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 fraud at an all time high |
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| Monday, 16 March 2009 00:00 | |||
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The number of reported incidents of mortgage fraud has reached an all-time high even as the number of home loans being issued has shrunk, according to a report released Monday. Cases of reported fraud surged 26% from 2007 to 2008, according to the Mortgage Asset Research Institute (MARI), a LexisNexis Service, which compiled the report for the Mortgage Banker's Association. "With fewer loan originations today, the data suggests that the economic downturn may have created more desperation, causing more people than ever before to try to commit mortgage fraud," said Denise James, LexisNexis Risk and Information Analytics Group director of Residential Mortgage Solutions, in a written statement. Rhode Island had more cases of mortgage fraud than any other state, according to the report. Through the first quarter of 2009, Rhode Island recorded three times the rate of fraud that would be expected based on the number of mortgages originated in the state. This is the first time Rhode Island officially has made the top 10 list. It was retroactively boosted to the fifth place in 2007. Florida recorded the second highest percentage of mortgage fraud compared with expectation, after leading the pack for 2007 and 2006. Illinois came in third, followed by Georgia, Maryland, New York, Michigan, California, Missouri and Colorado. Types of fraud: "MARI data shows that mortgage fraud is more prevalent today than it was at the height of the boom in mortgage loan originations," said John Courson, president and chief executive officer of the MBA, in a written statement. The most prevalent form of mortgage dishonesty in 2008 was application fraud. According to the report, 61% of all reported frauds in 2008 were a result of misrepresentation on the application for a mortgage. This is the fifth time application fraud has topped the list. The second most prevalent type of fraud was due to misleading tax returns and financial statements, which represented 28% of fraud in 2008, up from 17% in 2007. The third most frequent type of mortgage fraud involved overestimating the appraisal or valuation of the property. Other types of mortgage fraud included manipulation of the documents related to verification of deposit, verification of employment, escrow and closing documents and credit reports. New fraud varieties: "Not only are we seeing traditional fraud trends, such as application fraud, but we are also seeing new types of emerging fraud occur," said James. With a record number of homeowners entering foreclosure, foreclosure-prevention schemes will likely be a popular way of deceiving struggling home owners. A huckster, claiming to help the drowning homeowner, convinces the homeowner to give over the legal rights, or deed. Then, the scam artist rents the property back to the homeowner while simultaneously selling the property. The report also cites elderly and immigrant identity fraud as a likely emerging trend. Lastly, the report predicts builder fraud will increase in popularity, where someone obtains investor cash for a project and then takes off with the money before the development is completed. SOURCE: CNN
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