Mortgage News

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

Report: Loan Servicer Safe Harbor Will Foster Shoddy Loan Mods

April 29, 2009 No Comments »

Legislation aimed at providing a so-called “safe harbor” for loan servicers will actually lead to more abuse and shoddy loan modifications, according to a report from Amherst Securities Group. The bill is intended to give loan servicers, including big banks ... Read More »

Wells Fargo Hired 5,000 Employees to Handle Mortgage Workload

April 22, 2009 No Comments »

San Francisco-based bank and mortgage lender Wells Fargo reportedly hired 5,000 employees to handle its ever-increasing mortgage workload, according to Bloomberg. Wells Fargo CFO Howard Atkins said in an interview that the bank increased staff over the past couple of ... Read More »

Nearly 80 Percent of Americans Don’t Plan to Buy a Home Anytime Soon

April 21, 2009 No Comments »

There was a survey floating around a couple weeks ago, affiliated with a well-known real estate company, which said most “potential first-time homebuyers” felt it was a good time to buy a home. But 79 percent of Americans (not simply ... Read More »

Landlords Overlooking Foreclosure Blemishes

April 14, 2009 No Comments »

Good news, if you recently got foreclosed on and are back in the rental market… Apartment owners and other landlords are beginning to overlook foreclosure-blemished credit reports when considering a new tenant, according to the Wall Street Journal. Instead of ... Read More »

Bank of America Refinancing Under Making Home Affordable Program

April 9, 2009 No Comments »

Bank of America said today it has begun processing refinance applications under the Treasury’s “Making Home Affordable” program, with nearly 200,000 customers contacting the company to determine eligibility. “Combined with historically low interest rates, this program has generated significant interest ... Read More »

Estimated 600,000 Bank Owned Properties Not on the Market

April 8, 2009 2 Comments »

An estimated 600,000 foreclosed homes owned by banks and mortgage lenders nationwide haven’t been resold or listed, according to a report from the San Francisco Chronicle. This so-called “shadow inventory” could drive home prices much lower if unloaded on the ... Read More »

FHA Bailout Could be on the Horizon

April 6, 2009 No Comments »

The FHA hasn’t relied upon government assistance in its 75-year history, but that may change quickly as rising defaults continue to deplete the agency’s insurance fund. During a Senate hearing Thursday, HUD executives painted a pretty bleak picture for the ... Read More »

Top Jumbo Mortgage Lenders in Fourth Quarter 2008

April 2, 2009 No Comments »

Most mortgage rates we see advertised are for conforming mortgages, which for sake of simplicity, are good for loan amounts up to $729,750. But what about those of us looking for larger loans, otherwise known as jumbo mortgages?  Who’s offering ... Read More »

Thornburg Mortgage Bankruptcy Expected

April 1, 2009 No Comments »

Well, it’s looks like I can finally stop writing about Thornburg Mortgage, as the end appears to be here. The embattled mortgage lender announced today, after a very long struggle with its financing counterparties, that it will sell its remaining ... Read More »

Hope for Homeowners Program Has Helped Just One Borrower

March 25, 2009 No Comments »

The Hope for Homeowners program introduced by the Bush Administration and HUD last year continues to be a major flop, as evidenced by a report from CNN. The foreclosure prevention program, which aims to put borrowers into more affordable loans ... Read More »