Illinois Governor Pat Quinn announced a program last week that he says will help approximately 15,000 homeowners threatened by foreclosure. The Illinois Hardest Hit program utilizes $345 million in federal funds to support families who are having trouble making their mortgage payments due to unemployment or underemployment. Eligible participants will receive up to $25,000 over 18 months as a 10-year loan to keep their mortgages current. The loan is forgiven over the last five years of the 10-year term and carries zero interest.
Read More »Mortgage Rates Mixed This Week but Expected to Head Lower
Interest rates on home loans offered up a mixed bag of results this week. Freddie Mac says fixed-rate mortgages showed no change or dipped slightly and adjustable-rate mortgages ticked upward. Even with the inconsistencies, rates remain near their record lows. Those lows may drop farther with the Federal Reserve's announcement Wednesday that it's planning a new buying spree of mortgage-backed securities and Treasuries. Leading indicators in the bond market since the Fed's statement suggest mortgage rates will again start falling.
Read More »Commercial Real Estate Prices Increase for Third Straight Month
Commercial real estate prices have increased for three consecutive months, according to Moody's/REAL Commercial Property Price Indices. Prices are now similar to levels recorded two years ago. In July, the national index posted a 5 percent increase. It's now 12.6 percent above its post-peak low, however, it is 42.5 percent below its peak. Moody's sees the latest gain more as a continuation of the bottoming process than as a harbinger of recovery. Sales of distressed assets made up 28 percent of the market in July.
Read More »Home Prices Continue Four-Month Run of Gains in FHFA Study
Home prices rose 0.8 percent between June and July, marking the fourth consecutive monthly increase, the Federal Housing Finance Agency (FHFA) said Thursday. That string of gains is coming off a streak of declines that was three times as long. Prior to April, FHFA's index had been on a slippery downward slope for 12 straight months. FHFA's numbers are calculated using sales price information from mortgages acquired by Fannie Mae and Freddie Mac.
Read More »Banks Respond to Moody’s Ratings Downgrades
The three major banks that received downgrades from Moody's this week responded with assertions of their value. Bank of America's and Wells Fargo's long-term credit ratings were downgraded, while Citigroup was hit with a downgrade of its short-term credit rating. Moody's says the downgrades stem from its belief the government is more likely now than during the financial crisis to allow a large bank to fail. The banks say that assessment is more a reflection on systemic support than their own liquidity profiles.
Read More »WFG National Title Expands Default Services Division With New Director
Brandy Sams has joined WFG National Title Insurance Company as the director of its default services division. Sams' career in the mortgage and real estate industries spans a period of more than 15 years. She worked most recently in the secondary market with Fannie Mae. She also held the position of title and escrow specialist for a national servicer and title and escrow manager with a California-based title company.
Read More »Chase Opens Mortgage Centers Near North Carolina Military Bases
Chase has opened two new Homeownership Centers in North Carolina to provide one-on-one help for borrowers struggling with their mortgage payments - one in Fayetteville, near Fort Bragg and the second in Jacksonville, near Camp Lejeune. The company is staffing all of its Homeownership Centers near military bases with employees who have served in the military or military family members. Chase also recently set up Centers near bases in Texas and Virginia, and has plans for openings later this year in Tennessee and Washington.
Read More »Survey: Home Prices Expected to Increase 1.1% Over Next Five Years
Home prices are expected to grow at an average annual rate of just 1.1 percent through 2015, according to a survey released Wednesday by the research firm MacroMarkets. The company polled 111 individuals, ranging from economists and real estate experts to investment and market strategists. In addition to documenting home price projections, the survey asked respondents about the government's role in the housing market. Half say further government intervention is ""unnecessary.""
Read More »New Fed Stimulus: Mortgage Bonds and Treasuries on the Shopping List
Driving home its rationale for new stimulus measures, the Federal Reserve on Wednesday reiterated the pains many Americans are living with every day - economic growth remains slow, unemployment remains elevated, and housing remains depressed. With these and other downside risks holding back recovery, the Federal Reserve says it will begin reinvesting its money into mortgage-backed securities issued by Fannie Mae and Freddie Mac, and it will purchase another $400 billion in Treasury bonds.
Read More »Keystone Asset Management Announces Completion of IT Audit
Keystone Asset Management Inc. is a national provider of REO, default management, and property valuation services headquartered in Colmar, Pennsylvania. The company announced this week that it has successfully completed its SSAE #16 Type II Audit. This is a widely recognized audit that assures the company’s information system reporting controls, processes and procedures adhere to industry best practices.
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