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.
| FDIC to phase out debt guarantee plan |
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| Tuesday, 17 March 2009 00:00 | |||
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The Federal Deposit Insurance Corp. said Tuesday it is phasing out a program to guarantee certain bank debt and approved surcharges to replenish the agency's deposit insurance fund until the program ends. It also voted to extend the debt portion of the voluntary Temporary Liquidity Guarantee Program by four months. The surcharges, ranging from 10 to 50 basis points, would be targeted at institutions that take advantage of the extension of the program. "The TLGP has been effective in improving short-term and intermediate-term funding for banking organizations, but liquidity in financial markets has not returned to pre-crisis levels," FDIC Chairman Sheila Bair said. The FDIC established the guarantee program in October. It provides a government guarantee on certain senior unsecured debt, mandatory convertible debt and on banks' transaction deposit accounts. The program was created to boost confidence in the banking industry and reduce the risk of bank runs. The board voted on Tuesday to allow banks and other participants to continue issuing guaranteed debt until Oct. 31, 2009. The previous cutoff date was June 30, 2009. The guarantee on the debt will expire no later than Dec. 31, 2012. The surcharges approved on Tuesday are weighted toward debt that is issued as part of the extension. But the surcharges, which will begin in the second quarter, will be levied on all guaranteed debt with a maturity of one year or more that is issued on or after April 1, 2009. The surcharges will be in addition to the regular assessment fees the FDIC charges to guarantee debt, but the surcharge revenue will go directly into the insurance fund the FDIC uses to back deposits. The regular assessment fees are put into a separate fund. The deposit insurance fund has been dwindling in recent months due to a sharp increase in bank failures, which led the FDIC to vote in February to impose a one-time emergency fee of 20 basis points on the banking industry. Bair said the surcharge revenues will allow the FDIC to "meaningfully reduce" the emergency fee. Banks with insured deposits that issue guaranteed debt between April 1 and June 30 of this year will face a surcharge of 10 basis points on the amount guaranteed on an annualized basis. Other types of institutions will be charged 20 basis points. For debt that utilizes the extension, the surcharge will be 25 basis points for insured depository banks, and 50 basis points for all other participants. For example, for a $250 million issuance of guaranteed debt, the surcharge would be $250,000 on the 10-basis-point scale. "The surcharges recognize that a relatively small portion of the industry is actively using the debt guarantee, but all insured depository institutions ultimately bear the risks associated with this program," Bair said. SOURCE: CNN
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