When loan modifications aren’t enough, it may be time to give up your homeNews from Washington Post:
The good news is that we got a loan modification. Unfortunately, the amount is now too high because my husband’s income has decreased. My income is just enough to cover our house payment and his isn’t enough to pay for all of the rest of our monthly expenses. Can I try to appeal the amount by reapplying with our lower income figures?
One of the reasons the Home Affordable Modification Program (HAMP) has not succeeded is that many of […] Continue Reading…

How Much Fraud Was There Among Mortgage Originators?

Posted on 15 Feb 2013 In: loan

How Much Fraud Was There Among Mortgage Originators?News from Daily Beast:

There’s no question that there was a fair amount of mortgage fraud during the financial crisis.  But where did it come from?  Actually, that’s not the right question: we know where it came from.  Borrowers and mortgage brokers falsified the documents.  

This is obviously not good, but you can almost see how it started.  When banks started using hard cutoffs enforced by computer systems, you would get the crazy result that someone with an income of $ 50,150 would qualify for a mortgage, […] Continue Reading…

Mortgage rates hold steady near their lows

Posted on 15 Feb 2013 In: loan

Mortgage rates hold steady near their lowsNews from Chicago Tribune:

A sign stands outside a house for sale in the 4400 block of North Mozart Avenue in Chicago. (Chris Sweda/ Chicago Tribune / January 22, 2013)

Tribune staff
9:31 a.m. CST, February 14, 2013

Mortgage rates held steady for a thrid straight week, according to Freddie Mac.The average rate for a 30-year fixed loan was 3.53 percentin the week ending Feb.14, even with last week and down from 3.87 percent a year ago.A 15-year loan averaged 2.77 percent, the same as last week and down from 3.16 percent […] Continue Reading…

Problem Solver: Mortgage company leaves homeowner in $ 2909 escrow holeNews from Chicago Tribune:
It wasn’t until last fall that Glen Eirich noticed the negative balance in his escrow account.
The Palatine resident had, by chance, looked at his payment history for the mortgage on his summer home near Castle Rock Lake, not far from the Wisconsin Dells, and realized something was amiss.
He saw that in December 2011, his mortgage company, Nationstar Mortgage, had inadvertently taken $ 2,909.44 from the escrow account, the amount he owed for his 2011 property taxes.

Because the taxes weren’t […] Continue Reading…

Young Denies Loan Claim

Posted on 13 Feb 2013 In: loan

Young Denies Loan ClaimNews from New York Times:

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RLPC-Arqiva in $ 5.8 billion loan and bond refinancingNews from Reuters:

By Natalie Harrison and Claire Ruckin
LONDON | Wed Feb 13, 2013 8:22am EST

LONDON Feb 13 (Reuters) – British broadcast transmission provider Arqiva’s owners have injected 867 million pounds ($ 1.4 billion) fresh equity to allow a 3.7 billion pound loan and bond […] Continue Reading…

FHA mortgage premium costs set to rise

Posted on 10 Feb 2013 In: loan

FHA mortgage premium costs set to riseNews from Newsday:

Real Estate Newsday > Classifieds

Originally published: February 9, 2013 1:43 PMUpdated: February 10, 2013 9:30 AMBy KATHLEEN PENDER  San Francisco Chronicle

Photo credit: AP | Ben Kreisher and his wife Pati pose for a photograph as they display documents from the closing of their mortgage at their home in East Goshen, Pa. (Dec. 20, 2007)

Borrowers who want to get a mortgage insured by the Federal Housing Administration should act quic…………… continues on Newsday
… Read the full article

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Letters: Hands off the […] Continue Reading…

Freddie Mac: Typical 30-year mortgage rate levels off at 3.53%

Posted on 10 Feb 2013 In: loan

Freddie Mac: Typical 30-year mortgage rate levels off at 3.53%News from Los Angeles Times:
Interest rates for home loans have leveled off at a notch above their record lows, a Freddie Mac survey shows, with the 30-year fixed mortgage averaging 3.53% this week, the same as last week.
The survey of lenders, released Thursday, showed the 15-year fixed-rate mortgage averaging 2.77%, down from 2.81% a week ago. The start rates for adjustable mortgages also declined.
Freddie Mac asks lenders each week what terms they are offering to well-qualified borrowers. In the current survey the 30-year borrowers would […] Continue Reading…

Budget depends on state payback

Posted on 9 Feb 2013 In: loan

Budget depends on state paybackNews from Glendale News Press:Glendale is counting on state officials to give it about $ 1.4 million for a redevelopment-related loan over the course of next year as it prepares the city’s next budget.But there’s still uncertainty over how much the California Department of Finance will give Glendale by July — the start of the new fiscal year — and what the city will get in the future when it comes to the nearly $ 66 million the city used to kick-start redevelopment projects.
The city is depending on […] Continue Reading…

Arch Capital to enter US mortgage insurance market

Posted on 8 Feb 2013 In: loan

Arch Capital to enter US mortgage insurance marketNews from Reuters:

Fri Feb 8, 2013 8:55am EST

(Reuters) – Reinsurer Arch Capital Group Ltd (ACGL.O) said it would acquire CMG Mortgage Insurance Co and the operating platform of PMI Mortgage Insurance Co for about $ 300 million to enter a resurgent U.S. mortgage insurance market.

The mortgage insurance industry, which has booked huge losses after the housing bubble burst and foreclosures soared, is set to rebound, following a recovery in the U.S. housing market and a shakeout in the industry.

Reinsurers are sitting on a pile of cash […] Continue Reading…

Federal agent accused of lying on loan applications

Posted on 7 Feb 2013 In: loan

Federal agent accused of lying on loan applicationsNews from Kansas City Star:
A federal grand jury in Kansas City has indicted an Immigration and Customs Enforcement agent, alleging he made false statements on bank loan applications.
Jeffrey Morriss, 48, has worked as a federal law enforcement agent for about 16 years, according to federal court records.
Prosecutors alleged that between 2007 and 2012, Morriss fraudulently obtained five loans totaling $ 829,952 to finance the purchase of three homes and a motorcycle.
On each loan, Morriss allegedly inflated his income or failed to disclose information in order to […] Continue Reading…