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.
| Detroit’s Foreclosure Aftermath. |
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| Foreclosure News | |
| Wednesday, 28 April 2010 00:00 | |
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By: Javier Almendares, April 28 2010 10:00AM ET Detroit, a city that has been hit hard with the recession and filled with foreclosures and abandoned buildings, East Warren Avenue on Detroit's east side could be called the epicenter. In the surroundings of 48224 zip code banks own 1,331 buildings, more than 7 percent of homes in the area were in foreclosure last year -- the highest rate in the city. Vacant and boarded-up homes sit among the homes in this middle-class neighborhood -- many of which have signs saying "Bring back the pride" on their lawns. In the local business district, empty storefronts are interspersed with older businesses that have been around for decades and a handful of newer shops. As residents move out, Bill Swanson spends his days trying to persuade businesses to move into those vacant commercial spaces. Shop by shop and block by block; the head of the local business alliance is waging a grassroots fight against crime, blight and neglect. He sees reviving the area's retail zone as the first step to wooing new residents. Join our FREE newsletter at http://www.mortgagelendingnews.com today "If they see an attractive commercial area, they're going to be more likely to feel comfortable in their own neighborhood and buy a house here," Swanson says of potential newcomers. Beyond the high number of foreclosures, there's an added challenge for retailers in the "CEM" district, which includes Detroit's Cornerstone, East English Village and Morningside neighborhoods. The area is just blocks away from the Grosse Pointe suburbs, a well-to-do spot where Detroit residents often travel to shop at high-end stores that aren't found within the city limits. A 2007 study by Washington think tank Social Compact estimated that Morningside and East English Village residents spend $117 million annually with local businesses -- but spend another $108 million at businesses in the suburbs. Capturing more of those dollars is crucial to shoring up the CEM area. "You can easily go to Grosse Pointe, but I think that we as residents need to make a concerted effort to choose to shop local," says Helen Broughton, community manager at Next Detroit Neighborhood Initiative. "'Shop local' starts to mean staying on this side of the border." If you are refining new marketing strategies to increase sales, At CAMREO we offer REO MARKETING so you can reduce your marketing time while maintaining a balance on the client's portfolio. (Advertisement) Mortgage Lending News, LLC
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| Last Updated on Friday, 13 August 2010 19:14 |
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