Archive for September, 2007
« Previous Entries Next Entries »Mortgage Fraudsters Finding Ways To Exploit Bubble Bust
Monday, September 17th, 2007It is hard to find a tragedy in the world that some heartless rat
can’t find a way to exploit and the current and growing incidence of
foreclosures doesn’t violate the rule.
“Recent statistics suggest
that escalating foreclosures provide
criminals with the opportunity to exploit and defraud
vulnerable homeowners seeking financial guidance.
Mortgage Market Disruptions Short-Lived According To NAR
Friday, September 14th, 2007Lawrence Yun, senior economist for NAR said that unusual
disruptions are dampening the outlook for home sales, notably
for August and September. “There’s been an unusual hit to home sales,
starting in March when subprime problems emerged and more recently when
problems spread to jumbo loans, with many potential buyers on the
sidelines.
“However, the jumbo loan market is now beginning to
settle, and…”
Countrywide Fundings Fall; Lines Up $12 Billion Credit
Thursday, September 13th, 2007Countrywide issued its operational results for the
month of August and it comes as no surprise that the numbers were down.
Here is a recap of their results:
Loan fundings for the month of August totaled $34 billion, a 17%
decrease from August 2006.
…Additionally, the Company recently arranged for $12 billion
in additional secured borrowing capacity through new or existing
credit facilities;
Some Mortgage Rates Move Dramatically, Others Stall
Wednesday, September 12th, 2007The Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications
Survey for the week ended September 7 showed a dramatic drop in the 30-
year FRM, from 6.42 percent with 1.09 points (including the origination
fee) to 6.25 percent with 1 point.
Mortgage application volume increased…
Schumer Bill Would Lift GSE Portfolio Caps
Tuesday, September 11th, 2007Congress and the Administration may be headed for a clash on yet
another front - the size of Freddie Mac and
Fannie Mae’s owned portfolios.
On Monday Senator Charles Schumer (D-NY) introduced
legislation that would…
Countrywide To Cut As Many As 12000 Jobs
Monday, September 10th, 2007The nation’s largest home lender Countrywide Financial
Corporation said it plans to cut up to 12,000 jobs, 20 percent
of it’s workforce, over the next three months. Most of the job cuts will
take place in areas most affected by lower origination volumes.
Countrywide said that it expects its 2008 loan originations to be about
25% lower than 2007.
Countrywide also stated that it will…
How Long Will That Furnace Last? NAHB Study Has The Answer
Monday, September 10th, 2007The National Association of Home Builders (NAHB) in
partnership with Bank of America Home Equity recently completed a study
that should be of interest to home owners and home buyers, especially
those that are buying or living in homes that have been around for a
while.
According to the 2005 U.S. Census Bureau Housing Survey, there are
124.3 million homes in the U.S. housing inventory with a
median age of 32 years.
Data from the survey is reported several ways…
Delinquency Rates Climb Mainly In Four States
Friday, September 7th, 2007Nationally the situation is not as dire as these figures would
indicate. The figures are being driven by what is happening in a few
large states and by adjustable rate mortgages, both prime and
subprime.
“What continues to drive the national numbers, however, is what is
happening in the states of California, Florida, Nevada and
Arizona. Were it not for the increases in foreclosure starts in
those four states, we would have seen a nationwide drop in the rate of
foreclosure filings…
Mortgage Servicers Encouraged To Help Homeowners
Thursday, September 6th, 2007The six big agencies that regulate most of the nation’s banking system
issued “guidance” Tuesday encouraging mortgage servicers
to work with borrowers to
loan losses and keep families in their homes where “possible and
appropriate.”
Servicers were encouraged by the regulatory agencies to…
September 6th Alert
Thursday, September 6th, 2007« Previous Entries Next Entries »