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Sales, prices of second homes tumble

webmaster — Mon, 30 Mar 2009 23:18:16 +0000

Sales of vacation and investment homes slid 22 percent last year, a sign that tough economic conditions and tight lending requirements shut out buyers, the National Association of Realtors reported.

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Former KB home chief pleads not guilty (AP)

webmaster — Mon, 30 Mar 2009 23:18:15 +0000

AP – The former chairman and chief executive of giant homebuilder KB Home pleaded not guilty Monday in a stock options backdating case that authorities say bilked shareholders of millions of dollars.

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Sales of vacation homes fall (Reuters)

webmaster — Mon, 30 Mar 2009 23:18:15 +0000

Reuters – Sales of vacation and investment homes in the United States slipped to 30 percent of all transactions of existing and new homes in 2008, the National Association of Realtors said on Monday.

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Regulators see new role for Fannie, Freddie: report (Reuters)

webmaster — Mon, 30 Mar 2009 23:18:15 +0000

Reuters – The regulator of U.S. government-controlled Fannie Mae and Freddie Mac is looking at ways the two firms might help finance small mortgage banks hobbled by a dearth of credit, the Wall Street Journal reported.

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Subprime Foreclosures Improve

webmaster — Mon, 30 Mar 2009 23:18:09 +0000

Delinquency of at least 60 days on subprime residential mortgages edged up just one basis point during February, HOPE NOW announced. Foreclosures started on subprime loans fell 5 percent, the report said. Foreclosure completed on subprime mortgages declined 16 percent.

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CU Lender Expanding, Hiring

webmaster — Mon, 30 Mar 2009 23:18:09 +0000

River City Mortgage and Financial announced that it acquired American Mortgage Corp. Ingle Mortgage has merged with Premier Bank. Radius Financial Group announced that it has acquired LT Mortgage. Precision Funding Group LLC has acquired a former Bankers First Mortgage branch.

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4 Mortgage Firms Acquired

webmaster — Mon, 30 Mar 2009 23:18:09 +0000

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10 priciest cities for owning a home

webmaster — Sun, 29 Mar 2009 23:18:15 +0000

Those living in Monte Carlo may enjoy the beaches and nightlife, but they pay for it. The resort area tops a list of the world’s most expensive housing markets.

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Fed buys ad time in theaters for scam warnings

webmaster — Sun, 29 Mar 2009 23:18:15 +0000

Sandwiched between the soft drink and popcorn ads, you may soon see an ad from the Federal Reserve while waiting for your movie to begin.

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How 4 families try to recover from foreclosure (AP)

webmaster — Sun, 29 Mar 2009 23:18:14 +0000

AP – You’ve heard about the bad mortgages, about sad struggles with insolvency, about the wave of foreclosures that has crashed over America. But what happens next?

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Federal Regulatory Overhaul

webmaster — Sat, 28 Mar 2009 23:18:10 +0000

In a statement before the House Financial Services Committee, the Federal Deposit Insurance Corporation’s Martin J. Gruenberg said 142 cease-and-desist orders were issued during 2007, according to an FDIC transcript of his prepared statement. U.S. Department of the Treasury Secretary Timothy Geithner outlined the Obama administration’s regulatory reform plan in testimony today before the House committee, a Treasury statement said. The administration seeks to modernize the regulatory system, improve tools to fight a recurrence of the financial crisis and increase investor confidence. A four-pronged approach includes addressing systemic risk, protecting consumers and investors, eliminating regulatory gaps and fostering international coordination.

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The Credit Wire

webmaster — Sat, 28 Mar 2009 23:18:09 +0000

Advantage Credit International reported last month that credit bureau alternative scoring models return a higher credit score 72 percent of the time. Fair Isaac Corp. earlier this month re-branded itself as FICO. The company debuted its FICO Score Trends, a new subscription service that enables lenders to regularly analyze their portfolios and drill down into a range of criteria including industry, geography and time period. Informative Research said that its reports have been updated in an easier-to-read report format designed to highlight the most critical elements of a borrower’s credit history.

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KB Home posts narrower loss, shares rise (Reuters)

webmaster — Fri, 27 Mar 2009 23:18:15 +0000

Reuters – KB Home posted a quarterly loss that was not as bad as Wall Street had expected, as orders rose and the builder took a smaller charge to write down the value of its landholdings, sending shares up as much as 12 percent.

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Fla. Realtor uses boat to display foreclosed homes (AP)

webmaster — Fri, 27 Mar 2009 23:18:15 +0000

AP – Here at the epicenter of the nation’s housing crisis, an ebullient Marc Joseph bounces off a pontoon boat onto a dock behind a lovely waterfront home it was recently vacated when its former inhabitants couldn’t pay the mortgage.

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Bargains in the REIT Wreckage (BusinessWeek Online)

webmaster — Fri, 27 Mar 2009 23:18:15 +0000

BusinessWeek Online – After a terrible 2008, real estate investment trusts are having an awful 2009. The SPDR Dow Jones Wilshire REIT (NYSEArca:RWR – News) exchange-traded fund, which tracks 82 REITs, has dropped 35% after plunging about 45% in 2008. On Mar. 19, Moody’s downgraded General Growth Properties to “C,” its lowest rating above default, prompting another wave of selling.

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JC Flowers chief resigns from Hypo supervisory brd (AP)

webmaster — Fri, 27 Mar 2009 23:18:15 +0000

AP – Christopher Flowers, the chief of U.S. private equity firm J.C. Flowers & Co LLC, resigned Friday from the supervisory board of Hypo Real Estate Holding AG, seeking to avoid a conflict of interest as the German government considers whether to buy the troubled bank.

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Repayment Risk Shifts Back to Mortgage Lenders Under House Bill (Bloomberg)

webmaster — Fri, 27 Mar 2009 23:18:15 +0000

Bloomberg – March 27 (Bloomberg) — The repayment risk on exoticmortgages would have to be shared by the lenders under a lawproposed by Democrats in the U.S. House of Representatives.

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Manhattan Housing Hurts Amid Job Losses (Investor’s Business Daily)

webmaster — Fri, 27 Mar 2009 23:18:15 +0000

Investor’s Business Daily – Manhattan held on as other housing markets fell like dominoes. Its home prices rose much of last year.

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KB Home reports loss in 1Q (AP)

webmaster — Fri, 27 Mar 2009 23:18:14 +0000

AP – KB Home slashed its first quarter losses by 78 percent as first-time buyers flocked to the builder’s smaller and more affordable homes, but the company warned Friday the U.S. housing market has yet to hit bottom.

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Judge Halts Commercial Foreclosure by Wachovia

webmaster — Fri, 27 Mar 2009 23:18:09 +0000

A preliminary injunction from a North Carolina court has been issued against Wachovia Bank, N.A., Granite Development, LLC, reported. The injunction prevents Wachovia from foreclosing on a shopping center loan until a lawsuit filed by Granite against Wachovia is decided. The bank illegally terminated a swap agreement that was supposed to hedge rising rates, Granite alleges.

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Recent Layoffs Top 2,000

webmaster — Fri, 27 Mar 2009 23:18:09 +0000

Citigroup Inc. reported in a Worker Adjustment and Retraining Notification that more than 750 mortgage jobs were cut in California. A WARN filing by American Home Mortgage Servicing Inc. indicated that more than 200 California employees would be laid off. Last month’s closing of EquiFirst Corp. will result in more than 500 layoffs in North Carolina, a WARN filing in that state said. Bank of America Corp. notifed two states that it planned nearly 170 layoffs. Meanwhile, layoffs at JPMorgan Chase & Co., Central States Mortgage, Accredited Home Lenders and Residential Loan Centers of America add up to more than 400.

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Mortgage rates drop to record low

webmaster — Thu, 26 Mar 2009 23:18:19 +0000

Rates on 30-year mortgages fell this week to the lowest level on record after the Federal Reserve launched a new effort to assist the staggering U.S. housing market.

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Feb. new home sales rise unexpectedly

webmaster — Thu, 26 Mar 2009 23:18:19 +0000

New home sales rebounded unexpectedly last month, but were still the second-worst on record and remained well below last year’s levels, according to data released Wednesday.

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Mortgage applications surge 32.2 percent

webmaster — Thu, 26 Mar 2009 23:18:19 +0000

U.S. mortgage applications jumped last week as record low interest rates spurred a surge in demand for home refinancing loans, data from an industry group showed on Wednesday.

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When your mortgage application is rejected

webmaster — Thu, 26 Mar 2009 23:18:19 +0000

Your mortgage application has been rejected, but fear not: Here are some tips on how to deal with it.

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Mortgage rates likely to sink on Fed actions

webmaster — Thu, 26 Mar 2009 23:18:19 +0000

If you’ve got a good job, solid credit and your home’s value hasn’t fallen dramatically, you’re likely to benefit from the Fed’s action to help drive mortgage rates to historic lows.

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Downsize your life in one of these cities

webmaster — Thu, 26 Mar 2009 23:18:19 +0000

They contain only 20 percent of the U.S. population, but midsize metropolitan areas can be an appealing alternative to life in the big city.

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Housing starts take surprising jump in Feb.

webmaster — Thu, 26 Mar 2009 23:18:19 +0000

Housing construction posted a surprisingly large increase in February, bolstered by strength in all parts of the country except the West.

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Corporate meltdown leaves renters in limbo

webmaster — Thu, 26 Mar 2009 23:18:19 +0000

Irvine, Calif.-based Bethany Holdings Group and affiliated companies abandoned dozens of large apartment complexes across the nation, potentially affecting tens of thousands of renters. Msnbc.com’s Kari Huus reports.

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Mortgage fraud reports up 26 percent

webmaster — Thu, 26 Mar 2009 23:18:19 +0000

A mortgage industry group says there were a record number of mortgage fraud incidents last year, and Rhode Island made its first appearance as the nation’s top fraud hot spot.

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Video: Video: Checking in on an evicted family

webmaster — Thu, 26 Mar 2009 23:18:19 +0000

Dateline NBC revisits the family who was evicted from their home in Las Vegas last year to see how they are doing now. (Dateline NBC)

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Mortgage applications up on jump in refinancing (AP)

webmaster — Thu, 26 Mar 2009 23:18:18 +0000

AP – Mortgage applications surged last week, coming mostly from borrowers looking to refinance at sharply lower rates after the Federal Reserve unveiled plans to buy Treasury bonds and mortgage-backed securities.

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U.S. mortgage applications jump; rates at record low (Reuters)

webmaster — Thu, 26 Mar 2009 23:18:18 +0000

Reuters – U.S. mortgage applications jumped last week as record low interest rates spurred a surge in demand for home refinancing loans, data from an industry group showed on Wednesday.

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February new home sales rise unexpectedly (AP)

webmaster — Thu, 26 Mar 2009 23:18:18 +0000

AP – New home sales rebounded unexpectedly last month, but were still the second-worst on record and remained well below last year’s levels, according to data released Wednesday.

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Urban League asks Obama to address black issues (AP)

webmaster — Thu, 26 Mar 2009 23:18:18 +0000

AP – President Barack Obama should specifically address disparities in black unemployment, foreclosures, education and health care, the National Urban League says in its annual “State of Black America” report.

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Bank of China says 2008 net profit up 14.4 percent (AFP)

webmaster — Thu, 26 Mar 2009 23:18:18 +0000

AFP – Bank of China said net profit for 2008 rose 14.42 percent despite the global financial meltdown and having Asia’s biggest exposure to US subprime securities.

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‘Shadow’ Supply Of Foreclosures May Delay Housing’s Recovery (Investor’s Business Daily)

webmaster — Thu, 26 Mar 2009 23:18:18 +0000

Investor’s Business Daily – Even as a few rays of hope peek out for housing, a dark cloud of unlisted and unsold foreclosed homes threatens to further delay a recovery and undermine lenders’ financials.

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U.S. mortgage rates drop to new low: Freddie Mac (Reuters)

webmaster — Thu, 26 Mar 2009 23:18:17 +0000

Reuters – U.S. mortgage rates fell to record lows again this week, feeding demand for refinancings, as a result of government efforts to reduce rates to levels that will help the hard-hit housing market begin to recover.

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Crude closes above $54 for first time this year (AP)

webmaster — Thu, 26 Mar 2009 23:18:17 +0000

AP – Oil prices hit a new high for the year Thursday and retail gasoline rose above $2 per gallon for the first time since November as investors wagered that there would be a new run on crude stocks.

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DA says NY mortgage fraud had link to S&M club (AP)

webmaster — Thu, 26 Mar 2009 23:18:17 +0000

AP – Five people, including a former county legislator and a woman said to be a dominatrix, are facing charges they participated in a $50 million mortgage fraud scheme involving several dozen Hamptons properties over the past seven years.

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First-time U.S. homebuyers likely to purchase: poll (Reuters)

webmaster — Thu, 26 Mar 2009 23:18:17 +0000

Reuters – Buying a home has never been more affordable by some measures, and potential first-time U.S. buyers said they are likely to buy a home in the next two years, a survey released on Thursday found.

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Laid off U.S. workers seek future in college (Reuters)

webmaster — Thu, 26 Mar 2009 23:18:17 +0000

Reuters – Realtor and mortgage broker Jullisa Kalish thrived in the property boom. Now that it has turned to bust, she is back in college working toward what she hopes will be a more robust career — as a bookkeeper.

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Durables Demand, New-Home Sales Latest Good Data (Investor’s Business Daily)

webmaster — Thu, 26 Mar 2009 23:18:17 +0000

Investor’s Business Daily – Durable goods orders and new-home sales unexpectedly rose in February, the Commerce Department said Wednesday, the latest in a string of reports hinting the economy may be nearing a bottom.

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U.S. mortgage fraud sting nets indictments (Reuters)

webmaster — Thu, 26 Mar 2009 23:18:17 +0000

Reuters – An FBI undercover sting netted indictments against 24 people in the Chicago area accused of helping phony buyers walk away from home mortgages, the U.S. prosecutor said on Wednesday.

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Lawsuits accelerate amid U.S. housing crisis (Reuters)

webmaster — Thu, 26 Mar 2009 23:18:17 +0000

Reuters – The U.S. housing crisis has caused huge loan losses at big lenders but also spawned a slew of class-action lawsuits against them, many alleging noncompliance with consumer disclosure rules.

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Hopeful signs, but economy not out of the woods (AP)

webmaster — Thu, 26 Mar 2009 23:18:17 +0000

AP – Glimmers of hope for the economy better home sales and higher demand for goods, plus optimism from the White House and a nearly 20 percent rally in stocks have some people wondering if the worst is over.

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U.S. home sales climb at fastest pace in 10 months (Reuters)

webmaster — Thu, 26 Mar 2009 23:18:17 +0000

Reuters – New orders for long-lasting U.S.-made goods rose in February for the first time in seven months and new home sales rebounded, government data showed on Wednesday, suggesting the economic downturn might be easing a bit.

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Disaster: Homestead, Fla., hit by foreclosures (AP)

webmaster — Thu, 26 Mar 2009 23:18:16 +0000

AP – Seventeen years after Hurricane Andrew leveled much of southern Miami-Dade County, a different kind of storm is devastating households here: foreclosures.

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Obama touts refinancing for struggling homeowners (AP)

webmaster — Thu, 26 Mar 2009 23:18:16 +0000

AP – As rates on 30-year mortgages fall to their lowest levels on record, President Barack Obama is pointing to refinancing as a lifeline for homeowners being stung by plunging home values.

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Mortgage rates drop to record low (AP)

webmaster — Thu, 26 Mar 2009 23:18:16 +0000

AP – Rates on 30-year mortgages fell this week to the lowest level on record after the Federal Reserve launched a new effort to assist the staggering U.S. housing market.

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Florida Bank Adding Mortgage Jobs

webmaster — Thu, 26 Mar 2009 23:18:11 +0000

EverBank Financial Corp. has already hired more than 80 new mortgage employees this year, a spokeswoman told MortgageDaily.com. While the hirings were concentrated in its home state of Florida, several jobs were also added in Illinois and New York. EverBank said it is actively recruiting for more than 100 additional new hires.

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Servicer Vs. Hedge Fund

webmaster — Thu, 26 Mar 2009 23:18:11 +0000

American Home Mortgage Servicing Inc. has filed a lawsuit against struggling hedge fund operator Bruce M. Rose and two of his companies, according to court documents provided by the plaintiff’s law firm. American Home serviced four residential mortgage-backed securities that the defendants held the lowest priority tranches in. A clause in the servicing and pooling agreement requires the servicer to seek the advice of the lowest priority certificate holder before marketing or selling real estate owned. American Home claims the defendant fraudulently held up REO sales so that it could continue receiving income through servicing advances.

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Record Low Rates

webmaster — Thu, 26 Mar 2009 23:18:11 +0000

The average 30-year fixed-rate mortgage was 13 basis points lower than the prior week in Freddie Mac’s latest survey of 125 thrifts, commercial banks and mortgage lenders. The 30-year was down 100 BPS from a year earlier. "The 30-year fixed-rate mortgage has not been lower in the life of Freddie Mac’s weekly survey, which dates back to 1971," the report said.

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The Loan MOD Report

webmaster — Thu, 26 Mar 2009 23:18:11 +0000

With delinquencies at record-high levels, TowerGroup reported that foreclosure is sometimes a better option than loan modification. In California, 136,785 mortgages were modified last year under a January 2008 subprime agreement between Gov. Arnold Schwarzenegger and 10 major mortgage lenders, the state’s Department of Corporations reported. IBM is offering a new product for loan servicers that it says processes large volumes of loan modification requests with "greater speed, efficiency and accuracy," a press release indicated. Quantrix announced last week an online, interactive mortgage modification program that uses the FDIC’s "Mod in a Box" system to model the impact of adjusting housing-to-income ratios and rapidly fluctuating values.

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56,000 Reverse Mortgage Leads Stolen

webmaster — Thu, 26 Mar 2009 23:18:11 +0000

Bruce Jarrard was indicted and arrested last week, the U.S. attorneys office in Detroit said in a statement. He is charged with wire fraud and theft of trade secrets. Jarrard allegedly stole 56,000 reverse mortgage leads from his former employer, Lender Lead Solutions.

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Foreclosure Rescue Fraud

webmaster — Thu, 26 Mar 2009 23:18:11 +0000

In a far-reaching case, the Federal Trade Commission said last month that it charged National Foreclosure Relief Inc. and its operators with falsely claiming to either stop foreclosure or provide a full refund. In Las Vegas, a radio talk show host has been arrested on two counts of felony theft and related charges in connection with the operation of a "mortgage rescue scam." California’s attorney general announced last week the arrests of two people who are accused of "coldy and heartlessly" conning more than 160 victims out of thousands of dollars in a foreclosure scam. The Florida attorney general announced last month that it filed a lawsuit and obtained a temporary court order preventing FMA Servicing from charging up-front fees to modify loans.

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Yahoo! Finance: Mortgage Rates at 38-Year Low

webmaster — Thu, 26 Mar 2009 23:18:06 +0000

Yahoo! News: Rates on 30-year mortgages fell this week to the lowest level on record after the Federal Reserve launched a new effort to assist the staggering U.S. housing market.

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Today’s Mortgage Interest Rates – Wednesday, March 25, 2009

webmaster — Thu, 26 Mar 2009 23:18:06 +0000

Here are some ballpark mortgage interest rates based on a $240K home loan for Thursday, May 26, 2009 (as of 5 pm EST). For rates based on your specific information, talk to a Home Loan Expert. Please also note the explanation of the assumptions we make to give you these rates — rates will vary based on your information.

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Low Mortgage Rates Spur Mortgage Applications 32.2 Percent

webmaster — Thu, 26 Mar 2009 23:18:06 +0000

Last week, the number of Americans applying for mortgages increased from the previous week, according to a report released today by the Mortgage Bankers Association (MBA).

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New Home Sales Rise in Latest Report

webmaster — Thu, 26 Mar 2009 23:18:06 +0000

The U.S. Census Bureau and the Department of Housing and Urban Development today announced that sales of new, single-family homes rose in the month of February, increasing 4.7 percent from January’s numbers.

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Today’s Mortgage Interest Rates – Monday, March 23, 2009

webmaster — Thu, 26 Mar 2009 23:18:06 +0000

Here are some ballpark mortgage interest rates based on a $240K home loan for Monday, March 23, 2009 (as of 5 pm EST). For rates based on your specific information, talk to a Home Loan Expert. Please also note the explanation of the assumptions we make to give you these rates — rates will vary based on your information.

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Existing Home Sales Increase Fueled By First-Time Home Buyers, Low Mortgage Rates

webmaster — Thu, 26 Mar 2009 23:18:06 +0000

The National Association of Realtors announced today that existing home sales in February increased 5.1 percent as compared to January 2009.

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Top Homeowner Income Tax Deductions

webmaster — Thu, 26 Mar 2009 23:18:06 +0000

Each year more than a million Americans overpay their taxes by an estimated $945 million dollars. This list should help get that number down to something a little more reasonable.

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Mortgage Applications Rocket Up 21.2%

webmaster — Thu, 26 Mar 2009 23:18:06 +0000

Last week, the number of Americans applying for mortgages surged when compared to the week prior, according to a report released today by the Mortgage Bankers Association (MBA).

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FHA Loan Cash-Out Refinance Guidelines Changing – For the Worse!

webmaster — Thu, 26 Mar 2009 23:18:06 +0000

The top benefit of refinancing with an FHA loan is the very generous cash-out amount that FHA loans offer. Right now, that amount is 95% of your home’s value, but it’s changing March 30, 2009. That’s bad news for anyone looking to get the most money out of their home for home improvements, debt consolidation or other great ways to smartly use home equity.

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Obama Administration Will be “Creative” in Finding AIG Solution, Summers Says

webmaster — Thu, 26 Mar 2009 23:18:04 +0000

The Obama administration will try to be " creative " in finding a solution to the AIG bonus fiasco , the White House's economic adviser said on Tuesday. Speaking on CNBC, White House National Economic Council Chairman Lawrence Summers said…(read more)

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New Home Sales Unexpectedly Surge 4.7%