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Existing-home sales including single family residences, condominiums, townhomes, and co-ops continued to move downward in January, as did their median prices according to the monthly survey released on Monday by the National Association of Realtors. Lawrence Yun, NAR chief economist, said many potential buyers remain on the sidelines. “Subprime loans and other risky mortgage products have virtually disappeared from the marketplace, and…” Read More Now
Sensational gifts on a shoestring budget
Being low on funds doesn’t have to keep you from playing Santa. Get creative with your gifts to save money.
FDIC chief floats “short refis”
Mortgage servicers should streamline a way to offer refinances that include debt forgiveness, FDIC Chairman Sheila Bair told the Senate Banking Committee today.
Putting baking soda in the wash
It keeps your clothes smelling fresh and treats stains.
Mortgage Rates and the Fed - Get it Straight !
I can’t decide what was more troublesome yesterday: the comically uninformed questions put to Big Ben regarding mortgage rates, or the comically inaccurate article printed by CNBC on the same subject. Whatever the case, the media is awash with analysts, experts, officials, and laypersons offering rather strong opinions on a subject about which they have such a painfully shallow understanding. I’m more concerned with something that no one has really talked about yet: the lack of understanding of our mortgage problems… Read More Now
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Fannie Mae outlined updated pricing in a new Loan-Level Price Adjustment Matrix and Adverse Market Delivery Charge schedule effective on loans purchased beginning March 1. The LLPAs are deducted from the purchase proceeds. Fannie has imposed an adverse market delivery charge of 0.25 percent on all loans.
Sensational gifts on a shoestring budget
Being low on funds doesn’t have to keep you from playing Santa. Get creative with your gifts to save money.
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Lower housing prices and sinking mortgage rates mean now is a good time to either buy or rent, says Dr. Don Taylor.
Fed up with interest-only
Fed cut doesn’t result in lower mortgage rates.
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After pitching upward the previous week long term interest rates were flat during the week ended February 7 according to the results of Freddie Mac’s Primary Mortgage Market Survey. The survey found that the 30-year fixed-rate mortgage (FRM) averaged 5.67 percent with 0.4 point for the week. Mortgage originations were down a bit from the previous week although they were still… Read More Now
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Lower housing prices and sinking mortgage rates mean now is a good time to either buy or rent, says Dr. Don Taylor.
Another Attempt to Ameliorate the Housing Situation Proposed
It took a while to saddle up the horses, but now it seems as though everyone is riding to the rescue. Senate Democrats Thursday announced The Foreclosure Prevention Act of 2008 which is intended to address the national housing crisis, help homeowners avoid foreclosure and assist communities that have already been harmed by foreclosures to recover. A potentially far-reaching provision would change the bankruptcy code to … Read More Now
Foreclosure Freeze to Cover Nearly All Borrowers
A week ago six of the major mortgage servicers involved in the Hope Now alliance announced that they would be offering a pause in foreclosure proceedings to borrowers who appeared able to enter into loan modification agreements. Now the remaining 19 members of the alliance have agreed to adopt the same guidelines in a program nicknamed Project Lifeline. The expansion of the program was announced Tuesday and… Read More Now
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Fed cut doesn’t result in lower mortgage rates.
Negative nellies unite!
Even with rates moving up this week, this is still a good refinancing opportunity for people who bought houses in 2006 and 2007.
Best after-holiday buys
Looking for great deals? Focus on electronics, appliances and cars.
Don’t dwell on college savings options
‘Analysis paralysis’ can be the enemy of a sound college savings strategy, says the College Money Guru.
Bad jobs, good rate news
Paradox: falling unemployment rate can be bad news.
Putting baking soda in the wash
It keeps your clothes smelling fresh and treats stains.
Buying, renting both good options now
Lower housing prices and sinking mortgage rates mean now is a good time to either buy or rent, says Dr. Don Taylor.
FDIC chief floats “short refis”
Mortgage servicers should streamline a way to offer refinances that include debt forgiveness, FDIC Chairman Sheila Bair told the Senate Banking Committee today.
Sensational gifts on a shoestring budget
Being low on funds doesn’t have to keep you from playing Santa. Get creative with your gifts to save money.
...
The interest rates on fixed rate mortgages (FRM) were up during the week ended February 14 according to the results of Freddie Mac’s Primary Mortgage Market Survey. Freddie Mac vice president and chief economist commented on the rates; “This week was relatively light on the number of economic data releases, which painted a… Read More Now
Subprime Lawsuits Already Outpacing S&L Litigation
Even as the stock prices of investment banks began to fall and foreclosures started to rise, everyone knew what was coming next. Lawsuits! So a study released by Navigant Consulting Inc. last week was hardly a shock. The study shows that the number of subprime mortgage- related lawsuits filed in federal courts in the last few months have already outstripped the number of savings and loan (S&L) suits in the early 1990s… Read More Now
2 Wholesalers Close Shop
Lydian Mortgage is apparently abandoning its wholesale channel. The company has indicated on several of its Web pages that it will now direct its efforts to its retail channel. OMG Wholesale Lending suspended operations on Feb. 20, according to a message reviewed by MortgageDaily.com.
California to Retrain Laid-off Mortgage Workers
California Governor Arnold Schwarzenegger has announced a massive program to address a number of aspects of the housing slump in the state which has probably been harder hit by its effects than any other. The various initiatives will use a variety of state and federal funds including a $5.6 million federal grant to retrain mortgage and banking industry workers laid off as a result of the mortgage crisis… Read More Now
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Changes to Fitch Ratings subprime loss forecasting assumptions led to the downgrading of around $1.2 billion in classes of four Residential Asset Securities Corp. securitizations from 2006. In addition, Fitch’s changes left $0.7 billion in classes of People’s Choice mortgage pass-through certificates from 2006 downgraded. Among the largest downgrades as a result of Fitch’s subprime updates were $5.0 billion in classes of Long Beach mortgage pass-through certificates issued in 2006.
FHA Limits May Rise in March
A new higher limit for loans insured by the Federal Housing Administration could become effective next month. A spokesman for the U.S. Department of Housing and Urban Development told MortgageDaily.com borrowers can apply after the agency publishes the temporary maximum loan amounts. HUD expects to publish the new limits in early March.
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Mortgage servicers should streamline a way to offer refinances that include debt forgiveness, FDIC Chairman Sheila Bair told the Senate Banking Committee today.
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A current loan was erroneously reported by Fifth Third Bank as two separate loans, each “being in arrears and with 27 late payments,” according to a lawsuit filed by Mark S. Blythe. He claims that in addition to the inccorred payment histories, loans that had been paid off and closed were showing as open. In his complaint against Fifth Third Bank, Blythe alleges the bank “has caused plaintiff to lose all of the goodwill and profitability in excess of $80,000 which plaintiff would have received had the slander of his credit by defendant not occurred.”
Broker Sued for $6 Million in Fraud
1st Mariner Bank filed the lawsuit against East West Mortgage Company Inc. 1st Mariner, a wholesale lender, alleges employees and agents of East West allegedly provided it with fraudulent loan applications. Nearly $6 million in loans went into default soon after closings as a result of the mortgage fraud, according to the complaint.
Biggest Online Mortgage Advertisers
NexTag Inc. spent $65.5 million online during December, according to Nielsen Online’s Top 10 Advertisers by Estimated Spending for January. NexTag’s level of spending made it No. 1 on the list for last month. NexTag sells mortgage leads to originators.
Reducing Foreclosures
Operation HOPE logged 7,263 telephone calls to its hotline within 24 hours of its announced launch, an announcement said. Wells Fargo will donate $1.5 million to support foreclosure counseling, a statement Friday said. The board of The New York Times Neediest Cases Fund recently announced the launch of the Subprime Neediest Program with a $1 million contribution.
Don’t dwell on college savings options
‘Analysis paralysis’ can be the enemy of a sound college savings strategy, says the College Money Guru.
The 20 fastest growing jobs in the nation
These careers will experience the most growth over the next seven years. Find out what these jobs pay and what education is necessary.
A Frugal shopper’s best tip
Knowing when to buy can save you big bucks.
