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A recent article in USA Today broke down how the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 that was signed into law by President Obama will affect employers, employees and homeowners. Under the new tax law, homeowners can still take deductions on mortgage insurance premiums, the USA Today article states. This provision … Continue reading What Does the 2010 Tax Law Mean for Mortgage Interest Deductions? 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 Reuters reported today that the number of mortgage applications fell last week as mortgage rates — after a series of record lows — shot back up, as the housing market struggles to recover. The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, was down 10.5% for … Continue reading As Interest Rates Rise, Mortgage Applications Fall TheStreet.com reported yesterday that Citigroup saw its mortgage repurchase reserves jump by 30% in the third quarter of this year, foreseeing an increase in repurchase requests by Fannie Mae and Freddie Mac. According to TheStreet.com, Citigroup had $952 million in reserves for Q3 2010 —more than three times the amount the bank had reserved during the … Continue reading Citigroup Anticipates More Mortgage Buybacks Housing Watch reported today that applications for mortgages from the Federal Housing Administration (FHA) increased last week as applicants rushed to fill out the paperwork before the new FHA requirements took effect on October 4. According to data from the Mortgage Bankers Association, the seasonally adjusted Purchase Index rose 9.3% from the previous week to its … Continue reading FHA Mortgage Application Numbers Bounce Back Fannie Mae announced on Friday that its Housing and Community Development division will now be called Multifamily Mortgage Business, or Multifamily. According to its press release, the new name parallels the government-sponsored entity’s Single-Family Mortgage Business, more clearly conveys what the business does and emphasizes the multifamily mortgage business platform. The Associated Press reported on Friday … Continue reading Affordable Financial Services Weekly Finance Review 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 Today’s issue of REALTORMag posted an article on the decrease in foreclosures but there are more people who are missing their payments. Citing data from the Mortgage Bankers Association’s National Delinquency Survey, the article says that, in the second quarter of 2010, foreclosure action was started on 1.11% of loans, down 12 basis points from the … Continue reading Fewer Foreclosures, But More People Falling Behind on Payments |
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