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, [...]
Archive for the ‘news’ Category
Mortgage switch no help in punishing banks
December 4th, 2009 by Mortgage Writer
Tags: bank customers, financial products, interest rates, loans, mortgage, mortgage holders, mortgage rates, National Australia Bank
more...Home Mortgage Loan Modification Success
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
Home Mortgage Refinance Loan - Advantages of Getting One
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
Obama Adminstration Seeks to Strengthen Mortgage Relief for Homeowners
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
Treasury to increase pressure on mortgage industry
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
Recession ‘worse than estimated’
November 30th, 2009 by Mortgage Writer
Chancellor Alistair Darling will say in his pre-Budget report that the economy performed worse in 2009 than he first predicted, Treasury sources have said.
Mr Darling is expected to say that the UK economy shrank by 4.75% this year - more than the 3.5% originally forecast in the Budget in March.
The adjustment follows the economy’s unexpectedly [...]
Tags: news, Office for National Statistics, treasury
Few mortgages permanently modified
November 30th, 2009 by Mortgage Writer
In October 2008, JPMorgan Chase & Co. shaved 25 percent off Rick Mullen’s mortgage payment by lowering his interest rate, helping him to stay in his Valencia, Calif., home despite a downturn in his small business refurbishing large shipments of damaged shoes.
More than a year later, Mullen is grateful but frustrated, he says, because Chase [...]
Tags: bank of america, borrowers, foreclosure, interest rate, lenders, loan, Mortgage Bankers Association, mortgage payment, Obama, small business, Treasury's Office of Homeownership Preservation
British banks receive billions in secret bailout
November 27th, 2009 by Mortgage Writer
The Bank of England extended secret emergency financing to Royal Bank of Scotland and to what was then HBOS during the banking panic last October, indicating the two banks were even closer to collapse than had been thought.
From the beginning of October 2008 when Ireland guaranteed the liabilities of all its banks, HBOS needed life [...]
Tags: Bank of England, borrowing, collateral, commercial loans, controversial government, emergency financing, government debt, insurance, loans, mortgages, Royal Bank, secret bailout
Last Week Mortgage Applications Declined
November 26th, 2009 by Mortgage Writer
For the second week straight, mortgage applications dropped 4.5%.
According to the Mortgage Bankers Association’s index, mortgage applications dropped from 629.1, during the prior week, to 601 last week, which is a 4.5% decrease.
Government programs have been helping the housing market recover from the worst economic crisis since the 1930’s. The first time home buyer [...]
Tags: home buyers, low mortgage, mortgage, Mortgage Bankers Association, tax credit
Mortgage Applications Decrease in Latest MBA Weekly Survey
November 25th, 2009 by Mortgage Writer
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending November 20, 2009. The Market Composite Index, a measure of mortgage loan application volume, decreased 4.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 5.8% compared with the previous week.
The Refinance [...]
Tags: loan to value, LTV loans, MBA, mortgage, mortgage loan, The Mortgage Bankers Association
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