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.
| Mortgage lending sinks 43% in January |
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| Tuesday, 24 February 2009 00:00 | |||
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A total of 23,376 mortgages were approved for house purchases during the month - the highest for four months and up from 22,416 in December, the British Bankers’ Association said. However, net mortgage lending, which excludes redemptions and repayments, fell to its second-lowest level since April 2001 at £2.9 billion in the month - nearly half that in January 2008. The value of total mortgage advances made in January was unchanged from December at £9.9 billion. There was also a slight increase in the number of people remortgaging, with 30,710 loans approved for people switching to a better deal during the month, up slightly from 30,500 in December but still 60 per cent lower than 12 months earlier. There has been a steep fall in the number of people taking out a new mortgage when their current deal ends, partly because house price falls have left many people without the big equity stakes lenders now demand to get the best rates. Historically low interest rates have also led to steep falls in lenders’ standard variable rates, which most borrowers revert to when they come to the end of a deal, meaning many homeowners are better off staying where they are. The BBA said: “January’s approval activity, both in volume and value, was marginally above December but continued to be at a very low level.” It added that lower borrowing costs and falling property prices had “underpinned” demand for mortgages from the high street banks, which it said were providing more than two-thirds of new mortgage lending. Howard Archer, chief UK and European economist at IHS Global Insight, said that the modest rise in approvals last month was further evidence that housing market activity may have bottomed out. But he warned that further "significant" falls in prices were likely: "Furthermore, while latest survey evidence indicates that buyer inquiries are now picking up significantly as people are attracted by lower house prices and the Bank of England slashing interest rates, we are sceptical that this will lead to a marked rise in actual sales soon." Demand for unsecured credit remained subdued during January. Consumers spent £6.1 billion on their credit cards, in line with previous months. But when repayments of £6.3 billion were taken into account, outstanding credit card debt rose by £253 million - slightly up on the previous six-month average. Borrowing through overdrafts and loans fell by £111 million in January, the third month in a row in which it has declined. There also was a steep fall in the amount of money people had saved during the month, with deposits dropping by £2.2 billion in January. The BBA said that this partly reflected people spending their savings but was also due to them moving their money into alternative, higher yielding assets, following the reduction in deposit rates. SOURCE: TIMES ONLINE
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