The Home Affordable Modification Program (HAMP) has finally gotten some legs, with permanent loan modifications doubling last month compared to December, according to the Treasury.… Read More »HAMP Permanent Loan Modifications Double
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… Read More »Former Countrywide Customers to Receive Relief Payments
If you’ve been shopping mortgage rates lately, you may be wondering why the APR is sometimes lower than the advertised interest rate. It’s typically the… Read More »Why Is the APR Lower Than the Mortgage Rate?
Well, an increasing number of consumers are making sure the plastic is paid before the mortgage, bucking the historical trend and adding to strategic default… Read More »What to Pay First? Mortgage or Credit Card?
FDIC chief Sheila Bair, who spearheaded loan modification efforts early on at failed institutions such as Indymac, received a rather interesting mortgage from Bank of… Read More »FDIC Chief Bair Receives Curious Mortgage from Bank of America
Fed Chairman Ben Bernanke noted in a speech yesterday that an increase in exotic mortgages, not monetary policy, was the cause of the latest housing… Read More »Bernanke: Exotic Mortgages Caused Housing Bubble
Amid all the uproar surrounding the Home Affordable Modification Program (HAMP), it was revealed today that Bank of America completed just 98 permanent loan modifications.… Read More »Bank of America Completes Just 98 Permanent Loan Modifications
Mortgage financier Fannie Mae has unveiled a new foreclosure prevention tool called the “Deed for Lease Program,” which helps struggling borrowers stay in their homes.… Read More »Fannie Mae Deed for Lease Program
Going forward, government sponsored loan modifications will not adversely affect consumers’ credit scores, at least not immediately, according to a report in SF Gate. Fair… Read More »Loan Modifications Will Not Hurt Credit Scores (At the Moment)
A new bill introduced by New Jersey Republican Scott Garrett would require FHA borrowers to make at least a five percent minimum down payment. The… Read More »Bill Aims to Increase FHA Down Payment to Five Percent
