Mortgage loan applications have increased 23% this last week due to record low rates.
Mortgage loan applications have increased 23% this last week due to record low rates.
Orlando, FL (MBNews.org) -- Historic record low have encouraged many homeowners to refinance according to the Mortgage Bankers Association.
We have seen refinancing activity climbed 26.4% just this week week ending January 13, to its highest level since early August, the MBA reported. Meanwhile applications for new mortgages climbed 10.3% week-over-week.
Read more...
Time to buy a house? Home prices have fallen and mortgage interest rates are lower than they have ever been.
Miami (MBNews.org) — Time to buy a house? Home prices have fallen and mortgage interest rates are lower than they have ever been.
A recent report from J.P. Morgan Asset Management, titled “Housing: A time to buy,” written by David Kelly and David Lebovitz, made the case for why a home may be a wise purchase. Read more: Mortgage rates plunge beyond expectations.
Although the U.S. housing market remains extremely depressed, we believe that given current valuations and demographic dynamics, now may be the time to consider an investment in housing,” the report said.
Read more...Goldman, Two Firms Agree on Foreclosure-Signing Practice
Goldman Sachs will compensate some home loan borrowers for wrongful foreclosures under an agreement reached with a New York state banking regulator.
The agreement, which New York financial services superintendent Benjamin Lawsky reached with Goldman [GS 112.16 -4.06 (-3.49%) ] and Ocwen Financial [OCN 13.28 -0.52 (-3.77%) ], contains several measures to strengthen the oversight of foreclosure proceedings.
It also will allow Goldman's planned sale of its Litton Loan Servicing LP unit to continue.
Read more...U.S. asks Bank of America to report back up plans if conditions worsen
The U.S. Federal Housing Finance Agency plans to sue "more than a dozen" major banks for billions of dollars over alleged misrepresentation of mortgage-backed securities sold before the housing bubble burst, the New York Times reported late Thursday.
The U.S. Federal Housing Finance Agency plans to sue "more than a dozen" major banks for billions of dollars over alleged misrepresentation of mortgage-backed securities sold before the housing bubble burst, the New York Times reported late Thursday.
Read more...U.S. asks Bank of America to report back up plans if conditions worsen
U.S. regulators have pushed Bank of America Corp. to show what measures it could take if conditions worsen for the Charlotte, N.C., lender, according to people familiar with the situation.
U.S. regulators have pushed Bank of America Corp. to show what measures it could take if conditions worsen for the Charlotte, N.C., lender, according to people familiar with the situation. Read more...
More Americans at Risk of Foreclosure
The number of Americans at risk of foreclosure is rising, reflecting the U.S. economy’s continued struggles.
The number of Americans at risk of foreclosure is rising, reflecting the U.S. economy’s continued struggles.
The Mortgage Bankers Association said Monday that 8.44 percent of homeowners missed at least one mortgage payment in the April-June quarter. That figure, which is adjusted for seasonal factors, rose 0.12 percentage point from the January-March period. Read more...
New York AG Kicked Off Foreclosure Probe Panel
Iowa Attorney General Tom Miller said late yesterday that his New York counterpart, Eric Schneiderman, had been removed from the executive committee working on a multistate foreclosure probe – and potential settlement – with U.S. banks.
| U.S. consumers feel won't be better off until '10: poll |
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| Wednesday, 11 March 2009 00:00 | |||
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Findings from the survey by America's Research Group released on Tuesday pointed to tough times ahead for U.S. retailers, who have their seen their sales plummet as shoppers have cut back on all but the most essential purchases. The telephone poll asked 1,000 adult U.S. consumers a series of questions provided by Reuters. Their answers reflected the current "retail free-fall" pervading the industry, said Britt Beemer, founder and CEO of the group. "We're looking at a retail meltdown much worse than anyone could have imagined six months ago," Beemer said. According to the data, U.S. consumers are pessimistic about the current economic environment and do not expect any improvement in 2009. "We're looking at the fact that most people don't think they'll see an improvement until the summer of 2010," Beemer said. "That's a while." CAN'T SAVE MONEY Consumers were basically split between those who said their shopping budgets were lowered significantly from last year -- 50.5 percent -- and those who said they were about the same -- 48 percent. Most said their attempts to save money were unsuccessful in the difficult economic environment. Three-quarters of the respondents said they were saving less, compared to the quarter who said they were saving more. "What we're really seeing is the extreme of the consumers' frustration in what they're doing," Beemer said. Some 75 percent of participants said they were paying for purchases with cash more frequently, and 51 percent said they had stopped using their credit cards for purchases. These survey results stray from the norm, Beemer said, pointing to a similar question last year that revealed that only about a third of consumers had stopped using credit cards. Given retailers' recent emphasis on promotions in order to lure penny-pinching shoppers, Reuters asked whether consumers would consider buying an item that was not on sale. Nearly a half, or 47 percent, said they probably would not or definitely would not buy a full-priced item. An almost equal number, 49 percent, replied it would depend on the item. Beemer said most of those would end up choosing the sale items. "When consumers waffle, about 90 percent end up moving to the sale mentality and about 10 percent move to the regular price mentality," he said. The survey, which had a margin of error of plus or minus 3.8 percent, was conducted March 6-8. SOURCE: Reuters
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