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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 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 Zimonet.com posted two articles over the past two days on how more homeowners are switching to a 15-year mortgage as a way to pay off their house and get out of debt more quickly. The articles also point out that, although it is an attractive option, it isn’t for everyone. According to information from CoreLogic, a … Continue reading 15-Year Mortgage Becoming Attractive to More Homeowners With mortgage rates at record lows, some homeowners are still not taking advantage of them, but through no fault of their own. Today’s CNNMoney article reports how the new lending requirements are turning away borrowers who, under the old lending rules, would have been eligible for a loan. Last week, mortgage rates fell for the eighth … Continue reading Some Homeowners Unable to Take Advantage of Record-Low Interest Rates The second quarter of 2010 proved to be the most brutal time period in home ownership in a decade. Bloomberg News recently reported that 18.9 million homes were vacant in that period. The U.S. Census Bureau reported that the home ownership rate — that is, households that own their own residence — was 66.9 percent, … Continue reading Foreclosures Push Home Ownership to Record Lows Remember the old commercials urging people to turn their home equity into cash for new cars, vacations and other luxuries? Well, people are still cashing out, but for a different reason: to decrease the size of their home loan. MarketWatch reported today that “cash-in refinancing” is the new trend in which borrowers tap their home equity … Continue reading Homeowners Use Cash-in Refinancing to Pay Down Mortgages The Associated Press recently reported that more people are dropping out of the Obama administration’s loan modification program — a sign, experts say, that foreclosures will rise and cause further damage to an already weakened housing market. The Treasury Department says that, of the 1.3 million homeowners who enrolled in the program since March 2009, 530,000 … Continue reading More Homeowners Leaving Government Loan Program Now that the Wall Street reform bill has been passed by the Senate and President Obama announced his intention to sign it into law next week, these regulations will not only affect the way commodities are traded but who can and cannot obtain a home mortgage. REALTOR Magazine recently reported that the Dodd-Frank Wall Street Reform … Continue reading How Will Wall Street Reform Bill Will Affect Mortgage Lending? The Wall Street Journal is reporting today that the number of mortgage applications to buy a home fell again to its lowest level in 13-1/2 years. The Mortgage Bankers Association released data showing that applications for new homes dropped by 3.1% last week from the week before. After seeing a 14-month high two weeks ago, the … Continue reading Mortgage Applications Fall Again |
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