Home / Tag Archives: Refinance (page 10)

Tag Archives: Refinance

BofA CEO Speaks on Future of Housing in America

Speaking before the Brookings Institution in Washington, Bank of America CEO Brian Moynihan raised the issues of whether homeownership is right for everyone and how the mortgage market will be financed in the future. While most Americans continue to include homeownership in their personal image of the American dream, Moynihan says, ""as a just democratic society, we owe all our citizens a safe, good place to live, but a roof over one's head doesn't always have to come with a mortgage. In some cases, it shouldn't come with that.""

Read More »

HARP’s Loan Tally at 1.7M

Fannie Mae and Freddie Mac refinanced more than 90,000 mortgage loans through the Home Affordable Refinance Program (HARP) in September, bringing the program's total reach to 1.7 million since its inception in 2009, according to the latest refinance report from the Federal Housing Finance Agency. The rate of HARP refinances has increased since the program was revised in the fall of 2011 to expand borrower eligibility. Year-to-date, 709,000 loans have been refinanced through HARP, already far exceeding last year's total of about 400,000.

Read More »

Mortgage Rates Settle Near Record Lows as Fiscal Cliff Talks Persist

Fixed mortgage rates showed little signs of movement in the last full week of November, hovering near record lows as market worries heightened over the impending fiscal cliff. Freddie Mac puts the average 30-year fixed mortgage rate at 3.32 percent and the 15-year rate at 2.64 percent. Analysts say uncertainty surrounding the fiscal cliff has businesses, consumers, and financial markets all feeling uncertain themselves, which will keep mortgage rates at these levels as long as talks drag on in Washington.

Read More »

Rising Prices Could Lift 3.5M Homeowners Out of Negative Equity

While almost one-quarter of homeowners remain underwater, rising home prices over the past year have some economists hopeful negative equity could begin to diminish in coming months. Negative equity is still crippling many homeowners and the wider economy, Capital Economics stated in a report. But, if home prices continue to rise, the global research firm sees the potential for 3.5 million homeowners to move out of negative equity positions over the next 12 months.

Read More »

Mortgage Insurers Report Q3 Refis and Modifications

Mortgage Insurance Companies of America (MICA), an association of private mortgage insurers, reported Monday that since 2009, its members have insured $86.9 billion in mortgages modified or refinanced through the Home Affordable Modification Program (HAMP) and the Home Affordable Refinance Program (HARP) as well as in mortgages modified through other means. The $86.9 billion is distributed among 496,961 homes across the nation.

Read More »

Agencies Target Companies for Tactics Used in Mortgage Ads

Two federal agencies partnered up to let certain companies know their mortgage advertising tactics may be unlawful. On Monday, the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) announced letters were issued over potentially misleading advertisements that target veterans and older Americans. The CFPB sent about a dozen warning letters to mortgage lenders and brokers, and the FTC sent 20 letters to real estate agents, home builders, and lead generators.

Read More »

Servicers Provide $26.1B in Mortgage Relief Through Settlement

Five mortgage servicers--Bank of America, Chase, Citi, Wells Fargo, and Ally--have provided over 300,000 borrowers with some form of mortgage relief as part of a settlement agreement, according to a report from settlement monitor Joseph A. Smith, Jr. As of September 30, 2012, the banks reported they have provided $26.1 billion in actual consumer relief. Short sales accounted for $13.13 billion of that amount. Part of the settlement agreement requires the banks to provide $20 billion in relief, but the servicers are not always credited on a dollar-for-dollar basis.

Read More »

Freddie Mac: 29% of Q3 Refinancers Opt for Shorter Loan Term

In the third quarter of this year, 29 percent of borrowers who refinanced opted for a shorter loan term, while only 3 percent chose a mortgage with a longer term, according to data from Freddie Mac. Most borrowers—68 percent—decided to maintain the same term on their loan.

Read More »

Prices Are Up, but Credit Must Be Addressed for Full Recovery

Even though President Obama and Governor Romney were criticized for evading housing issues when running for president, Clear Capital asserts the ""sprint"" in housing still spoke positively for Obama and assisted him in his recent re-election. But, now that Obama has won a second term, his administration is charged with leading phase two of the housing recovery, and this will happen by collaborating with the industry to reduce regulatory uncertainty, according to a Clear Capital report.

Read More »

About 29% of Refinancers Reduced Principal in Q3

The vast majority of homeowners who refinanced in Q3 2012 either maintained or slashed their loan debt, according to a release from Freddie Mac. In the year's third quarter, 83 percent of homeowners who refinanced their first-lien home mortgage either kept the same loan amount or lowered their principal balance by paying-in additional money at the closing table, the GSE revealed. Of those borrowers, 54 percent maintained about the same loan amount, while 29 percent reduced their principal balance.

Read More »