Low rates, but not for you?
You've shopped around and finally zeroed in on a low mortgage rate. Your credit is stellar and you're ready to pull the trigger. Trouble is, the lender has no incentive to give you the advertised lowest rate and offers a rate a full percentage point higher.
In a frustrating turn for those seeking a mortgage, lenders
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Tagged lenders, low, mortgage rates, Mortgages
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NFIP lapse could delay closings
Congress has an array of issues to deal with as it returns from the summer break this week. One topic could have a major impact on real estate closings scheduled for next month.
The National Flood Insurance Program, or NFIP, the only affordable flood insurance option for those who own homes worth less than $1 million,
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Tagged flood insurance, hurricane, Mortgages, NFIP
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NFIP lapse could delay closings
Congress has an array of issues to deal with as it returns from the summer break this week. One topic could have a major impact on real estate closings scheduled for next month.
The National Flood Insurance Program, or NFIP, the only affordable flood insurance option for those who own homes worth less than $1 million,
Big banks face firing squad
The big banks are fielding a barrage of litigation and accusations for their part in the mortgage mess.
The latest salvo came from the Federal Housing Finance Agency, or FHFA, which oversees Fannie Mae and Freddie Mac. The regulator filed suit Friday against 17 major banks, including Bank of America, JPMorgan Chase, Citigroup and Goldman Sachs. The
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Tagged banks, Fannie Mae, Freddie Mac, housing, mortgage, Mortgages
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Fed to buy mortgages again?
The Fed may switch gears into riskier territory to support a plan that could push mortgage rates even lower than they are now, in an effort to spur refinances, help underwater borrowers and boost the housing market.
I know, you're tired of hearing about all these government plans that sound good in theory but do little
Jobs report: No jobs
Nada! Not a single job was added to the economy in August, the Labor Department said Friday. That's the first time in 11 months that the United States did not show a net increase in jobs.
The unemployment rate remained at 9.1 percent, with 14 million Americans out of work. Economists didn't expect great news from
Another bailout plan?
With the housing market in an unrelenting national depression, the Obama Administration is seeking solutions and Federal Housing Finance Agency acting director Edward DeMarco is feeling the heat.
One proposal put forth by President Barack Obama will make it easier for homeowners to refinance, and since the FHFA controls Fannie Mae and Freddie Mac, the burden
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Tagged borrowers, homeowners, housing market, Mortgages, Refinance
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Home prices up — sort of
Home prices increased during the second quarter of the year, according to the latest Standard & Poor's/Case-Shiller home price index.
Before you celebrate, you should know that prices are actually down 5.9 percent when compared to the second quarter of last year and are as low as they were in 2003. You should also know that
Home sales join the slump
For the first time in three months, pending sales of previously-owned homes dropped in July, signaling yet again that the housing recovery is a long way from getting unstuck. Although pending home sales rose by 2.4 percent in June, July's 1.3-percent decrease was more than the 1 percent drop economists in a Bloomberg survey said
4 more years of foreclosure
To cap off a nightmarish week on the housing front, everybody's favorite ratings service Standard & Poor's says the "shadow market" of foreclosures and distressed homes will haunt our neighborhoods for at least four more years.
S&P says that although the shadow market peaked in the first quarter of 2008, it's taking increasingly longer to clear
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Tagged Bank of America, foreclosures, housing market, Mortgages, Wells Fargo
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