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 [...]
Posts Tagged ‘foreclosure’
Oregon’s mortgage pain spreads to prime borrowers
December 7th, 2009 by Mortgage Writer
Tags: borrowers, foreclosure, good credit, homeowners, mortgage, mortgage payment, prime loans, subprime loans, The Mortgage Bankers Association
more...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
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
Stocks Decline in Early Trading as Dollar Rises
November 20th, 2009 by Mortgage Writer
Stocks fell in early morning trading Friday as the dollar continued to strengthen, and after a week of mixed economic reports.
Overseas markets declined. European Central Bank President Jean-Claude Trichet said the ECB plans to start pulling back some of its stimulus programs as the economy begins to recover.
With little U.S. economic news to help sway [...]
Tags: dollar rises, European Central Bank, foreclosure, homeowners, investors, mortgage, Mortgage Bankers Association
Economy Expands 3.5 Percent in Third Quarter, Biggest Growth in 2 Years
November 16th, 2009 by Mortgage Writer
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 [...]
Tags: barack obama, borrowing, economy grew, foreclosure, House Financial Services Committee, secure loans
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
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
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
Primer on MI Rescission; Updates from Wells, Flagstar, Freddie, PMI, FAMC; Rates Lower
November 3rd, 2009 by Mortgage Writer
Mortgage banking is a numbers game. Although the illustration above might remind some of their CFO, in other circles it might illustrate what some mortgage bankers are facing right now: MI rescissions. Rescissions are not new. But what is this chatter about MI companies and their rash of rescinding coverage? One well-informed person wrote to [...]
Tags: borrower, foreclosure, Freddie Mac, investor, lender, loan, Mortgage Bankers, REO, short sales, wells fargo
Lots of Prison case doable over 41 keyed up salt away prime Deeds
October 29th, 2009 by Mortgage Writer
Due to the recent mortgage fraud takedown known as “Operation Bad Deeds,” a joint federal, state and local operation targeting mortgage fraud spearheaded by the U.S. attorney’s office for the Southern District of New York, 41 people face more than 3,600 years in prison if they are convicted.
Operation Bad Deeds resulted in the arrest of [...]
Tags: foreclosure, homeowners, lenders, loan officers, mortgage brokers, mortgage crisis, mortgage fraud, mortgage loans, real estate
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