The economy grew at a 3.5 percent pace in the third quarter, the best showing in two years, fueled by government-supported spending on cars and homes.
The Commerce Department’s report Thursday delivered the strongest signal yet that the economy entered a new, though fragile, phase of recovery.
The report, though promising, does not mark the end of [...]
Archive for November, 2009
Economy Expands 3.5 Percent in Third Quarter, Biggest Growth in 2 Years
November 16th, 2009 by Mortgage Writer
Tags: barack obama, borrowing, economy grew, foreclosure, House Financial Services Committee, secure loans
more...More Than 100 Arrested for Mortgage Fraud, Feds Say
November 16th, 2009 by Mortgage Writer
A federal prosecutor says a crackdown on organized mortgage fraud this year has yielded 105 arrests from Jacksonville to Fort Myers.
A. Brian Albritton, the U.S. attorney for Florida’s middle district, announced the results of the nine-month investigation at news conferences Tuesday in Fort Myers and Tampa.
Albritton said the fraudulent loans totaled more than $400 million [...]
Tags: buyers, fraudulents loans, lenders, mortgage brokers, mortgage fraud, news conferences, realtors, sellers
HUD Audit No Surprise
November 13th, 2009 by Mortgage Writer
HUD released its annual report to Congress regarding the financial status of the FHA Mutual Mortgage Insurance (MMI) Fund. As expected, MMI Fund numbers continue to worsen, and according to the audit this was due to the “current severe housing market decline and extremely stressful economic conditions.” It further concluded that the capital ratio of [...]
Tags: borrowers, economy, FHA, financial, Home Equity Conversion Mortgages, homeownership, tax revenue
Jobless Claims, Deficit Data, Auctions, FHA Audit Release
November 12th, 2009 by Mortgage Writer
In terms of data releases the week is only beginning now. Stocks have been rising this week led by the Dow hitting a 13-month high Tuesday and continuing to climb yesterday, but the drivers have been from outside the US economy. This morning the market is looking more cautious ahead of weekly jobless claims and [...]
Tags: borrow, financial system, global economy, Treasury Budget Statement
HAMP on Track to Reach Goals. No Update On Redefault Rate
November 11th, 2009 by Mortgage Writer
The Treasury Department announced Tuesday morning that its Making Home Affordable Program (HAMP) now has more than 650,000 mortgage modifications underway, a number that puts it on track to meet its goals over the next few years.
The report, which provides data on the program through October 31, is the first to provide state specific numbers [...]
Tags: borrowers, fannie mae, financial, foreclosure, HAMP, investors, loans owned, mortgage, mortgage debt, mortgage payments
The credit crunch has had a huge impact on the cost and availability of mortgages
November 10th, 2009 by Mortgage Writer
News of the mortgage squeeze means that homeowners can’t get away from talk of Libor or loan-to-value ratios.
But what does all this jargon mean?
Here is a quick guide to some of the more common phrases thrown around by analysts in recent weeks that might have mystified householders:
SVR
The SVR - or standard variable rate - is [...]
Tags: bank rate, Council of Mortgage Lenders, home loans, jargo, lenders, mortgage, mortgage deals, mortgage lending, subprime mortgages
Fewer underwater mortgages
November 9th, 2009 by Mortgage Writer
Fewer people are underwater on their mortgages — further evidence that the real estate free-fall may be slowing.
Just 21% of all single-family homeowners owe more on their mortgage balances than their homes are worth, according to a third quarter residential real estate report from Zillow.com. That is down from 23% at the end of the [...]
Tags: borrowers, foreclosed properties, foreclosure, homeowners, inventory, loans, mortgages, real estate, short sales, The National Association of Realtors
Countrywide Ex-CEO Mozilo to Face SEC Charges in Court
November 6th, 2009 by Mortgage Writer
A federal judge ruled that former Countrywide CEO Angelo Mozilo must face allegations of securities fraud and insider trading in court, saying that the quality of loans that the mortgage lender was making would be of material interest to investors.
Judge John Walter of the U.S. District Court in Los Angeles denied a request by Mozilo [...]
Tags: countrywide, investors, loans, mortgage lender, subprime mortgage
Fannie Mae Offers Borrowers Option to Foreclosure
November 5th, 2009 by Mortgage Writer
Can’t pay the mortgage? You still might be able to stay in your home. Government-controlled mortgage company Fannie Mae is going to give borrowers on the verge of foreclosure the option of renting their homes for a year.
The change announced Thursday could give a temporary break to thousands of homeowners, but critics question whether it [...]
Tags: borrowers, fannie mae, foreclosure, homeowners, mortgage, mortgage bills, mortgage company
Community Banks Taking Mortgage Market Share
November 4th, 2009 by Mortgage Writer
How much money are mortgage bankers, including management, making? According to the MBAA, average profit per loan is up nicely versus the first quarter moving to over $1,300 on each loan originated in the second quarter. In addition, production volumes were up and average pull through went from 67% up to 73%! READ MORE
Although the [...]
Tags: foreclosures, loan, Mortgage Bankers, mortgage brokers, mortgage business, mortgage rates, mortgage securities, tax credit, treasury
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