Fannie Mae Deed for Lease Program
Mortgage financier Fannie Mae has unveiled a new foreclosure prevention tool called the “Deed for Lease Program,” which helps struggling borrowers stay in their homes.… Read More »Fannie Mae Deed for Lease Program
Mortgage News
The latest real estate and mortgage industry news, digested. Look beyond the headlines to better understand what’s really happening.
I’ve been covering the mortgage industry since 2006, at a time when scores of banks and lenders were closing their doors after some very big boom years.
In fact, you can see my ongoing list of mortgage layoffs and closures if you’re curious just how many companies didn’t survive that period.
Fortunately, the climate has improved considerably since then, despite a big uptick in mortgage rates lately.
This too has led to companies merging or folding entirely, though this time around due to a lack of volume as opposed to an increase in loan defaults.
I strive to write compelling mortgage news stories, whether it’s the top lenders for a given year, a novel mortgage product, new loan limits, or a big policy change.
You can see all my latest mortgage news posts below.
Bill Aims to Increase FHA Down Payment to Five Percent
A new bill introduced by New Jersey Republican Scott Garrett would require FHA borrowers to make at least a five percent minimum down payment. The… Read More »Bill Aims to Increase FHA Down Payment to Five Percent
3,944,602 Home Loan Applications Denied in 2008
Below are some select takeaways from the Federal Reserve’s new report titled, “The 2008 HMDA Data: The Mortgage Market during a Turbulent Year (view here).”… Read More »3,944,602 Home Loan Applications Denied in 2008
Indymac Federal Becomes OneWest Bank Group
The FDIC completed its sale of Indymac Federal Bank yesterday to OneWest Bank Group LLC, a newly formed federal savings bank headquartered in Pasadena, CA.… Read More »Indymac Federal Becomes OneWest Bank Group
Former Fannie Mae Employee Attempted to Destroy All Data
A former Fannie Mae contracted employee was indicted for computer intrusion this week for allegedly planting a malicious script on the company’s servers in an… Read More »Former Fannie Mae Employee Attempted to Destroy All Data
The Hummers Are Back
In recent weeks, I’ve seen an increasing number of tank-like Hummers cruising the streets of Los Angeles, a troubling trend clearly tied to the big… Read More »The Hummers Are Back
Hovnanian Wants Mortgage Rates Cut to Three Percent
One the leading U.S. homebuilders has called for the government to temporarily cut mortgage rates to make homeownership more affordable and stimulate sales. Ara Hovnanian,… Read More »Hovnanian Wants Mortgage Rates Cut to Three Percent
Bank of America Launches Modification Program to Satisfy Countrywide Lawsuits
So I guess there was a point to the many, many state Attorney General lawsuits filed against Countrywide Financial over the past year. Today, Bank… Read More »Bank of America Launches Modification Program to Satisfy Countrywide Lawsuits
Washington Mutual Shut Down by OTS
So much for the merger with Chase; instead the largest bank failure in U.S. history. Late Thursday evening, Washington Mutual was shut down by the… Read More »Washington Mutual Shut Down by OTS
Introducing Indymac Federal Bank
Tomorrow morning, Indymac Federal Bank will open its doors, largely to panicked and upset customers inquiring about their mostly-insured deposits. On Friday, the FDIC announced… Read More »Introducing Indymac Federal Bank