Mortgage News

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

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 »

MBA Ups 2009 Mortgage Forecast by $800 Billion

March 24, 2009 No Comments »

More good news…for loan originators.  The Mortgage Bankers Association increased its 2009 mortgage lending forecast by $800 billion to $2.78 trillion thanks to the expected refinance bonanza. The group now expects refinancing to total $1.96 trillion in 2009 and purchase ... Read More »

Return of the Jumbo

March 23, 2009 No Comments »

Jumbo mortgage financing, largely a thing of the past, may be slated for a comeback, according to an LA times report. Apparently, Bank of America is planning to roll out a loan program focused on loan amounts between $730,000 and ... Read More »

Indymac Federal Becomes OneWest Bank Group

March 20, 2009 No Comments »

The FDIC completed its sale of Indymac Federal Bank yesterday to OneWest Bank Group LLC, a newly formed federal savings bank headquartered in Pasadena, CA. Beginning today, 33 branches of Indymac Federal will reopen as OneWest bank branches, and depositors ... Read More »

Lockhart Defends Fannie, Freddie Bonuses

March 19, 2009 No Comments »

FHFA director James B. Lockhart yesterday defended so-called “retention payments” set to be paid to some high-ranking officials at mortgage financiers’ Fannie Mae and Freddie Mac. The statement was released after CNN discovered that four top executives at Fannie Mae ... Read More »

Locksmith Shot While Changing Locks of Foreclosed Home

March 17, 2009 No Comments »

A locksmith performing a routine change of the old locks on a foreclosed home in a suburb of Phoenix, Arizona was shot by a confused renter inside, according to the Arizona Republic. The incident took place at 4:30 in the ... Read More »

FHA Limits Cash Out Refinances to 85 Percent

March 16, 2009 No Comments »

The FHA, which has seen its share of scrutiny as of late, plans to lower the maximum loan-to-value associated with cash-out refinances beginning April 1. The agency, which previously allowed cash out refinancing up to 95 percent, will drop that ... Read More »

Average Negative Equity $200,000 on Foreclosed Properties

March 13, 2009 No Comments »

Wondering why all these mortgages are sailing toward foreclosure?  Sure, monthly mortgage payments may be hard to manage, but it’s really a matter of home equity. The latest evidence comes from a ForeclosureRadar report that noted average negative equity exceeded ... Read More »

Jamie Dimon Remark Sparks Mortgage Broker Outrage

March 12, 2009 No Comments »

Embattled JP Morgan Chase CEO Jamie Dimon is hearing it from the National Association of Mortgage Brokers after making an ill-advised comment at the U.S. Chamber of Commerce’s 3rd Annual Capital Markets Summit yesterday. “My biggest mistake, probably of my ... Read More »

Bair Says Lack of Third Party Oversight Big Chunk of Problem

March 4, 2009 No Comments »

FDIC chairman Sheila Bair said poor supervision of third-party originators played a significant role in the ongoing mortgage crisis while addressing the National Association of Attorneys General in Washington, DC yesterday. “Many of the problems we have seen in the ... Read More »