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.
| HSBC Upgraded at Goldman Sachs on Recovery Prospects |
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| Tuesday, 17 March 2009 00:00 | |
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HSBC, Europe’s biggest bank, was removed from Goldman’s Asia Pacific sell list, according to a report released today. The analysts lowered their 12-month share price target 9.1 percent to HK$41, compared with the rights offer price of HK$28 per share. HSBC rose 3.6 percent in Hong Kong trading to HKS$41.45. HSBC, which makes most of its profit in emerging markets, this month said it would stop making new loans at its U.S. unit after reporting a 70 percent drop in full-year profit. That decision and the fund-raising plan were “fundamentally welcome moves that begin to refocus the group back on its core businesses,” Goldman Sachs analysts including Roy Ramos and Gurpreet Singh Sahi wrote in today’s report. The bank may report $18.5 billion in deficits from its U.S. business through 2011 in addition to other treasury losses, according to the Goldman Sachs analysts. The group may post a $1.3 billion loss next year before returning to profit in the first half of 2010, they said. HSBC rose for the sixth consecutive day in Hong Kong today, cutting the decline since announcing the profit drop and rights offer on March 2 to 21 percent. The benchmark Hang Seng Index gained 6 percent over the same period. ‘Benefit of Hindsight’ The purchase of U.S. subprime-mortgage lender Household International in 2003 was “an acquisition we wish we hadn’t done with the benefit of hindsight,” Chairman Stephen Green said at the results briefing. The consumer lending unit will shed about 6,100 jobs and run down a real-estate and unsecured lending operation with $62 billion of assets, the bank said. Performance in January has been “better than forecast across the group,” Sandy Flockhart, CEO of HSBC’s Asian unit, said in a March 3 interview. He declined to provide details or figures. “The wind-down of Household International brings us closer again to the HSBC of before,” the Goldman analysts wrote. SOURCE: Bloomberg
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