Mortgage News

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

Strategic Default Accounted for 31 Percent of Foreclosures in First Quarter

May 3, 2010 No Comments »

Strategic default, where a homeowner intentionally walks away from their home (and their underwater mortgage), accounted for 31 percent of foreclosures during the first quarter of 2010, according to the Chicago Booth/Kellogg School Financial Trust Index. That’s up from 22 ... Read More »

California Mortgage Defaults Down 40 Percent

April 21, 2010 No Comments »

Notices of default, the first step in the foreclosure process, fell 4.2 percent in the first quarter compared to the linked quarter and 40 percent year-over-year in the Golden State. A total of 81,054 “NODs” were recorded between January and ... Read More »

Nearly 9 in 10 Americans Believe It’s Wrong to Stop Paying Mortgage

April 6, 2010 No Comments »

A shock poll from mortgage financier Fannie Mae revealed nearly nine in 10 Americans believe it’s unacceptable to stop making payments on an underwater mortgage. That includes seven in 10 who are currently delinquent on their own mortgages, which is ... Read More »

Many Homeowners Won’t See Positive Equity Until 2015

March 29, 2010 No Comments »

We already know negative equity is plaguing millions of Americans nationwide, but perhaps worse is the fact that many won’t see any positive equity for many years to come, according to First American CoreLogic. In fact, the typical homeowner who ... Read More »

FHA Short Refinance Option Coming Soon

March 26, 2010 2 Comments »

A new option that should be available by fall of this year will allow borrowers current on their mortgages to execute short refinances into FHA loans, assuming the original loan is not FHA-insured. In fact, the new loan must NOT ... Read More »

How Short Sale Fraud Works

March 15, 2010 No Comments »

There’s been a lot of talk about short sales lately, and considerable concern about related fraud. After all, there is lots of potential profit to be made by selling properties below market value. Up in the hard-hit northern San Joaquin ... Read More »

Higher FHA Down Payment Would Shut Out 300,000 First Time Buyers

March 12, 2010 No Comments »

FHA commissioner David Stevens testified to Congress Thursday, arguing that a blanket minimum down payment increase for FHA loans would “adversely impact the housing market recovery.” He noted in his testimony that requiring a five percent minimum down payment on ... Read More »

Short Sale Program Slammed by Appraisers

March 10, 2010 No Comments »

Just days after details of the Treasury’s streamlined short sale program were revealed, several leading appraiser groups have criticized the proposal. The issue involves how short sale properties would be valued under the program, relying on broker price opinions (BPOs) ... Read More »

Housing Affordability Ends 2009 Near Record High

February 18, 2010 No Comments »

Believe it or not, housing affordability ended 2009 near its record-high, according to the latest National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) release. The HOI revealed that 70.8 percent of all new and existing homes sold in ... Read More »

Former Countrywide Customers to Receive Relief Payments

Former Countrywide Customers to Receive Relief Payments
February 16, 2010 3 Comments »

Former mortgage lender Countrywide Financial is mailing out checks to 2,700 borrowers as part of a settlement with Florida homeowners, according to a press release from Attorney General Bill McCollum. In July 2008, McCollum’s office filed a lawsuit against the ... Read More »