Mortgage News

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

Citi, Chase, Fannie, Freddie to Halt Foreclosures Until Mortgage Plan Unveiled

February 13, 2009 No Comments »

A pair of large banks came forward today in support of OTS Director John Reich’s plea to halt foreclosures until the Financial Stability Plan’s loan modification program is finalized. JPMorgan Chase plans to halt new foreclosures for owner-occupied homes through ... Read More »

Virgin Money Entering U.S. Wholesale Mortgage Market

February 12, 2009 No Comments »

Virgin Money announced today that it’s entering the U.S. wholesale mortgage market, despite an ongoing exodus by nearly all other domestic players. “As a consumer champion, Virgin Money offers greater options and a better deal,” said Sir Richard Branson, founder ... Read More »

Private Mortgage Insurers Tighten the Screws

Private Mortgage Insurers Tighten the Screws
February 12, 2009 No Comments »

Private mortgage insurers announced severe restrictions this week in light of the ongoing mortgage crisis. MGIC unveiled a number of sweeping underwriting changes, including a ban on second homes, manufactured homes, and cash-out refinances. The company also lowered its maximum ... Read More »

Homeowners Coming to Terms with Reality, Somewhat

February 11, 2009 No Comments »

More homeowners have come to terms with the fact that their properties decreased in value, according to a survey conducted by Zillow. More than half (57 percent) of those who responded to the Zillow Q4 Homeowner Confidence Survey believe their ... Read More »

Wells Fargo Cancels Las Vegas Trip Amid Uproar

February 4, 2009 No Comments »

What happens in Vegas, stays in Vegas; that is, unless the world thinks you’re misusing the $25 billion in government aid you received just months earlier. Such was the case with mortgage lender Wells Fargo, which had planned a lavish ... Read More »

Low Mortgage Indexes Making ARMs More Affordable

February 3, 2009 No Comments »

Now I’m not sure how many borrowers actually held onto their adjustable-rate mortgages (by choice or necessity), but if they had, they’d probably be enjoying an unexpected surprise. Many of the popular mortgage indexes are at multi-year lows, spelling serious ... Read More »

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 »