Where All the Mortgage Documents Go
For more: http://nyti.ms/dYXQkD
In light of how long it can take to close a refinancing or mortgage these days — especially considering how many paper documents are involved in the process and could potentially get lost, delaying the process further — we wondered whether a mortgage cloud of sorts exists at any banks.
Saturday, March 12, 2011
Borrowing Again, but Less on Credit Cards
For more: http://nyti.ms/hZuVMD
AMERICAN consumers are borrowing again, but many are still reluctant to run up credit card debts. The Federal Reserve Board reported this week that the amount of outstanding nonrevolving consumer debt — term loans to pay for things like cars, education or vacations — rose $9.3 billion in January to a record $1.617 trillion.
For more: http://nyti.ms/hZuVMD
AMERICAN consumers are borrowing again, but many are still reluctant to run up credit card debts. The Federal Reserve Board reported this week that the amount of outstanding nonrevolving consumer debt — term loans to pay for things like cars, education or vacations — rose $9.3 billion in January to a record $1.617 trillion.
Ex-Fannie Mae Chief May Face S.E.C. Charges
For more: http://nyti.ms/gULArP
Daniel H. Mudd, the former chief executive of Fannie Mae, may soon face civil charges stemming from his tenure at the mortgage finance giant, according to a person briefed on the matter who was not authorized to speak publicly.
For more: http://nyti.ms/gULArP
Daniel H. Mudd, the former chief executive of Fannie Mae, may soon face civil charges stemming from his tenure at the mortgage finance giant, according to a person briefed on the matter who was not authorized to speak publicly.
A Red Flag On Reverse Mortgages
For more: http://nyti.ms/gUancM
It is the saddest of paradoxes: a government-backed financial maneuver intended to free up extra money for struggling older people turns out to have left some widows and widowers on the brink of foreclosure.
For more: http://nyti.ms/gUancM
It is the saddest of paradoxes: a government-backed financial maneuver intended to free up extra money for struggling older people turns out to have left some widows and widowers on the brink of foreclosure.
U.S. Inquiry on Military Family Foreclosures
For more: http://nyti.ms/eX8PJj
The Justice Department is investigating allegations that a mortgage subsidiary of Morgan Stanley foreclosed on almost two dozen military families from 2006 to 2008 in violation of a longstanding law aimed at preventing such action.
For more: http://nyti.ms/eX8PJj
The Justice Department is investigating allegations that a mortgage subsidiary of Morgan Stanley foreclosed on almost two dozen military families from 2006 to 2008 in violation of a longstanding law aimed at preventing such action.
Friday, March 11, 2011
U.S. families cut debt to lowest level in 6 years
For more: http://bit.ly/gaogVz
U.S. families — by defaulting on their loans and scrimping on expenses — shouldered a smaller debt burden in 2010 than at any point in the previous six years, putting them in position to start spending more.
For more: http://bit.ly/gaogVz
U.S. families — by defaulting on their loans and scrimping on expenses — shouldered a smaller debt burden in 2010 than at any point in the previous six years, putting them in position to start spending more.
Mortgage rates on 30-year fixed loans soar above 5%
For more: http://bit.ly/gBIIzO
The average rate on a 30-year mortgage zoomed past 5% this week, reaching the highest level in nine months.
For more: http://bit.ly/gBIIzO
The average rate on a 30-year mortgage zoomed past 5% this week, reaching the highest level in nine months.
Crisis Is Over, but Where’s the Fix?
For more: http://nyti.ms/eNALdX
A surprising citadel of that second-guessing is at the International Monetary Fund, where researchers this week concluded that the rescues “only treated the symptoms of the global financial meltdown.”
For more: http://nyti.ms/eNALdX
A surprising citadel of that second-guessing is at the International Monetary Fund, where researchers this week concluded that the rescues “only treated the symptoms of the global financial meltdown.”
EDITORIAL: Bank Customers Win One (Soon)
For more: http://nyti.ms/fUC7qw
Barring a last-minute assault from the banks, a federal rule to protect vulnerable Americans from overly grabby creditors will take effect on May 1.
For more: http://nyti.ms/fUC7qw
Barring a last-minute assault from the banks, a federal rule to protect vulnerable Americans from overly grabby creditors will take effect on May 1.
Thursday, March 10, 2011
Republicans see power abuse in U.S. foreclosure probe
For more: http://bit.ly/gJFJDv
The 27-page settlement proposal backed by a group of federal regulators and state attorneys general includes a directive to step up efforts to keep borrowers in their homes, including reductions in loan principal.
For more: http://bit.ly/gJFJDv
The 27-page settlement proposal backed by a group of federal regulators and state attorneys general includes a directive to step up efforts to keep borrowers in their homes, including reductions in loan principal.
Foreclosure filings drop to three-year-low
For more: http://bit.ly/gY2Ivs
Foreclosure filings dropped 14% in February compared with January, hitting a three-year low as allegations of improper processing continued to plague mortgage servicers, RealtyTrac’s chief executive said Thursday.
For more: http://bit.ly/gY2Ivs
Foreclosure filings dropped 14% in February compared with January, hitting a three-year low as allegations of improper processing continued to plague mortgage servicers, RealtyTrac’s chief executive said Thursday.
Wednesday, March 9, 2011
Underwater mortgages in US rise
For more: http://bit.ly/fMqVAd
The number of Americans who owe more on their mortgages than their homes are worth rose in the October-December quarter to 11.1 million. About 23 percent of all mortgaged homes are underwater.
For more: http://bit.ly/fMqVAd
The number of Americans who owe more on their mortgages than their homes are worth rose in the October-December quarter to 11.1 million. About 23 percent of all mortgaged homes are underwater.
New Rules for First-Time Home Buyers
For more: http://bit.ly/id42S1
Not long ago, first-time buyers accounted for 40% of home sales. Now they're down to 29% and falling, experts say, as first-time buyers confront a steady accumulation of rising fees, costs, and rates. This month, fees on most new mortgages will rise by up to 0.50%. In April, fees on small-down-payment mortgages, a first-time buyer favorite, will spike.
For more: http://bit.ly/id42S1
Not long ago, first-time buyers accounted for 40% of home sales. Now they're down to 29% and falling, experts say, as first-time buyers confront a steady accumulation of rising fees, costs, and rates. This month, fees on most new mortgages will rise by up to 0.50%. In April, fees on small-down-payment mortgages, a first-time buyer favorite, will spike.
AARP Sues U.S. Over Effects of Reverse Mortgages
For more: http://nyti.ms/dRNhPp
Reverse mortgages, which pay older homeowners a regular sum against the equity in their house, are supposed to shield borrowers from economic upheaval. But the popular loans have become tangled up in the real estate collapse.
For more: http://nyti.ms/dRNhPp
Reverse mortgages, which pay older homeowners a regular sum against the equity in their house, are supposed to shield borrowers from economic upheaval. But the popular loans have become tangled up in the real estate collapse.
Flirting With a Repeat of a Stunted Recovery
For more: http://nyti.ms/hoqxMv
All in all, the situation is uncomfortably reminiscent of last spring. Back then, companies were just starting to hire again, before a combination of events — including Europe’s debt crisis and the fading of the stimulus program here — spooked them and cut short the recovery. It’s easy to imagine how energy costs and government cuts could do the same this year.
For more: http://nyti.ms/hoqxMv
All in all, the situation is uncomfortably reminiscent of last spring. Back then, companies were just starting to hire again, before a combination of events — including Europe’s debt crisis and the fading of the stimulus program here — spooked them and cut short the recovery. It’s easy to imagine how energy costs and government cuts could do the same this year.
Bank Chief Rejects Idea Of Reducing Home Loans
For more: http://nyti.ms/h1eDWQ
Showing resistance for the first time against government pressure to write off tens of billions worth of mortgage debt, Bank of America executives said on Tuesday that the idea was unworkable and warned that it would be unfair to borrowers who had managed to stay current on their loans.
For more: http://nyti.ms/h1eDWQ
Showing resistance for the first time against government pressure to write off tens of billions worth of mortgage debt, Bank of America executives said on Tuesday that the idea was unworkable and warned that it would be unfair to borrowers who had managed to stay current on their loans.
Tuesday, March 8, 2011
Consumer Borrowing Rises On Strength of Auto Loans
For more: http://nyti.ms/gXfmbR
Consumers borrowed more in January to buy cars but were once again frugal with credit card purchases, offering a mixed sign of their confidence in the economy.
For more: http://nyti.ms/gXfmbR
Consumers borrowed more in January to buy cars but were once again frugal with credit card purchases, offering a mixed sign of their confidence in the economy.
A Lawyer Under Investigation Shuts Down His Foreclosure Practice
For more: http://nyti.ms/fvcmuQ
David J. Stern, one of the country’s best-known beneficiaries of the foreclosure boom, who pocketed millions from evictions processed by his Florida law firm, told regulators on Monday that he was shutting down his foreclosure practice.
For more: http://nyti.ms/fvcmuQ
David J. Stern, one of the country’s best-known beneficiaries of the foreclosure boom, who pocketed millions from evictions processed by his Florida law firm, told regulators on Monday that he was shutting down his foreclosure practice.
Foreclose Deal Near, State Officials Say
For more: http://nyti.ms/gb4SqN
A broad agreement could be struck within two months to overhaul how millions of foreclosures are handled by the nation’s biggest banks and to expand the use of home loan modifications.
For more: http://nyti.ms/gb4SqN
A broad agreement could be struck within two months to overhaul how millions of foreclosures are handled by the nation’s biggest banks and to expand the use of home loan modifications.
Debit Card Fees Prompt a Push Near Deadline
For more: http://nyti.ms/fSlQ29
A coalition of banks and card companies have plastered subway cars and Internet sites with ads warning, “Bureaucrats want to take away your debit card!”
For more: http://nyti.ms/fSlQ29
A coalition of banks and card companies have plastered subway cars and Internet sites with ads warning, “Bureaucrats want to take away your debit card!”
Monday, March 7, 2011
Investing or paying down mortgage? There are many factors to consider
For more: http://bit.ly/f6M59s
I just received the proceeds from a lawsuit. I am a conservative investor and my inclination with the $100,000 is to pay down my mortgage. What do you think?
For more: http://bit.ly/f6M59s
I just received the proceeds from a lawsuit. I am a conservative investor and my inclination with the $100,000 is to pay down my mortgage. What do you think?
High-end home sales rise in major markets
For more: http://bit.ly/eF7XX4
After four straight years of declines, sales of million-dollar homes and condos rose last year in all 20 major metro areas, according to DataQuick Information Systems. On average, these cities saw an 18.6 percent jump in high-end home sales.
For more: http://bit.ly/eF7XX4
After four straight years of declines, sales of million-dollar homes and condos rose last year in all 20 major metro areas, according to DataQuick Information Systems. On average, these cities saw an 18.6 percent jump in high-end home sales.
FHA Powers What's Left of the Home Market
For more: http://bit.ly/dPutoD
The Federal Housing Administration has become a primary means of financing for U.S. home buyers. But as the government moves to reform the mortgage market, the FHA is heading for some changes that could limit borrowers' access to the loans -- or at least make them more expensive.
For more: http://bit.ly/dPutoD
The Federal Housing Administration has become a primary means of financing for U.S. home buyers. But as the government moves to reform the mortgage market, the FHA is heading for some changes that could limit borrowers' access to the loans -- or at least make them more expensive.
Banks Look to Replace Lost Debit-Card Fees
For more: http://bit.ly/eJQxCu
With a proposed limit on debit-card fees threatening to drain $15.2 billion a year from the banking industry, big lenders are looking to replace lost revenue through such ideas as allowing debit cards to bounce like checks.
For more: http://bit.ly/eJQxCu
With a proposed limit on debit-card fees threatening to drain $15.2 billion a year from the banking industry, big lenders are looking to replace lost revenue through such ideas as allowing debit cards to bounce like checks.
Sunday, March 6, 2011
Almost a third overpaying mortgage
For more: http://bit.ly/geJdLM
Nearly a third of homeowners have taken advantage of low interest rates to overpay their mortgage during the past year, research has shown.
For more: http://bit.ly/geJdLM
Nearly a third of homeowners have taken advantage of low interest rates to overpay their mortgage during the past year, research has shown.
How Does Your Credit Score Actually Work?
For more: http://bit.ly/eUyaPg
A recent survey shows many consumers still don't understand how their credit scores work.
For more: http://bit.ly/eUyaPg
A recent survey shows many consumers still don't understand how their credit scores work.
Mortgage Practices Overhaul Proposed
For more: http://bit.ly/gisTv2
Current government modification programs are largely voluntary, and there are few rules governing servicers' practices. But on Thursday, the nation's largest banks, including Wells Fargo & Co., Bank of America Corp., and Citigroup Inc., received a detailed 27-page proposal from state attorneys general and federal agencies to force a shakeup in banks' mortgage-servicing policies.
For more: http://bit.ly/gisTv2
Current government modification programs are largely voluntary, and there are few rules governing servicers' practices. But on Thursday, the nation's largest banks, including Wells Fargo & Co., Bank of America Corp., and Citigroup Inc., received a detailed 27-page proposal from state attorneys general and federal agencies to force a shakeup in banks' mortgage-servicing policies.
MERS? It May Have Swallowed Your Loan
For more: http://nyti.ms/h2ajkL
Never heard of MERS? That’s fine with the mortgage banking industry—as MERS is starting to overheat and sputter. If its many detractors are correct, this private corporation, with a full-time staff of fewer than 50 employees, could turn out to be a very public problem for the mortgage industry.
For more: http://nyti.ms/h2ajkL
Never heard of MERS? That’s fine with the mortgage banking industry—as MERS is starting to overheat and sputter. If its many detractors are correct, this private corporation, with a full-time staff of fewer than 50 employees, could turn out to be a very public problem for the mortgage industry.
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