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 ‘US Recovery’ 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...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
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
US mortgage rates steady, 30-yr at 4.75 pct-Freddie
June 17th, 2010 by Mortgage Writer
U.S. mortgage rates held steady at or near record lows in the latest week, home funding company Freddie Mac said on Thursday, with new housing data indicating market momentum is muted.
Fixed mortgage rates rose marginally, while adjustable rates slipped in the week ended June 17.
The average 30-year home loan rate rose 0.03 percentage point to [...]
Tags: economic recovery, economy, Freddie Mac, home loans, homebuyers, money, mortgage market, mortgage rate, mortgages, tax credit, US Economy
15-Year Mortgage Rate Falls Again: Can It Go Any Lower?
June 5th, 2010 by Mortgage Writer
The average interest rate for a 15-year fixed-rate mortgage hit a new historic low on Friday — 4.20 percent, down slightly from 4.21 last week. The last time the 15-year rate was that low was August 1991, when Freddie Mac began its weekly survey.
t was the third week in a row that the rate hit [...]
Tags: borrowers, business, economic recovery, economy, federal reserve, financial, Freddie Mac, home buyers, home loans, housing market, interest rates, mortgage lenders, mortgage rates, real estate, tax credit, US Economy
Bank of America Becomes Largest Mortgage Servicer to Join HOPE LoanPort
June 4th, 2010 by Mortgage Writer
HOPE LoanPort(TM), the groundbreaking new web-based housing counselor tool that streamlines submission of completed loan modification applications, announced today that Bank of America, the nation’s largest mortgage servicer, has agreed to use its proprietary technology to partner with non-profit housing counselors to assist homeowners with loan modifications.
Bank of America becomes the 11th mortgage servicer to [...]
Tags: bank of america, economic recovery, financial, homeowners, housing market, interest rates, loan modifications, loan services, mortgage brokers, mortgage servicer
The Home Loan Modification Program Brings Mortgage Aid To Struggling Homeowners
May 31st, 2010 by Mortgage Writer
There have been many complaints about lenders and the home loan modification program as a whole from homeowners who are very upset with their experience in seeking a loan modification on their home. Many people have been using mortgage modifications as a way to get a more affordable mortgage payment during these tough economic times.
Many [...]
Tags: economic recovery, financial, homeowners, investors, mortgage, mortgage market, mortgage payments, Treasury Department
One in 25 mortgage holder in arrears
May 28th, 2010 by Mortgage Writer
ONE IN every 25 Irish residential mortgage holders is more than three months in arrears on repayments, according to figures published yesterday by the financial regulator. And almost 22,000 people are struggling with arrears of more than six months on their home loans.
However, the number of repossessions and court proceedings against homeowners fell in the [...]
Tags: economy, financial, financial crisis, home loans, homeowners, housing market, mortgage, real estate, us central bank, US Economy
Expiring tax credits boost new home sales; mortgage rates, falling prices help
May 27th, 2010 by Mortgage Writer
New home sales surged last month as home buyers rushed to take advantage of tax credits that have helped lift the housing market, according to government data released Wednesday.
Sales of new single-family homes rose 14.8 percent in April, compared with March, to a seasonally adjusted annual rate of 504,000, according to Commerce Department data. Sales [...]
Tags: economy, financial, homebuyers, housing market, investors, mortgage rates, tax credit, US Economy
Hey, Mortgage Industry: Nobody Trusts You
May 25th, 2010 by Mortgage Writer
The mortgage banking industry knows it’s not the most popular kid on the block right now, but it tried to put a positive face on the state of the industry during a convention in New York on Monday.
The session kicked off with a feel-good video with uplifting messages such as “A Noble Profession” that flashed [...]
Tags: fannie mae, financial, Freddie Mac, global economy, homeowners, investors, Mortgage Bankers, Mortgage Bankers Association, mortgage market, mortgage rates, US Economy
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