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.
| Cattles Creates New Risk Division as It Investigates Bad Loans |
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The new unit will cover “the whole group, independent from operations,” Chief Executive Officer David Postings said in a recording distributed to employees yesterday and obtained by Bloomberg News. It will report to Postings and the board of directors’ audit and risk committees. “A better understanding of the risks resulting from the decisions that we make will be essential particularly at a time when we’re having to make decisions quickly,” Postings said. Paul Marriot, an outside spokesman for Cattles, verified the details of the recording, declining to comment further. Cattles yesterday suspended three directors at its Welcome Financial Services division, which provides personal loans of as much as 8,500 pounds ($12,000). The company, which boosted its customer numbers 10-fold from 2005 through 2007, is investigating a breach of its policies that that caused provisions for bad loans to be calculated incorrectly, the Batley, England-based company said. Joseph Eyre, a spokesman for the Financial Services Authority, declined to comment on the regulator’s relations with Cattles. Postings, who has taken day-to-day control of Welcome Financial, expressed “confidence” the unit can move forward after his first meeting with its senior management team yesterday. “A major area of focus for the team will be both reducing costs and exploring investment in costs that could enable us to make substantial savings in the future,” he said. Debt Collections Cattles said in January it would reduce costs by 40 million pounds a year through measures that include eliminating 1,000 jobs, or a fifth of its workforce. In December the company said it would pay a final or interim dividend this year to improve capital ratios. Debt collections in February were on target, Postings said in the recording. Cash collection is “central to the future viability” of the business, given that Welcome Finance has stopped lending to new customers until the review into bad loan charges is complete, he added. Cattles has said it anticipates the company will be required to begin talks with banks and debt holders over debt covenants. The company has 635 million pounds of bank facilities that must be renegotiated this year. Directors Suspended Cattles yesterday suspended Welcome Financial Managing Director John Blake, Finance Director Peter Miller and Operations Director Mick Belcher, pending the results of the investigation. Postings has taken over for Blake; group Finance Director Robert East will fill in for Miller; and Gary Edwards, director of information technology and operations, will stand in for Belcher. East replaced former Finance Director James Corr, who stepped down due to ill health. Blake, Miller and Belcher won’t be allowed to return to work while the internal review by Cattles’s auditor Deloitte LLP is under way, Cattles said yesterday. A Deloitte spokeswoman said it is against company policy to comment on clients. The lender said pretax profit for 2008 will probably be “substantially lower” than estimated on Feb. 20, when the company delayed its earnings report pending a review of its impairment provisions. SOURCE: Bloomberg
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