Foreclosure filings up or down? Whose report is right?
Feb. 21, 2012 Miami, FL - Mortgage Lending News: If you were paying attention on Thursday, you saw two different stories about the housing market: The Mortgage Bankers Association said delinquencies and foreclosures fell in the fourth quarter of 2011 while RealtyTrac said foreclosure filings rose in January.
One simple way to account for the difference: They’re looking at different points in time. But it’s also worth noting that the reports are generated using two different methodologies.
Reverse mortgages on the rise.
Feb. 21, 2012 Miami, FL - Mortgage Lending NewsConverting home equity into cash has been a challenge for homeowners since the real-estate downturn, but a growing number of lenders are quietly reviving a loan for seniors that does just that: the reverse mortgage.
Reverse mortgages allow homeowners who are at least 62 years old to draw down on their home's equity in exchange for cash in several ways, including one lump sum, a line of credit or monthly payments.
Mortgage foreclosures and delinquencies hit three-year low
Feb. 16, 2012 Miami, FL - Mortgage Lending News: The percentage of mortgages at least one payment past due fell in the fourth quarter of 2011 and fewer loans entered the foreclosure process, reflecting improvement seen in the economy, the Mortgage Bankers Association reported on Thursday.
The current housing crisis may determined this year's election.
Feb. 17, 2012 Miami, FL - Mortgage Lending News:The housing market has never been a major factor in a presidential election. Sometimes, the topic has hardly garnered more than a passing mention by either political party.
Right now, housing is not yet a front-and-center issue for President Obama or any of the Republican presidential hopefuls. But no less than five national surveys indicate that the issue is a top-of-mind topic among voters. Granted, the polls were undertaken by real-estate-centric organizations — Realtor.com, the National Association of Home Builders, HouseLogic, Yahoo Real Estate and Trulia. But the unanimity of their findings underscores just how worried current and future owners are about their homes.
JP Morgan Chase, and UBS are threaten to be downgraded two levels by Moody's.
Feb. 16, 2012 Miami, FL - Mortgage Lending News: UBS AG, Credit Suisse Group AG (CSGN) and Morgan Stanley’s credit ratings may be cut by as many as three levels by Moody’s Investors Service, which is reviewing 17 banks and securities firms with global capital markets operations.
Goldman Sachs Group Inc. (GS), Deutsche Bank AG (DBK), JPMorgan Chase & Co. (JPM) and Citigroup Inc. (C) are among companies that may be downgraded by two levels, Moody’s said in a statement, adding that the “guidance is indicative only.” Moody’s today cut some European insurers’ ratings based on risks stemming from the region’s sovereign debt crisis.
Federal Housing Administration will exhaust its reserves next year.
Feb. 16, 2012 Miami, FL - Mortgage Lending News: The Federal Housing Administration will exhaust its reserves over the coming year, according to budget projections released Monday, which would require a Treasury infusion for the first time in its 78-year history.
But Obama administration officials said more recent developments, including fines that will go to the FHA from last week's $25 billion mortgage settlement with five major banks, could cover any shortfall and obviate the need for taxpayer funding.
San Francisco officials finds foreclosures riddled with errors
An audit by San Francisco county officials of about 400 recent foreclosures there determined that almost all involved either legal violations or suspicious documentation, according to a report released Wednesday.
Anecdotal evidence indicating foreclosure abuse has been plentiful since the mortgage boom turned to bust in 2008. But the detailed and comprehensive nature of the San Francisco findings suggest how pervasive foreclosure irregularities may be across the nation.
The improprieties range from the basic — a failure to warn borrowers that they were in default on their loans as required by law — to the arcane. For example, transfers of many loans in the foreclosure files were made by entities that had no right to assign them and institutions took back properties in auctions even though they had not proved ownership.
| Freddie Mac Needs Large Quantity of Money After a 4th Quarter Loss |
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| Friday, 25 February 2011 21:03 | |||
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Freddie Mac published that it lost $113 million in the last quarter of the previous year. The loss, intensified by the company´s $1.6 billion quarterly dividend payment to Treasury on stock the company release in exchange for bailout money, left the GSE with a net worth deficit of $401 million as of December 31, 2010. To delete this deficit Freddie´s regulator, the Federal Housing Finance Agency is asking one more draw from Treasury, this time to the tune of $500 million. With this time to the tune of $500 million. Freddie Mac has drawn a total of $64.7 billion in taxpayer dollars to fully cover capital losses since September 2008 when the company was put in conservatorship by the federal government. The company´s 4th quarter deficit was the smallest of 2010 and exposes a year of declines in the amount of quarterly shortfalls. In the prior quarter, the GSE lost $2.5 billion; in the 2nd quarter of last year, it was in the negative $4.7 billion; and it started 2010 with a $6.7 billion 1rst quarter loss. The 4th quarter concludes bringing the GSE´s losses for the full year 2010 to $14 billion. “Last year we not only added strength and stability to the housing market but we also strengthened Freddie Mac itself,” said CEO Charles E. Haldeman, Jr. “We did this by improving the quality of our new business and streamlining our operations.” In its ultimate earnings report, Freddie Mac stated that the approximate balance of its mortgage related securities decreased in the 4th quarter as liquidations followed to outpace purchases. By: Enma Diaz, Editor
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| Last Updated on Friday, 25 February 2011 23:01 |
By Enma Diaz 
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