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.
| Bondholders To BofA: 'These Mortgages Must Be Yours' |
 |
 |
 |
| Business: general | |||
| Tuesday, 02 December 2008 00:00 | |||
|
The real and the ideal collided head-on Monday as bondholders sued Bank of America, saying they wanted no part of a subprime bailout. The suit, filed in New York State Supreme Court -- which is the state's main trial court -- illustrates the thorniest issue in renegotiating the loans at the heart of the current financial crisis. The financiers of much of the excess of the subprime bubble want the resolution of the issue to remain between the borrowers who took loans they could not afford and the brokers who hooked them up with the money. In this particular case, the plaintiffs want Bank of America (nyse: BAC - news - people ) and its subsidiary Countrywide to buy every mortgage for which the bank has agreed to reduce the payment under an agreement with regulators to settle predatory-lending allegations. Many mortgage loans are not owned by the original lender or the company that services the debt, but instead belong to investors who bought bundles of sliced and diced mortgages via exotic financial product called collateralized debt obligations. The complaint said Countrywide is forcing bond investors to absorb the $8.4 billion loss incurred by the modifications it has agreed to per an October deal with regulators that requires its to modify about 400,000 U.S. mortgages. Roughly 347 trusts will be exposed to this loss. According to the complaint, Countrywide has denied it is required to repurchase all loans involved in question. Lawyers for the bond investors estimate that the average unpaid principal balance of the loans is approximately $200,000. Bill Frey, president of Greenwich Financial Services, one of the plaintiffs, said that the pooling and servicing agreement that he agreed to as an investor does not allow Bank of America to modify the terms of the loans. Frey said that because it has agreed to modify the roughly $150.0 billion in mortgage-backed securities involved, then it will need to buy the loans out of the pool to the tune of about $80.0 billion. "This is purely a contract case. We are simply saying that the contracts that relate these securities does not allow Bank of America to do what is has told 15 attorney generals it will do - without buying the 400,000 loans involved, " Frey said. SOURCE: Forbes
|
LINKS OF INTEREST
| CAMREO.COM |
| REOTECH.COM |
| FUTRABANCORP.COM |
ABOUT
| CONTACT US |
| ADVERTISE |
| SITE MAP |
Add your comments