Loan Modifications Surpass One Million Mark for 2010 09/01/2010 By: Carrie Bay The industry has completed 1.13 million permanent loan modifications for at-risk homeowners so far in 2010, according to data released Wednesday by HOPE NOW, the private sector alliance of mortgage servicers, investors, mortgage insurers, and non-profit housing counselors. For the month of July […]
30-Year Mortgage Rates Fell in Latest Week: Zillow By: Reuters Interest rates on 30-year fixed-rate mortgages fell in the latest week, real estate website Zillow.com said on Tuesday. Low rates on mortgages should continue to boost home loan refinancing activity and put more cash into consumers’ hands to funnel into the economy. They also […]
Fed finalizes ban on lender-paid bonuses for mortgage brokers The Federal Reserve has finalized its rules banning lender-paid bonuses for mortgage brokers and loan officers who get borrowers to accept a higher interest rate than necessary. The Fed said that its consumer tests found that borrowers generally are unaware of the payments lenders make to […]
Southern California Home Sales and Median Price Dip in July Southland home sales saw their biggest year-over-year drop in more than two years last month as the market lost most of the boost from the federal home buyer tax credits. The median sale price dipped for the second month in a row, the result of […]
Foreclosures and Loan Modification Programs The state Senate passed a bill that bars lenders from starting foreclosure proceedings against borrowers until after they’re found to be ineligible for a modification. We urge the Assembly to move the bill forward. Despite the vital interest that both lenders and borrowers have in avoiding money-losing foreclosures, the number […]
Home Sellers Slashing Prices, While Banks Mow the Lawn That heady buzz from the home buyer tax credit is now turning into a grinding headache, as home sellers realize their very temporary, government-induced catbird seat has now fallen back to earth. As of July 1st, 24 percent of sellers on the market had cut their […]