Bank of America has settled with Freddie Mac and Fannie Mae for $2.8 billion to silence claims that the bank sold them faulty loans. Investors are typically entitled to repayment by the lenders if the loans were sold on the basis of false assurances. Since Bank of America’s acquisition Countrywide Financial, they have been particularly […]
Posts Tagged: mortgage
Wells Fargo plans to make $2.4 billion in mortgage modifications in California and is still working towards expanding this same forgiveness to other states. The program is specifically targeting homeowners who had “pick a Payment” adjustable rate loans that ballooned far and above what the homeowner was able to pay. Wells Fargo has already modified […]
A group of investors together with academics has proposed a national standards system be created for Mortgages. The goal would be for such standards to be implemented as early as this spring.The group believes such standards could diminish conflict between servicers and investors, help avoid investor favoritism by servicers and set a standard for securities […]
Download now or preview on posterous 12 16 10 SB1000142405274870407380457602348.pdf (59 KB) Thirty year mortgage rates have hit a six month high of 5.09% in response to an increase in treasury yields. This is a dramatic turnaround from where rates were only one month ago at 4.17%. This is sobering news for the housing market […]
Download now or preview on posterous 11 30 10.pdf (60 KB) Generally speaking, when you make mortgage payments in advance, you can do one of two things. You can either apply extra payments to the principal, which will reduce interest costs over the life of the loan or you can apply extra payments against future […]
Download now or preview on posterous Ten Facts about Mortgage Debt Forgiveness.pdf (16 KB) The IRS published the Ten Fact about Mortgage Debt Forgiveness. It is a must read for anyone considering a short sale, deed in lieu or foreclosure. We highly recommend you seek the advice of a CPA and real estate attorney before […]
Wells Fargo Home Mortgage performs well on servicer ratings. The positive ratings are a result of experienced management, technological advancements, quality control, internal procedures and increases in staff and training. Read article here.
Cure rates have dropped from 45% during 2000-2006 time period to the current average of 6.6%. read the article here
Now is the chance to have your voice be heard. The Federal Trade Commission (FTC), has announced it is seeking public comment relating to the fairness of loan modification and foreclosure rescue practices. Public comment will allow the FTC to assess whether rules would be useful in protecting consumers of these services, and the commission […]
More trouble for mortgage servicers. Triad Guaranty Inc. , a troubled mortgage insurer, announced it will reduce it’s payment on claims to 60%. The remaining 40%, for all intents and purposes,will be paid in the form of an IOU. Other insurers are expected to follow Triad’s lead which will result in increased losses for servicers […]
Fixed 30 year mortgage averaged 4.85%, 15 year 4.58%. Lowest rates since tracking began in 1971!
Equifax Inc., is reporting that the number of 30 days past due mortgagees in January was up for 50 percent compared to January 2008. They also are reporting that the number of delinquent equity lines has accelerated by 3.39 percent in January 2009 compared to December 2008, the largest increase in 10 years.
California homes sales from from August 2007 to 2008 are up, which could be viewed as positive except the number of “organic” sales as a percentage of total sales is decreasing. Link to a great article from Mr. Mortgage follows: View article…