Home / News (page 1419)

News

Fixed Rates See Little Activity

It was a mixed week for mortgage rate reports following the release of July's employment numbers, which showed job growth coming in below the market consensus forecast. According to Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 4.40 percent (0.7 point) for the week ending August 8, up from 4.39 percent last week. The 15-year FRM averaged 3.43 percent (0.7 point), unchanged from the previous survey.

Read More »

MBA: Delinquencies, Foreclosures Recede to More ‘Normal’ Levels

The percentage of homeowners behind on their mortgage fell to the lowest level since 2008, with a decrease in 90-plus delinquencies driving the improvement, according to a report from the Mortgage Bankers Association (MBA). On a seasonally adjusted basis, the national mortgage delinquency rate on one-to-four unit residences stood at 6.96 percent in the second quarter, a decrease from 7.25 percent in the first quarter and 7.58 percent a year ago. ""For most of the country, delinquencies and foreclosures have returned to more normal historical levels,"" said Jay Brinkmann, MBA's chief economist and SVP of research and economics.

Read More »

Report: Asking Prices Slip for First Time Since November 2012

For the first time since November 2012, asking home prices decreased month-over-month, slipping 0.3 percent from June to July, Trulia reported. ""If you were worried about a housing bubble, July's asking-price slowdown will probably be the best news you've heard this year,"" said Jed Kolko, Trulia's chief economist. Factors such as rising mortgage rates, growing inventory, and declining investor demand were attributed to the dip in asking prices.

Read More »

First-Time Jobless Claims Up, Still Below Expectations

First-time claims for unemployment insurance increased 5,000 to 333,000 for the week ending August 3, the Labor Department reported Thursday. Economists expected the number of claims to drop to climb to 336,000 from the 326,000 originally reported for the week ending July 27. The number of filings for that week was revised to 328,000, the lowest level since early May.

Read More »

SEC, Justice Department Sue BofA Over $855M RMBS Offering

The Securities and Exchange Commission (SEC) and Justice Department filed separate complaints against Bank of America and certain subsidiaries for allegedly misrepresenting an $855 million offering of residential mortgage-backed securities (RMBS), according to statements Tuesday.

Read More »

First Financial Network Announces $200M Loan Portfolio Offering

First Financial Network, Inc. announced the offering of a $200 million performing and non-performing loan portfolio on behalf of a community bank. According to a release, the portfolio consists of commercial real estate and commercial and industrial (C&I) loans as well as agricultural, residential, and consumer loans. Approximately one-third of the loans contained are performing.

Read More »

Freddie Mac Records Second Largest Profit in Its History

Freddie Mac had a banner second quarter, pulling in its second-largest profit in company history, the enterprise reported Wednesday. According to Freddie Mac's quarterly earnings report, Q2 2013 net income totaled $5.0 billion, up about $407 million over the first quarter. Comprehensive income was $4.4 billion compared to Q1's $7.0 billion.

Read More »

Obama Answers Housing Questions from Public During Live Discussion

During the question and answer session hosted by Zillow, President Obama reiterated his stated goals to bring a gradual end to Fannie Mae and Freddie Mac, to bring private capital into the housing market, and to offer affordable housing options--both rental options and 30-year mortgages. ""We're actually confident that the private market can step in, do a good job, and the government can be a backstop,"" Obama said, adding, ""In some ways it's a return to earlier models.""

Read More »

Consumers Still Confident Prices Will Rise Despite Hike in Rates

Undeterred by rising mortgage rates, the majority of consumers polled in a Fannie Mae survey expressed belief that the market will continue to improve, with 53 percent saying they expect home prices will go up in the next year--though that figure does represent a decline of 4 percentage points from June's high. The share of respondents who believe interest rates will continue to rise over the next year increased another 5 percentage points over June to a new survey high of 62 percent.

Read More »

Federal Fugitive Lands 11-Year Prison Sentence for Foreclosure Scam

A former 12-year federal fugitive who fled to Canada was sentenced to 11 years in federal prison for his leading role in a fraudulent scheme that delayed hundreds of foreclosure sales, according to a statement Tuesday from the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP).

Read More »