The banking industry is touting its accomplishments in mortgage modifications, subtly thumbing its nose at a government program that has been struggling to succeed.
A coalition of mortgage-industry players called Hope Now said on Wednesday that the private sector had completed 1.1 million permanent mortgage modifications in 2010 alone. Since the government launched its “Making Home [...]
Posts Tagged ‘housing market’
Banks: Kicking Butt in Mortgage Mods
September 3rd, 2010 by Mortgage Writer
Tags: borrowers, foreclosures, homeowners, housing market, money, mortgage loans, mortgage modification, real estate
more...Fannie Mae gets tougher on U.S. mortgage servicers
September 1st, 2010 by Mortgage Writer
Fannie Mae (FNMA.OB), the largest provider of funding for U.S. residential mortgages, will begin demanding compensation from mortgage servicing companies that fail to properly handle troubled mortgage loans, the company announced late on Tuesday.
The government-controlled company also said it may begin conducting reviews of loan files, processes and procedures used by the servicers, in another [...]
Tags: economic recovery, fannie mae, foreclosed properties, housing market, mortgage lenders, mortgage loans, mortgage market, US Economy
11.3% of Texas homes mortgage underwater
August 27th, 2010 by Mortgage Writer
More than 11 percent of Texas residential properties are underwater in their mortgage loans, according to a new report from financial and real estate data provider CoreLogic.
The report said 3,249,196 properties in the Lone Star State are in a situation where the mortgage value is higher than the home’s actual value. The report attributes most [...]
Tags: borrowers, economists, foreclosures, housing market, mortgage loans, mortgages, real estate
Fannie, Freddie, and the mortgage addiction
August 26th, 2010 by Mortgage Writer
Since the mortgage market can’t suddenly wean itself off government-supported Fannie Mae and Freddie Mac, some experts want more federal intervention. They’re wrong.
In the first inning of what looks to be an intricate political game, the Obama administration and its financial industry allies suggested that the economy needs the federal government full force in the [...]
Tags: fannie mae, Freddie Mac, housing market, interest rates, mortgage lending, mortgage market, mortgage payments, private mortgage
Mortgage giants Fannie Mae and Freddie Mac can’t continue in their current form
August 24th, 2010 by Mortgage Writer
Left out of the financial reform bill recently passed by Congress was a plan for dealing with the moribund mortgage giants Fannie Mae and Freddie Mac, seized by the government nearly two years ago.
But while the bill failed to reform the two government-sponsored enterprises, Congress told the Obama administration to develop a reform strategy by [...]
Tags: fannie mae, financial, Freddie Mac, housing market, mortgage banker, Obama administration, us private sector
U.S. Mortgage Relief Effort Is Falling Short of Its Goal
August 23rd, 2010 by Mortgage Writer
The Obama administration’s mortgage relief program, originally intended to shield three million households from foreclosure, now looks as if it will permanently help as few as one-sixth of that number.
While millions say they need help avoiding foreclosure and many struggling households applied, data released Friday showed the dropout rate from the Making Home Affordable Program [...]
Tags: borrower, foreclosures, home loans, housing market, mortgage brokers, mortgage lenders, mortgage modification, mortgage payments, real estate, US Economy
Federal government should begin withdrawal from mortgage business
August 20th, 2010 by Mortgage Writer
The country’s housing finance system is in dire need of revamping — this is a consensus. But the question is how to fix it. The best answer is to phase out most forms of federal mortgage support and get taxpayers out of the mortgage-backing business.
At a conference to discuss possibilities earlier this week, U.S. Treasury [...]
Tags: fannie mae, Freddie Mac, housing market, mortgage financing, mortgage loans, mortgage market, subprime mortgages
Lenders predict slow UK mortgage market in 2010
August 19th, 2010 by Mortgage Writer
Lenders are predicting a slow mortgage market for the rest of the year despite reporting a 5% lift in loans in July.
The total amount of money lent in new mortgages stood at £13.6bn in July, the Council of Mortgage Lenders (CML) said.
This gross mortgage lending, which includes lending to people remortgaging as well as house [...]
Tags: borrowers, home loans, homebuyers, homeowners, housing market, interest rates, mortgage brokers, mortgage lenders, mortgage lending, mortgage market
Fed plans mortgage payment disclosure rule
August 16th, 2010 by Mortgage Writer
The Federal Reserve on Monday issued a package of rules and proposals for mortgages, including a measure that would require lenders to disclose to borrowers how their mortgage payments can change over time.
The provision, which is an interim rule that would take effect on Jan. 30, 2011, seeks to make sure borrowers are alerted to [...]
Tags: borrowers, central bank's, economy, federal reserve, housing market, mortgage, mortgage lenders, mortgage loans, mortgage payments, US Economy
Fannie Mortgage Bonds Drop Most Since February on Refinancing
August 13th, 2010 by Mortgage Writer
Fannie Mae and Freddie Mac mortgage securities tumbled, with prices for certain debt declining the most relative to U.S. Treasuries over two days since February on concern that refinancing will accelerate after the Federal Reserve said it would buy more government notes.
Fannie Mae’s 30-year fixed-rate securities with 6 percent coupons fell 0.25 cent on the [...]
Tags: borrowers, fannie mae, federal reserve, financial market, foreclosures, Freddie Mac, home loans, housing market, mortgage bonds, mortgage securities
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