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December 9th, 2009 by Mortgage Writer
WESTPAC is facing increased political pressure over its decision to increase mortgage rates by almost double the Reserve Bank rise, as the bank’s senior executives admit the institution’s reputation has taken a hit.
Kevin Rudd weighed into debate yesterday, saying the bank’s unprecedented 45 basis point increase in mortgage rates to 6.76 per cent was a [...]
Tags: business banking, loan, mortgage holders, mortgage rate, Prime Minister, rate crisis
December 8th, 2009 by Mortgage Writer
The Federal Housing Administration will issue preliminary regulations that would be the first step in developing a method to mathematically determine a borrower’s eligibility for a reverse mortgage said Meg Burns, the director of the FHA’s office of single-family program development in a New York Times article.
The administration recently implemented a new set of standards [...]
Tags: borrowers, mortgage, NY times, The Federal Housing Administration, wells fargo
December 7th, 2009 by Mortgage Writer
Bank of America Corp. said Monday it has provided mortgage relief through loan modifications for more than 600,000 homeowners since January 2008.
The renegotiated loans were done through its own programs and the government’s Home Affordable Modification Program, the bank said.
Bank of America has concluded more than 450,000 loan modifications since January 2008 under its own [...]
Tags: bank of america, Home Affordable Modification Program, homeowners, Lehman Brother, loan modifications, mortgage
December 7th, 2009 by Mortgage Writer
Nearly one in 10 Oregon homeowners was late on at least one mortgage payment this fall, the highest rate on record, and those troubles are expected to grow worse into 2010.
The Mortgage Bankers Association says about 9.4 percent of Oregon’s 631,000 mortgages were delinquent or in foreclosure [...]
Tags: borrowers, foreclosure, good credit, homeowners, mortgage, mortgage payment, prime loans, subprime loans, The Mortgage Bankers Association
December 4th, 2009 by Mortgage Writer
AS THE Treasurer, Wayne Swan, called on mortgage holders to punish the ANZ, Commonwealth and Westpac banks for increasing interest rates above the official rate rise, inquiries by the Herald reveal that one year after his much hyped mortgage switch measures, changing banks remains difficult.
The ANZ yesterday lifted its variable mortgage rates 0.35 percentage points, [...]
Tags: bank customers, financial products, interest rates, loans, mortgage, mortgage holders, mortgage rates, National Australia Bank
December 3rd, 2009 by Mortgage Writer
The home mortgage loan modification process has been very difficult for both lenders and borrowers. One company that has seen relative success is GMAC mortgage. From the data that has been received, GMAC mortgage has 35% of the qualifying home loans in a trial modification period. The issue at hand is the [...]
Tags: bank of america, borrowers, GMAC, home mortgage, lenders, loan modification, mortgage, mortgage lenders, mortgage payment
December 2nd, 2009 by Mortgage Writer
The best option to refinance your home mortgage is home mortgage refinance loan. Many people have fear about the charges applied because they are not aware of such loans. They are not aware regarding the procedures and are bothered about the hidden cost involved in availing the loan. You can find numerous lenders in web [...]
Tags: borrowers, home mortgage, lenders, loans, mortgage loan, mortgage refinance loan, rate mortgage, refinance loan
December 1st, 2009 by Mortgage Writer
The Treasury Department unveiled a new plan yesterday seeking to make a $75 billion federal program to help struggling homeowners more effective.
To date, more than 650,000 mortgage holders have been granted temporary modifications on their mortgage loans under the Home Affordable Modification Program (HAMP). But as of September 1, only 1,711 mortgage modifications had been [...]
Tags: foreclosures, Home Affordable Modification Program, homeowners, lenders, mortgage crisis, mortgage loans, Obama, The Department of Housing, The Treasury Department, Urban Development
December 1st, 2009 by Mortgage Writer
Faced with sluggish progress in its foreclosure-prevention effort, the Obama administration will spend the coming weeks cracking down on mortgage companies that aren’t doing enough to help borrowers at risk of losing their homes.
Treasury Department officials said Monday that they will step up pressure on the 71 companies participating in the government’s $75 billion effort [...]
Tags: borrowers, foreclosure, foreclosure crisis, homeowners, lenders, loan modifications, loan services, mortgage companies, Obama administration, Treasury Department, wells fargo
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