mortgage news: Citigroup Halts Foreclosures on Eligible Loan Borrowers - 11/12/08 08:43 AM
The foreclosure crisis doesn't appear to be going away anytime soon. More than 4 million American homeowners with a mortgage were at least one payment behind on their loans at the end of June, and 500,000 had started the foreclosure process, according to the most recent data from the … (4 comments)
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mortgage news: New Plan to Help Troubled Home Loans - 10/31/08 09:14 AM
Put away the pitchforks and torches, there may be some help on the way for struggling homeowners. The $700 billion bailout of Wall Street and private banks has been under heavy scrutiny from taxpayers, who say the government has done little or nothing for Main Street Americans on the … (1 comments)
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mortgage news: The Rise of Underwater Mortgages - 10/23/08 08:41 AM
About 12 million U.S. homeowners owe more on their mortgage than their homes are worth, compared with 6.6 million at the end of last year and slightly more than 3 million at the close of 2006. That's the bad news from Mark Zandi, chief economist at Moody's Economy.com, quoted … (7 comments)
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mortgage news: Interest Rates 101 - 10/13/08 09:12 AM
Turn on the television, open the papers, and you'll see that the doom and gloom news of the financial market has sent many people into a panic. But if you're like me, struggling to make sense of the talking heads on the network news shows, you'd think the only logical thing … (2 comments)
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mortgage news: Countrywide to Refinance Home Loans in 8 States - 10/07/08 09:04 AM
Say what you will about the Bank of America acquisition of troubled mortgage giant Countrywide Financial. For some homeowners with defaulting loans, the merger may have been their saving grace. The subprime mortgage crisis launched a major financial blow to Countrywide over last the few years. As a result, … (13 comments)
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mortgage news: The Bush Administration's $700 Billion Bail Out Plan - 09/24/08 09:12 AM
The Associated Press reported that Federal Reserve Chairman Ben Bernanke bluntly warned Congress on Tuesday it risks a recession, with higher unemployment and increased home foreclosures, if lawmakers fail to pass the Bush administration's $700 billion plan to bail out the financial industry.
Bernanke told the Senate Banking Committee that inaction … (0 comments)
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mortgage news: What the Fannie and Freddie Takeover Means for Home Buyers - 09/09/08 09:29 AM
U.S. Treasury Secretary Henry Paulson helped engineered the government's plan to takeover Fannie and Freddie.
With their hands on about half of all mortgages in the United States, totaling an estimated $5 trillion, lending giants Fannie Mae and Freddie Mac have a huge impact on swinging the housing pendulum. And … (4 comments)
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mortgage news: Mortage Fraud Cases Continue to Increase - 09/08/08 09:53 AM
The subprime mortgage fallout and foreclosure epidemic has unveiled numerous problems that ran astray during the days of the housing market boom. The countless predatory lending schemes and mortgage fraud causes manifested themselves as more and more families began to default on their home loans. The problems have lead … (2 comments)
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mortgage news: Foreclosure Activity Still Soaring - 07/28/08 09:20 AM
As Congress finally passed its landmark housing-rescue package over the weekend, which aims to help some 400,000 strapped homeowners from losing their homes, foreclosure filings across the country continued to pile up.
During the second quarter of this year, 739,714 homes received at least one foreclosure-related notice, or one in every … (3 comments)
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mortgage news: House Passes Housing Bill - 07/24/08 09:08 AM
While it wouldn't be the first time President George Bush backpedaled on his position on a hotly contested political issue, Democrats in Congress this time around are welcoming his change of heart.
The Associated Press reported that "President Bush dropped his opposition Wednesday to legislation aiming to calm the chaotic housing … (0 comments)
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mortgage news: Government Bailout of Fannie Mae and Freddie Mac - 07/15/08 09:36 AM
With their hands on about 50 percent of all mortgages in the United States at an estimated $5 trillion, lending giants Fannie Mae and Freddie Mac have a huge impact on swinging the housing pendulum. The Federal National Mortgage Association, nicknamed Fannie Mae, and the Federal Home Loan Mortgage Corporation, or … (6 comments)
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mortgage news: FHA Loans: Your First Choice, Not Just Your Last - 05/14/08 09:51 AM
Last week I attended the National Association of Real Estate Editors conference in Dallas. While there was much discussion on what has been deemed "the worst housing crisis since the Depression," real estate and financial trade groups appeared to be optimistic about the fate of the market. It appears that all … (3 comments)
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mortgage news: Mortgage Fraud Cases Up - 04/09/08 09:31 AM
Following an increase in suspicious activity report (SAR) filings from banks and financial institutions with mortgage loan fraud, the Financial Crimes Enforcement Network (FinCEN) issued a report in November 2006 describing trends and patterns with suspected fraud cases filed between April 1, 1996 and March 31, 2006. FinCEN has continued to … (1 comments)
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mortgage news: Buyers Struggling to Make Sense of the Housing Mess - 04/04/08 11:09 AM
I was having dinner with a friend of mine the other night, gorging on all-you-can-eat sushi, when we started talking about real estate. My friend, who is planning on buying her first home this summer, told me she started reading more about the housing crisis so she could get a … (5 comments)
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