As the average interest rate for the thirty-year mortgage with a fixed rate fell back toward the 5% mark last week, the Mortgage Bankers Association’s Weekly Mortgage Applications Survey found a corresponding increase in home refinancing applications. For the week ending Jan. 15, 2010, the Market Composite Index, a measure of refinance loan application volume, [...]
According to a recent Bloomberg article, home loan applications in the US fell last week by the most since February, defying efforts by President Barack Obama’s administration to revive the sluggish housing market.  The Mortgage Bankers Association’s index of applications to home purchase loans or mortgage refinancing declined 19% to 444.8 in the week ended [...]
The NAACP, contending that several major mortgage lenders forced African Americans into bad mortgages that sparked a foreclosure crisis, filed a class-action suit last week in a Los Angeles court. Among the culprits, says the nation’s largest and oldest civil rights organization, are Wells Fargo and HSBC, which steered Blacks into bad credit mortgage loans, even in cases when [...]
Housing industry researchers say the U.S. Treasury Department’s $75 billion “Making Home Affordable” plan likely will help a host of borrowers wounded by rising unemployment rates, high levels of credit card debt and diminished property values nationally.
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John Berlau on Obama’s Mortgage Rescue Plan
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Homeowners who aren’t behind on house payments, but who have suffered financial hardship [...]
Home Loan Relief with Federal Loan Modification Programs
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The Loan Modification Outlet provides mortgage relief with loss mitigation opportunities with negotiated loan workouts that will lower the interest rate on your existing home mortgage. Let LMO help you negotiate an affordable mortgage payment with companies like Bank of America, Countrywide, Citi Bank, Chase, WAMU and Wells Fargo. We [...]
Over the last few years, mortgage lenders have tighten the lending guidelines for home loans to the point where very few people actually qualify to refinance their home. Bill Stone, of PNC Wealth Management, discusses how long it will take to see a return of confidence in the credit markets.Â
Will the financial rescue package [...]
Fed Agrees to Purchase Bad Credit Securities and Keeps Key Interest Rates Near Zero
Federal Reserve committed to buy bad credit mortgage securities and treasuries if deemed effective; Fed says mortgage rates to remain low for “some time”; Fed ready to expand purchase of housing debt by buying or insuring defaulted home loans.
Watch the Mortgage Financing [...]
