-and-desist letters to 31 mortgage-rescue companies. That’s in addition to more than 180 […]
(Chicago Sun Times) — The Chicago area ranks No. 3 among metro areas whose homeowners have obtained help hanging onto their homes from the Obama administration’s mortgage rescue plan, according to a report released Monday. The region accounts for 5.1 percent of activity nationwide in the Obama administration’s Home Affordable Modification Program, or HAMP, said […]
(Smart Money) — GOOD MORNING. Asian shares finished higher, and European markets are rising. US futures are pointing to a positive opening. How are homebuilders feeling? At 10 a.m. today, the National Association of Home Builders will release its Housing Market Index, which tracks builders’ confidence about current single-family home sales, as well as the prospects […]
(washingtonpost.com) — A new Obama administration policy that gets tough on home-mortgage discrimination is drawing kudos from consumer advocates, along with expressions of serious concern from lawyers who represent lenders and brokers. Read More…
Moving average of mortgage applications up 2.2 percent.
Bank of America earlier this year delivered the following message to its loan officers: “Policy Change: Effective with initial locks on or after Jan. 21, 2010, overages will not be allowed on either purchase or refinance transactions.” Read More…
The administration is targeting stronger consumer protections and explicit guarantees for any government backstop of mortgages.
Homeowners with permanently reduced monthly payments grew to 168,708.
Government incentives for home ownership can easily turn sour for taxpayers.