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Bloomberg reported today that U.S. banks may face more than $100 billion in costs as more investors demand that issuers of mortgage-backed securities repurchase bad loans. According to Paul Miller of FBR Capital Markets, U.S. banks such as JPMorgan Chase & Co. and Bank of America Corp. could face a price tag between $54 billion and … Continue reading Mortgage Buybacks May Cost Banks Over $100 Billion Bloomberg recently reported that U.S. banks will close 5,000 branches in the next 18 months as they face falling profits, decreased loan demand and lower fee revenue. Analyst Meredith Whitney, formerly of Oppenheimer & Co., said banks are facing an “uphill battle” to generate loan growth as consumers reduce debt; in addition, banks will collect … Continue reading Affordable Financial Services Weekly Finance Review CNNMoney.com reported today that an additional 2.1 million houses have been added to the supply at the end of August — up from 1.9 million units in August 2009. These are homes that are either repossessed by lenders or are very seriously delinquent. This “shadow inventory” has increased by 10% during the past year to an … Continue reading 2.1 Million More Homes Added to Already Glutted Inventory A recent article in Bloomberg reported that the number of foreclosures on prime fixed-rate mortgages in the third quarter of 2010 hit a record high, with unemployment as the reason for the increase. The inventory of homes in foreclosure that were financed by prime fixed-rate mortgages rose to 2.45% from 2.36% over the previous three months, … Continue reading Foreclosures on Prime-Rate Mortgages Rise in Third Quarter of 2010 Bloomberg recently reported that mortgage-bond yields that guide home-loan rates have reached their highest levels in four months, suggesting that borrowing costs may rise from record lows. As of 9:30 Monday morning, Fannie Mae’s current-coupon 30-year fixed-rate mortgage bonds went up to 3.71%, tracking 10-year Treasury notes today as those yields rose from 3.64%. This is … Continue reading Mortgage-Bond Yields Reach Four-Month High The National Association of REALTORS recently announced that pending home sales fell during the month of September, snapping a two-month streak of gains. Pending home sales reflect the number of sales going into contract; it does not reflect the number of closings. The index of sales agreements in September was 80.9, down 1.8% from August’s … Continue reading Affordable Financial Services Weekly Finance Review REALTORMag reported today that applications to purchase homes were up last week, while mortgage rates for 15- and 30-year fixed-rate loans were mixed. According to the latest Mortgage Bankers Association survey, mortgage purchase applications rose by 1.4% last week, compared to the previous week on a seasonally adjusted basis. On an unadjusted basis, purchases increased 0.2% … Continue reading Mortgage Purchases Increase; Interest Rates Mixed Economic experts are predicting another drop in home sales that will continue throughout the middle of next year, CNNMoney.com reported today. However, the housing market could bounce back by the middle of 2011, citing economic factors. Fiserv, a market analytics company, initially predicted in February a 4% increase in home prices through the end of 2011. … Continue reading Home Prices May Keep Falling Throughout 2011 |
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