Mortgage News

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

HUD Emergency Homeowners Loan Program

HUD Emergency Homeowners Loan Program
August 11, 2010 No Comments »

The Obama Administration today announced more targeted support for homeowners struggling with unemployment who are at risk of losing their homes. The $1 billion initiative, known as the “HUD Emergency Homeowners Loan Program,” aims to provide 24-month bridge loans to ... Read More »

FHA Short Refinance Program to Launch Next Month

August 6, 2010 No Comments »

More relief is on the way for underwater borrowers, assuming mortgage lenders agree to take part in the voluntary program. On September 7, HUD will begin offering FHA loans to certain underwater non-FHA borrowers who are current on their existing ... Read More »

FHA Annual Mortgage Insurance Premium to Rise

August 5, 2010 No Comments »

The Senate late last night unanimously approved legislation to grant the FHA authority to raise the annual mortgage insurance premium from 0.55 percent to 1.55 percent. However, FHA officials only expect to raise the premium to 0.9 percent, while lowering ... Read More »

Bill Aims to Eliminate Loan Mod Credit Score Hit

July 26, 2010 No Comments »

A bill introduced by California Congresswoman Jackie Speier earlier this month aims to protect the credit scores of homeowners who accept loan modifications. Currently, even on-time modified mortgage payments are treated as “delinquent” or “incomplete” by the banks and mortgage ... Read More »

SoCal Home Sales up 7.2 Percent in June

July 13, 2010 No Comments »

Southern California home sales edged up 7.2 percent last month compared to May, and were 2.6 percent higher than a year earlier, DataQuick said today. A total of 23,871 new and resale homes sold across Los Angeles, Riverside, San Diego, ... Read More »

Mortgage Aid Call System Crashes on Day One

July 13, 2010 No Comments »

The “Michigan Hardest Hit program” launched today to help struggling homeowners stay current on their mortgages hit a major snag, according to the Detroit Free Press. By 10 a.m., the state had received 30,000 calls for the first-come, first-served loan ... Read More »

Fannie Mae and Freddie Mac Commence Trading on OTC Bulletin Board

July 8, 2010 No Comments »

It’s the end of an era, and a sign of the times. Today, shares of government mortgage financiers Fannie Mae and Freddie Mac were removed from the New York Stock Exchange and sent to the lowly OTC Bulletin Board where ... Read More »

Arizona Immigration Bill May Increase Foreclosures

June 14, 2010 No Comments »

The highly criticized (and praised) immigration bill set to take effect in Arizona in six weeks could boost foreclosures and wreak havoc on housing in the state, according to a report from Azcentral.com. Apparently there are “thousands if not tens ... Read More »

Countrywide to Pay $108 Million for Overcharging Homeowners

June 7, 2010 No Comments »

Former mortgage lending giant Countrywide has been ordered by the FTC to pay out $108 million in refunds to homeowners who were overcharged by the company’s servicing division. After borrowers fell behind on mortgage payments (mind you from terrible mortgage ... Read More »

The Fonz is New Spokesperson for Reverse Mortgage Company

June 2, 2010 No Comments »

The “Fonz,” better known for being cool than pitching mortgage products to old people, is the new face of a growing reverse mortgage company. One Reverse Mortgage of Livonia, Michigan announced today that award-winning actor and author (really?) Henry Winkler ... Read More »