|
|||||
|
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 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 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 The National Association of REALTORS announced today that existing home sales rose for the second month in a row during the month of September. Despite the good news, the figure is off from September 2009’s numbers. According to the NAR, existing home sales — which are completed transaction that include single-family homes, condominiums and co-ops — … Continue reading Existing Home Sales Rise in September Today’s Wall Street Journal reported that it will cost taxpayers another $154 billion to keep Fannie Mae and Freddie Mac afloat under the most likely scenario for home prices. But if the economy slides back into a recession and the housing market worsens, then the price tag to the taxpayers can be higher than that. The … Continue reading Fannie, Freddie May Need $154 Billion to Survive — Maybe More 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 The Associated Press reported today that the mortgage problems that have been hanging around since the housing market collapsed are catching up with the banks that took on those risky loans in the first place. According to the AP, stocks of Bank of America Corp., Wells Fargo & Co., JPMorgan Chase & Co. and Citigroup, Inc. … Continue reading Mortgage Problems Sink Bank Stocks 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 |
 |
||||
|
Copyright © 2012 Affordable Financial Services Blog - All Rights Reserved |
|||||
Recent Comments