Mortgage financier Freddie Mac announced today that in the third quarter of 2008, 94 percent of prime borrowers who originally had a 1-year conforming adjustable-rate mortgage (ARM) chose a new conforming fixed-rate mortgage when they refinanced.
Read More »Credit Unions Propose TARP Funding for Mortgage Relief Program
The National Credit Union Administration (NCUA) has unveiled a plan to refinance billions of dollars of at-risk mortgages using funding from the Treasury’s Troubled Asset Relief Program (TARP). The initiative is aimed at helping credit union members preserve their homeownership by funneling federal loans to credit unions through the Central Liquidity Facility (CLF), the lending arm of the NCUA, the administration explained in a press statement earlier this week.
Read More »Administration Alters HOPE for Homeowners Program, Reducing Lenders’ Costs
United States Housing and Urban Development (HUD) Secretary Steve Preston today announced that the HOPE for Homeowners (H4H) board of directors has approved changes to the program, designed to help more distressed borrowers refinance into affordable, government-back mortgages.
Read More »Research Firm Issues Five-Year Mortgage Lending Forecasts
iEmergent, a Des Moines, Iowa-based market research, forecasting, and advisory services firm for the financial services, mortgage, and real estate industries, today issued its Mortgage Volume Forecasts for 2009 – 2013.
Read More »Illinois Q3 Home Sales Down 21.2 Percent
Job losses and economic uncertainty continue to impact the housing market in Illinois. According to the latest Illinois Association of Realtors (IAR) housing report, total home sales (which include single-family homes and condominiums) were 31,451 in the third quarter, down 21.
Read More »New Company Offers Forensic Loan Audits to Stem Future Foreclosures
National Loan Auditors (NLA) is a newly formed loss mitigation company based in Walnut Creek, California, providing quality control, pre-close, and post-close auditing, risk assessment consulting, and fraud prevention to the mortgage and banking industries.
Read More »Lender Processing Services Unveils Mass Loan Modification Solution
In an environment where defaults continue to mount and home retention has become a mainstream issue, Florida-based Lender Processing Services Inc. (LPS), a provider of integrated technology and services to the mortgage industry, has created RediMod, an end-to-end solution for streamlining the mass loan modification process and improving servicers’ ability to help delinquent and at-risk borrowers.
Read More »NAR: Home Prices Decline in Four of Five Metros
Four out of five metropolitan areas recorded lower home prices in the third quarter from a year earlier, according to the National Association of Realtors’ (NAR) quarterly survey released today. In addition, NAR said, existing-home sales fell from the second quarter in 32 states.
Read More »Officials Feud Over Foreclosure Relief for Homeowners
The debate between two federal officials — Treasury Secretary Henry Paulson and Federal Deposit Insurance Corporation (FDIC) Chairman Sheila Bair — over whether to use money from the $700 billion bailout fund to help at-risk homeowners avoid foreclosure took center stage when both regulators testified before the House Financial Services Committee today.
Read More »Report: Rhode Island Home Prices See Sharpest Decline in 20 Years
Single-family home prices in Rhode Island continued to deteriorate in September, with the median home price plunging 17 percent to $220,000 from $265,000 a year ago, according to the latest state report from The Warren Group.
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