Content about Mortgage

July 19, 2012

Numbers released today by the National Association of Realtors (NAR) showed continued gains in existing home prices but a slower market for sales. Completed transactions that include single-family homes, townhomes, condominiums and co-ops declined 5.4% percent in June compared to May. In year-over-year figures, June 2012 was 4.5% higher than June 2011.

July 12, 2012

The National Association of Home Builders (NAHB) told a Congressional committee on July 11 that proposed mortgage lending reforms under the Dodd-Frank Act must protect consumers’ access to credit to allow them to enter the housing market. 

May 20, 2012

A May 16 report from the Mortgage Bankers Association added another bright note to the housing market, with the percentage of U.S. homeowners behind on their mortgages falling to the lowest level since 2008. The delinquency rate for residential mortgage loans decreased 7.4% during the first quarter of 2012.

Foreclosures are not improving at the same rate, however. The percentage of loans in the foreclosure process as of March 31, 2012 was 4.4%, relatively unchanged from the previous quarter and down one basis point from 4.5% a year ago.

May 18, 2012

A May 16 report from the Mortgage Bankers Association added another bright note to the housing market, with the percentage of U.S. homeowners behind on their mortgages falling to the lowest level since 2008. The delinquency rate for residential mortgage loans decreased 7.4% during the first quarter of 2012.

Foreclosures are not improving at the same rate, however. The percentage of loans in the foreclosure process as of March 31 was 4.4%, relatively unchanged from the previous quarter and down one basis point from 4.5% a year ago.

March 20, 2012

By late 2008, Mike Petro had seen enough. It was, for many, the height of the financial mess in this country, marked by bank failures, mortgage crisis, and bailouts; in his view, the financial structure of the United States was teetering on the brink.

“Middle-class workers were taking out home equity loans to pay bills because they were maxed out on their credit cards; their 401(k) plans were shrinking,” Petro said.

March 5, 2012

The National Association of Home Builders (NAHB) has announced a comprehensive reform plan for the housing finance system that would transition Fannie Mae and Freddie Mac to a new mortgage securitization system for single-family and multi-family conventional mortgages.

February 13, 2012

Home mortgage lending abuses and "robo-signing" of foreclosure papers have led to one of the largest settlements ever -- amounting to $25 billion in relief. The settlement with the five largest loan services will be used in a variety of complicated ways to help distressed borrowers, states and the federal government, according to the plan.

Below are some comments from readers. 

February 2, 2012

In a far-reaching plan that covered everything from foreclosures to new mortgage agreements, President Obama unveiled a “Homeowner Bill of Rights” today that he hopes will speed up the recovery of the housing market and prevent unscrupulous lenders from taking advantage of new home buyers.

January 24, 2012

The U.S. Government Accountability Office (GAO), in a recent study on the effectiveness of real estate appraisals, found that the Appraisal Subcommittee, which oversees the regulatory programs established by the states, has not adequately performed its duties because of underfunding and other problems.

December 19, 2011

The state of Nevada has filed a lawsuit against a Florida firm responsible for more than half of the nation’s annual foreclosures, claiming that it defrauded homeowners and turned them out of their houses without due process.

December 2, 2011

The National Lumber and Building Material Dealers Association (NLBMDA) applauded Congress for reinstating the higher conforming loan limits for the Federal Housing Administration (FHA) through 2013, helping reduce uncertainty for an already fragile housing market. 

By increasing the loan limits guaranteed by FHA to $729,750, Congress has taken a step to stabilize home values while enabling creditworthy consumers to get home loans with the best mortgage rates, lowest fees and better down payment requirements, the NLBMDA said.

November 29, 2011

CoreLogic, a provider of information, analytics and business services, has released data showing that 10.7 million, or 22.1%, of all residential properties with a mortgage were in negative equity at the end of the third quarter of 2011. This is down slightly from 10.9 million properties, or 22.5%, in the second quarter. 

November 7, 2011

Taxation nation [The following are responses to an HCN Daily item about Herman Cain’s 9-9-9 tax plan, built around a 9% business tax, a 9% individual tax and a 9% national sales tax. It would also eliminate the mortgage interest deduction.]

November 1, 2011

The following are responses to an HCN Daily item about Herman Cain's 9-9-9 tax plan, built around a 9% business tax, a 9% individual tax and a 9% national sales tax. It would also eliminate the mortgage interest deduction.] 

September 20, 2011

The National Association of Home Builders (NAHB) weighed in on the disappointing housing starts figures released Tuesday.

Nationwide housing starts declined 5% to a seasonally adjusted annual rate of 571,000 units in August.

August 23, 2011

Bad news for the housing market was delivered Aug. 22 by the Mortgage Bankers Association, which reported that the percentage of homeowners who have missed at least one mortgage payment on their homes has risen for the second straight quarter. 

July 15, 2011

An article in USA Today points to concerns over uncertainty about foreclosure rules, and their impact on the housing market recovery.

While about one million financially distressed Americans could stay in their homes longer thanks to foreclosure processing delays, but the result for the general housing market could be a delayed recovery, according to the article.

June 27, 2011

An analysis published by the Wall Street Journal showed that the nation’s 10 largest mortgage lenders denied 26.8% of loan applications in 2010, an increase from 23.5% in 2009. 

June 7, 2011

A study released today by CoreLogic, a real estate data and analysis firm, indicates that 38% of homeowners who took out home equity loans on their houses were “underwater” at the end of the first quarter of 2011, compared with 18% of borrowers with no home equity loans. More than 40% (4.5 million) of all negative equity borrowers have home equity loans.

April 4, 2011

The first face-to-face meeting between top bank executives and government officials over irregularities in foreclosure procedures may be followed by months of further negotiations, according to a report in the Los Angeles Times.

March 30, 2011

Canadian economists have expressed concerns about a correction in the housing market north of the U.S. border, where record borrowing, low interest rates and eager home buyers have created a building boom over the last several years.

January 13, 2011

Eco-stamp: A good idea The following letter is a response to “iLevel promotes an easy eco-labeling option with SFI.”

January 10, 2011
December 17, 2010

(The letters are in response to a Dec. 13 editorial: "A deduction, endangered.")

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