Mortgage Loans News

Housing rates decrease
Nov, 15, 2012
Fixed mortgage interest rates dipped to new record lows according to Freddie Mac survey results released today. The 30-year fixed-rate mortgage (FRM) averaged 3.34 percent with an average 0.7 point for the week ending on Nov. 15, 2012. The average was down from last week’s of 3.40 percent. At this time last year, the fixed mortgage interest rates averaged 4.00 percent. The 15-year fixed-rate mortgage averaged 2.65 percent with an average of 0.7 point, down from last week’s average of 2.69 percent. At this time last year, the 15-year FRM averaged 3.31 percent.
President at podium in front of American flag
Nov, 15, 2012
President Obama’s reelection has led to speculation that his second term activities will push for more housing incentives that would lead to an increase in the borrowing of refinance loans. In the past, the Obama Administration’s policies have increased options for homeowners, allowing them to qualify for new home loans or refinance loans. “The continuation of the policies that started last year or so are basically assured now,” said Vitaliy Liberman of DoubleLine Capital LP, according to Bloomberg.
road closed with road block
Nov, 14, 2012
Despite having $2 million in retirement assets and excellent credit, Art Grossman, 61, failed to qualify for a home refinance. “I’m not working. I have severance, but that runs out in April,” Grossman told the Chicago Tribune. Unfortunately for Grossman and many like him, lenders require a stream of income in order to approve a home refinance. This makes refinancing difficult for many home refinance applicants that are elderly and no longer working.
Negative and positive
Nov, 9, 2012
The Federal Housing Administration (FHA) will issue its 2012 report next week and may reveal a need for U.S. Treasury funding. According to Bloomberg News, three people briefed on the report who requested to remain nameless for security purposes, stated that the report will be more negative than expected. During the agency’s 2011 report, it stated the insurance fund was being drained and that premiums and standards would be raised in order to avoid financial problems.
gavel with American flag
Nov, 9, 2012
In an unsurprising move, Wells Fargo is pushing for the dismissal of an FHA loan-related lawsuit that was filed by federal attorneys in New York. The bank alleges that it was exonerated of any liability in the pending lawsuit since it had settled another lawsuit several months earlier in April after a massive investigation by federal and state officials into alleged lending abuse.
hands covering a home
Nov, 7, 2012
While interest rates are at record lows and housing prices are beginning to inch higher, banks still haven’t made it easier to borrow a home loan, according to a recent survey of banking leaders. According to a Federal Reserve survey of senior loan officers. banks across America have made it easier to borrow loans for businesses, real estate and carsm, but not homes.
Canadian house
Nov, 5, 2012
Reports released today state that Canada’s new housing market is expected to moderate in 2012 and 2013. Additionally, the existing housing market is expected to remain steady, at or slightly below inflation, according to the Canada Mortgage and Housing Corporation (CMHC).
Female judge and gavel
Nov, 2, 2012
A Kirkland, Fla. couple and a former police officer were sentenced for a large-scale mortgage fraud scheme. U.S. District Court Judge Elizabeth A. Kovachevich sentenced George Cavallo, 47, his wife Paula Hornberger, 41, and former policeman Joel Streinz, 54, on Oct. 26. The sentencing was a part of a larger home loan fraud case involving dozens of participants.
gavel and scale by law book
Nov, 1, 2012
Stephanie Watson from Chicago is suing Wells Fargo by alleging that the bank misrepresented requirements for the federal government’s Home Affordable Modification Program (HAMP), which can adjust monthly payments due to financial hardship.
Home destroyed by hurricane
Oct, 31, 2012
Yesterday Freddie Mac and Fannie Mae broadened their disaster-relief policy to borrowers affected by Hurricane Sandy. Freddie Mac released a press release stating their efforts to assist with the Hurricane Sandy damage.