Loan forms to be re-redesigned
Mortgage loan disclosure forms are notoriously complicated and difficult for borrowers to understand, despite the fact that these miserable pieces of paper have been debated, analyzed, focus-grouped, revised and reimagined to the "nth" degree in recent years.
Still, the newly minted federal Consumer Financial Protection Bureau is taking another run at the problem, trying to combine
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Tagged GFE, loan disclosure, mortgage, Mortgages
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Florida still foreclosure zone
The U.S. mortgage market appears to be on the mend. Except, that is, for the usual hot spots, where loan delinquencies and foreclosures remain so elevated they render the national statistics "somewhat meaningless."
That's according to the latest survey by the Mortgage Bankers Association in Washington, D.C., and commentary by MBA Chief Economist Jay Brinkmann.
The national
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Tagged delinquencies, Foreclosure, Mortgages
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Mortgage delinquencies drop
Mortgage delinquencies and foreclosures have declined in the first quarter, according to the Mortgage Bankers Association.
The percentage of loans that were delinquent for 90 days or more dropped half a percentage point to 8.1 percent in the first three months of the year, compared to the fourth quarter of 2010.
The share of mortgages in foreclosure
Housing crisis could worsen
The foreclosure crisis is far from over and the situation could worsen if home prices continue to decline, according to data from a housing and mortgage trends report released by the real estate and financial information firm CoreLogic.
Nearly one in four borrowers, or 11 million people, owes more on their mortgage than what their home
Consumer bureau attacked
There is no question the lack of regulatory oversight played a huge role in the collapse of the mortgage and housing markets.
Yet, the concept of creating a more efficient system to help protect consumers' interest against the predatory lending practices that contributed to this crisis seems to be viewed as absurd by some banks and
Homeowners still distressed
A new survey has found that homeowners continue to report considerable financial distress.
Nearly 23 percent of those polled in a first-quarter Fannie Mae housing survey who said they had a mortgage also said they owed more than the value of their home.
Of those underwater borrowers, 46 percent felt stressed about their ability to make payments
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Tagged distressed homeowners, economy, housing survey, Mortgages
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BofA to give away houses
Have too many foreclosed properties?
Why not give them away?
That's what Bank of America plans to do with as many as 150 vacant and abandoned properties in and around Chicago through a new "collaboration" with the city that's intended to address the problem of abandoned properties.
"Unfortunately," BofA said in a statement, "many homeowners faced with unemployment,
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Tagged abandoned property, BofA, Foreclosure, Mortgages, vacant property
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Giving up rights for a loan mod
You're struggling to make payments on your mortgage and you learn that you've been approved for a loan modification or a forbearance agreement that will allow you to catch up on payments.
That might be great news but before you sign on the dotted line, read the fine print to make sure your lender is not