Mortgage News

The latest real estate and mortgage industry news, digested. Look beyond the headlines to better understand what’s really happening.

Nearly Half of Mortgages Will Be Underwater by 2011

August 5, 2009 No Comments »

What’s all this talk about a housing bottom and a turnaround? That type of chatter always seems to be followed by a little dose of reality, this time a report from Deutsche Bank. The German bank warned today that the ... Read More »

Rate and Term Refis Reduce Mortgage Payments by Billions

July 30, 2009 No Comments »

Cash out refinancing hit its lowest point since late 2003 last quarter, but that’s not necessarily bad news. During the second quarter, just 38 percent of refinances resulted in loan sizes five percent or higher than the previous balance, while ... Read More »

Jumbo Lending Up in First Quarter

June 30, 2009 No Comments »

There’s been a lot of talk about jumbo lending making a comeback after coming to a standstill last year, and the data from National Mortgage News seems to back it up. During the first quarter, the top jumbo lenders saw ... Read More »

Four Percent Mortgage Proposed to Solve Crisis

June 16, 2009 No Comments »

As expected, the recent spike in mortgage rates has led to wild new proposals to solve the ongoing mortgage crisis. The latest proposal comes from Arizona businessman Kenneth Wm. Parker, owner of Parker Properties/Parker Development, who has introduced the so-called ... Read More »

California Foreclosure Moratorium Takes Effect

June 15, 2009 No Comments »

A bill signed into law by Governor Schwarzenegger back in February has launched a supposed “California foreclosure moratorium” in the state today. Going forward, banks and mortgage lenders will either need to renegotiate a loan or provide 90 days notice ... Read More »

Massachusetts Division of Banks Shuts Down Nearly 90 Mortgage Shops

June 8, 2009 No Comments »

The Massachusetts Division of Banks shut down 87 mortgage brokers and mortgage lenders in the state Friday for violations of newly imposed financial rules. The cease-and-desist orders were issued after the companies failed to provide required financial information and for ... Read More »

Select Takeaways from the Fannie Mae Earnings Release

May 11, 2009 No Comments »

Mortgage financer Fannie Mae reported a first quarter net loss of $23.2 billion last week, compared with a loss of $25.2 billion in the fourth quarter and $2.2 billion a year ago. As a result, the government-sponsored entity has requested ... Read More »

Bair: Loan Mod Success Dependent on Direction of Economy

May 8, 2009 No Comments »

FDIC Chairwoman Sheila Bair said the ultimate success of loan modifications depends on the direction of the economy, during remarks at the Chicago Federal Reserve Bank’s annual bank structure conference. She said executed mortgage modifications were having positive results, but ... Read More »

South Carolina Judge Halts Foreclosures

May 6, 2009 No Comments »

Foreclosure relief came to thousands of South Carolina residents yesterday after the state’s highest court put the brakes on certain pending foreclosure sales, the AP reported. Specifically, the injunction prevents judges from finalizing foreclosure sales on properties backed by Fannie ... Read More »

Legislation to Bar Criminals from Selling Mortgages in Florida

May 4, 2009 No Comments »

Good news.  Beginning next year, former bank robbers, felons, and mortgage fraudsters will no longer be able to sell mortgages in the state of Florida (nevermind the huge origination numbers this year). Governor Charlie Crist is expected to sign new ... Read More »