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MortgageOrb.com reported yesterday that California Congressman Dennis Cardoza is introducing a piece of legislation that he says would encourage refinancing, which, in turn, would reduce the number of defaults and help prevent foreclosures. The Housing Opportunity and Mortgage Equity (HOME) Act would enable mortgages currently owned by Fannie Mae and Freddie Mac that meet certain criteria … Continue reading HOME Act Seeks to Encourage Refinancing, Prevent Foreclosures The Associated Press reported today that the Obama administration is looking to make it easier for consumers who wish to take out a home mortgage. Last week, Obama advisor Elizabeth Warren and Treasury Secretary Timothy Geithner said the administration would quickly implement a number of consumer protections that are part of the sweeping overhaul of the … Continue reading Government Seeks to Simplify Mortgage Process The National Association of Realtors recently reported that existing home sales in August were up 7.6% from the previous month. The NAR reported a seasonally adjusted rate of 4.13 million units in August, compared to the upwardly revised figure of 3.84 million units in July. However, last month’s figures were off by 19%, compared to … Continue reading Affordable Financial Services Weekly Finance Review Fannie Mac and Freddie Mac — the two government sponsored entities who hold billions of dollars in mortgages — are trying their hands at the home selling business, as reported in today’s issue of REALTORMag.com. According to the article, both lenders repossessed more than 191,000 homes in the first half of this year, twice as many … Continue reading Fannie Mae and Freddie Mac’s New Role: Home Sellers For the second consecutive week, mortgage applications have dropped, Reuters reported today. The Mortgage Bankers Association said that, despite rock-bottom interest rates, mortgage applications for both home purchases and refinancing decreased 8.9% for the week ending September 10. The MBA’s seasonally adjusted index of refinancing applications decreased 10.8% the same week, its lowest level since the … Continue reading Mortgage Applications Fall Again As of October 4, the Federal Housing Administration will raise insurance fees on many of the mortgages they back, according to an article in today’s Newsday. The reason for the hike, the FHA says, is to offset the loss of funds as the result of the recent foreclosure crisis. FHA loans are generally used by first-time … Continue reading FHA Set to Hike Insurance Fees The Wall Street Journal reported today that the Obama administration is launching a mortgage aid program which is aimed at reducing mortgage balances for homeowners who are currently underwater but are not in default. The federal government has set aside $14 billion as a way to modify between 500,000 and 1.5 million underwater loans that could … Continue reading Feds Launch Broader Mortgage Aid Program Today’s Bloomberg BusinessWeek article reported that, for the fifth consecutive week, the number of mortgage applications increased. This streak could be attributed to more people refinancing their loans as mortgage rates hit record lows. The Mortgage Bankers Association’s index was up 2.7% in the week ending August 27, according to the Bloomberg BusinessWeek article. Refinancing increased … Continue reading Mortgage Applications Index Increases for Fifth Straight Week |
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