Mortgage News

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

Former Fannie Mae Employee Attempted to Destroy All Data

January 30, 2009 No Comments »

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 effort to wipe out all its data. A federal grand jury indicted Rajendrasinh Babubhai Makwana ... Read More »

Mortgage Activity Surging at Wells Fargo

January 28, 2009 No Comments »

Wells Fargo saw its shares pop today after reporting a $2.55 billion fourth-quarter loss as it took significant “de-risking” measures and Wachovia merger-related hits. For all of 2008, the company reported net income of $2.84 billion on record revenue of ... Read More »

The Hummers Are Back

The Hummers Are Back
January 21, 2009 No Comments »

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 drop in gas prices. Drawing a parallel to housing, my fear going forward is that ... Read More »

Realtors Slam New Fannie Mae Fees, Bloggers

January 5, 2009 No Comments »

In the past week, the National Association of Realtors has slammed both Fannie Mae for imposing new fees and bloggers for creating misperceptions about required housing down payments. In a letter sent to the Federal Housing Finance Agency, the trade ... Read More »

Medical Collections Killing Refinance Frenzy?

December 8, 2008 No Comments »

Everyone knows mortgage rates have plummeted in recent weeks, but what does that actually mean for those looking to refinance? With tough guidelines in place and flagging property values, it could equate to a lot of spinning wheels and paperwork. ... Read More »

Poor Oversight to Blame for Mortgage Crisis

December 1, 2008 No Comments »

Many consumers, economists, homeowners, and lenders alike have been scratching their heads for months now, wondering what led to such an unprecedented housing crisis. And while there may not be one answer (no, it’s not the mortgage brokers’ fault), but ... Read More »

Happy Holidays, We Won’t Foreclose on You, For Now

November 20, 2008 No Comments »

Both Fannie Mae and Freddie Mac have announced that they will suspend all foreclosure sales and evictions of occupied homes from November 26 until January 9. That includes 2-4 unit properties as well, many that probably aren’t truly owner occupied.  ... Read More »

If In Doubt, Raffle Your Home

November 18, 2008 No Comments »

If you’re falling behind on your mortgage and considering walking away, there’s always the raffle approach. At least, that’s what one struggling mortgage broker has chosen to do after finding his $6,200 monthly mortgage payment too much to bear. Tom ... Read More »

Hovnanian Wants Mortgage Rates Cut to Three Percent

November 17, 2008 No Comments »

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, CEO of K. Hovnanian Homes, suggested to Bloomberg TV that interest rates should be temporarily ... Read More »

Loan Guarantee Program in the Works

October 29, 2008 No Comments »

As previously speculated, the Treasury and the FDIC are reportedly working on a systematic loan modification program aimed at helping roughly three million troubled homeowners, according to sources close to the situation. The plan will rely on loan guarantees to ... Read More »