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Recent reports have focused on strategic defaulters, or homeowners who walk away from their mortgages even though they have the ability to pay them. Although, UPI reported today that the strategic default phenomenon may have peaked early last year. Researchers believe that the frequency of strategic defaulters, who are defined as those remaining delinquent for six … Continue reading Strategic Defaults Have Fallen Since 2008 The Washington Post reported today that 30-year fixed-rate mortgages fell to 4.69% this week, down from 4.75% last week. According to Freddie Mac, this is the lowest rate since the government-owned lender tracked such data in 1971. This news should encourage more people to buy a home, but, in reality, the opposite is happening. Citing the … Continue reading Can Record-Low Mortgage Rates Propel Home Sales? Never did we see a more important dichotomy in the releases on the state of real estate in the past week. First, Standard and Poor’s released a report that stated it will take three years to clear the shadow inventory from the markets, though this number will vary widely based upon location. Three years of … Continue reading Affordable Financial Services Weekly Finance Review Treasury prices rose after lower-than-expected existing home sales, MarketWatch reported today. According to MarketWatch, yields on 10-year notes, which move inversely to prices, fell 3 basis points to 3.22%. These findings come after today’s report from the National Association of Realtors showed existing-home sales for May unexpectedly fell 2.2% to an annual rate of 5.66 … Continue reading Treasurys React to Existing Home Sales Data Bloomberg BusinessWeek reported today that it could cost U.S. taxpayers between $160 billion and $1 trillion to fix government-owned mortgage companies Fannie Mae and Freddie Mac — even after receiving $145 billion in bailout money from the government. That amount, according to the article, is greater than the bailouts granted to American International Group Inc., … Continue reading Fixing Fannie and Freddie Could Have $1 Trillion Price Tag Housing Predictor reported today that Countrywide Mortgage has agreed to pay $108 million in fines to the Federal Trade Commission for their role in a scam in which they overcharged homeowners who were in foreclosure. Countrywide — once the nation’s largest home lender — agreed to the multimillion-dollar settlement more than two years after the FTC … Continue reading Countrywide Must Pay $108 Million for Scamming Homeowners Bloomberg BusinessWeek reported today that JPMorgan Chase & Co. is marketing $716.3 million of mortgage bonds. The transaction consists of 36 loans on 96 properties and is the second of newly issued commercial mortgage-backed bonds to be sold this year. In 2008, funding to property borrowers was cut off as credit markets froze, which resulted in the … Continue reading JP Morgan Puts $716.3 Million of Bonds Up for Sale While the 30-year mortgage rate increased, the rate for the 15-year mortgage went down to a record low. The Wall Street Journal reported that the 30-year rose slightly from 4.78% last week to 4.79% for the week ending June 3. Meanwhile, the 15-year rate dropped from 4.21% last week to 4.2% this week — the … Continue reading Affordable Financial Services Weekly Finance Review Bloomberg BusinessWeek reported yesterday that mortgage applications have risen for the second week in a row. This increase could be attributed to gains in refinancing, cushioning a drop in purchases after the federal tax credit expired on April 30. According to the article, the Mortgage Bankers Association’s (MBA) index increased 0.9 percent in the week ending … Continue reading Mortgage Applications Increased 0.9% Last Week The New York Times recently featured a couple in Florida who are in foreclosure but have stopped making their mortgage payments. They reasoned that the amount owed on the home was more than what the house was worth and, since they know they were going to lose the house, they had nothing left to lose. The … Continue reading When Will The “Free Ride” End? |
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