Congress has just come up with an extra $1 billion to help people who can’t pay their mortgage because of unemployment or a medical problem.
Under this new Emergency Mortgage Relief program, eligible homeowners who are at least three months delinquent can get up to $50,000 apiece in federal loans to pay their mortgages.
The money for [...]
Archive for the ‘home buyers’ Category
Feds put up $1 billion more for mortgage relief
July 30th, 2010 by Mortgage Writer
Tags: Federal Housing, financial system, homeowners, housing market, mortgage, mortgage market, mortgage payments, regulators, unemployment
more...Housing policy must be set on sustainable basis
July 29th, 2010 by Mortgage Writer
The financial reform bill enacted last week is a significant step toward a much-needed modernization of our regulatory structure. It will provide tools to help mitigate and manage the next financial crisis. But the job remains unfinished until Congress addresses the housing policies that fueled the crisis — a big part of which requires reforming [...]
Tags: fannie mae, Federal Housing, financial crisis, financial system, Freddie Mac, mortgage finance, mortgage rates
Refinancing mortgage often smart even if you have to pay
July 27th, 2010 by Mortgage Writer
At the height of the housing boom, refinancing was doubly rewarding: You could lower your monthly payment and extract some cash to spiff up the kitchen.
With mortgage rates at record lows, refinancing still offers the promise of lower monthly payments. But forget about that Sub-Zero refrigerator. Instead of taking cash out, you may have to [...]
Tags: borrowers, economists, Freddie Mac, interest rates, investment, loans, mortgage lenders, mortgage rates, private mortgage, stock markets
Geithner: U.S. Should Retain a Mortgage Backstop
July 26th, 2010 by Mortgage Writer
Treasury Secretary Timothy Geithner said Sunday the government should retain “some type” of federal guarantee to ensure that Americans can easily finance home loans, in what could be the latest salvo between the Obama administration and Republicans over the future role of the public sector in the housing market.
The statement cuts to the heart of [...]
Tags: borrowing, fannie mae, financial crisis, Freddie Mac, home loans, homeowners, housing market, investors, mortgage, tax credit
FDIC to Sell $409 Million in Mortgage Bonds
July 24th, 2010 by Mortgage Writer
The Federal Deposit Insurance Corp. is tapping the securitization market to rid itself of assets from failed banks.
This time, the regulator will sell $409 million of mortgage bonds originated or acquired by 17 failed financial institutions.
The residential mortgage bond, called FDIC 2010-R1, will be wrapped by an FDIC guarantee, which is backed by the full [...]
Tags: home loans, housing market, interest rates, mortgage bonds, mortgage lenders, mortgage loans, mortgage payments, mortgage securities, US Economy
Mortgage defaults in California at 3-year low
July 23rd, 2010 by Mortgage Writer
The number of default notices in the second quarter falls 43.8% compared with the same period in 2009. Meanwhile, banks step up repossession of foreclosed homes.
The number of Californians entering foreclosure slid dramatically in the second quarter to a three-year low as the fallout from the worst of the housing crisis continued to abate.
Default notices, [...]
Tags: economic recovery, foreclosure, home foreclosures, home loans, home prices, homeowners, housing market, mortgage lenders, mortgage loans, mortgages, short sales, subprime mortgages, US Economy
Program to Help Prevent Foreclosures Falls Short
July 22nd, 2010 by Mortgage Writer
The Obama administration’s program to help homeowners avoid foreclosure has fallen far short of its goals, in part because the Treasury Department has failed to spell out what its objectives should be, according to an assessment offered to Congress on Wednesday.
Only 390,000 homeowners have seen their mortgage terms permanently modified since the $50 billion program [...]
Tags: financial system, foreclosures, homeowners, interest rates, mortgage market, mortgage modification, mortgages, US Economy, wall street
Fannie Mae Subpoenas May Find $30 Billion of Bad Mortgages, Analyst Says
July 21st, 2010 by Mortgage Writer
Fannie Mae and Freddie Mac’s regulator may identify as much as $30 billion of debt included in mortgage bonds that the companies can force sellers to repurchase, according to Joshua Rosner, an analyst who in 2007 predicted the collapse in the market for the securities.
The Federal Housing Finance Agency this month said it issued 64 [...]
Tags: bank of america, economists, fannie mae, Federal Housing, financial market, Freddie Mac, housing market, investors, loan, money, mortgage bonds, mortgage securities, subprime mortgages, tax credit, treasurys, wall street
Mortgage Rescue Scheme to be cut
July 20th, 2010 by Mortgage Writer
The government is cutting the amount home owners can sell to the council under the Mortgage Rescue Scheme.
Grant Shapps says the amount that home owners can sell to the council or housing association will be reduced from 65% to 55% which will allow more people to benefit.
He adds that the Scheme needs to be “refocused” [...]
Tags: home loans, homeowners, housing market, interest rates, loan, money, mortgage loans, mortgage market, mortgage payments, mortgage rescue, mortgages, real estate
Daily Mortgage Rates
July 19th, 2010 by Mortgage Writer
Today the thirty-year fixed rate mortgage (FRM) is averaging an interest rate of about 4.50%, this is down from most of last week when the thirty-year FRM averaged at 4.625%. The current mortgage rates being offered by America’s leading mortgage servicers continue to remain around fifty-year lows.
The fifteen-year FRM is currently being advertised at about [...]
Tags: economic recovery, FHA, fixed rates, homebuyers, housing market, interest rate, lenders, loan, loans, mortgage lenders, mortgage lending, mortgage rates, mortgages, real estate
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