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. Stock Futures Drop as Job Cuts Top Economists’ Forecasts |
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| Friday, 05 December 2008 00:00 | |||
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JPMorgan Chase & Co., American Express Co. and Microsoft Corp. led declines in Dow Jones Industrial Average stocks trading in Europe after the government said the nation lost 533,000 jobs last month, more than the 335,000 estimated in a Bloomberg survey of economists. Futures on the Standard & Poor’s 500 Index expiring in December slid 2 percent to 830.4 at 8:34 a.m. in New York. Dow Jones Industrial Average futures lost 1.7 percent to 8,263 and Nasdaq-100 Index futures fell 1.8 percent to 1,114.25. Energy shares in the S&P 500 tumbled 6.2 percent as a group yesterday on Merrill Lynch & Co.’s prediction that oil will hit $25 a barrel. The industry led a late sell-off in the market that helped push the S&P 500 toward its fourth weekly decline since October. The benchmark index is still 12 percent above its 11-year low on Nov. 20, having slumped 42 percent this year. Benchmark indexes were poised to decline for the fourth time in five weeks. The S&P 500 has dropped 5.7 percent this week and the Dow average has retreated 5.1 percent. The Nasdaq Composite Index has declined 5.9 percent. China and the U.S. pledged $20 billion to fund trade and agreed to deepen financial ties, stepping up efforts to counter the credit crisis in their final economic talks before President-elect Barack Obama takes office. U.S. Treasury Secretary Henry Paulson said the extra trade finance will be supplied by import-export banks in China and the U.S. The money would be available to “creditworthy importers in developing economies” to finance exports from the U.S. and China and to benefit the global economy, Paulson said. “China is stepping up its efforts to promote global growth and stability.” The U.S. also agreed to speed up approvals for Chinese financial institutions investing in the country, the nations said in a joint statement as the Strategic Economic Dialogue ended in Beijing today. SOURCE: Bloomberg
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