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Countrywide Settlement
FTC: Countrywide borrowers to get $108 million in refunds By Les Christie NEW YORK (CNNMoney) — Borrowers who were overcharged by Countrywide Financial more than three years ago are finally going to get what’s due to them. The Federal Trade Commission said Wednesday that, as a result of a settlement reached with the mortgage lender [...]
Continue reading...Existing Home Sales Fall…Again
20. July 2011
Sales of existing homes dipped in June as buyers unexpectedly backed out of contracts, according to the Realtors group. Home sales fell 0.8% to a seasonally adjusted annual rate of 4.77 million, down from 4.81 million in May, the National Association of Realtors said Wednesday. Economists had expected a June sales rate of 4.93 million [...]
Continue reading...Has HAMP Worked?
7. July 2011
Servicers Speed Up HAMP Conversions. More to Become Eligible by Jann Swanson The June edition of the Obama Administration’s Housing Scorecard released on Friday showed that housing prices turned slightly upward while mortgage defaults continued to fall as have the numbers of completed foreclosures and short sales. However, the aggregate equity of American homeowners [...]
Continue reading...New Home Sales Down
27. June 2011
Nothing New in New Home Sales. Two Times! by Adam Quinones The Census Bureau and Department of Housing and Urban Development have released New Residential Sales data for May 2011. New Residential Sales data provides statistics on the sales of new privately-owned single-family residential structures in the United States. Data included in the press [...]
Continue reading...10.9 Million Borrowers are Underwater
10. June 2011
by Jann Swanson Approximately 22.7 percent of all U.S. homeowners were in a negative equity position with their mortgages at the end of the first quarter of 2011, down slightly from 23.1 percent in the fourth quarter of 2010. In a report released Tuesday, CoreLogic states that some 10.9 million borrowers are "underwater", i.e. [...]
Continue reading...The Double-Dip Is Here.
1. June 2011
Home prices hit another new low in the first quarter, down 5.1% from a year ago to levels not reached since 2002. It was the third straight quarterly drop for the S&P/Case-Shiller national home price index, which was released Tuesday. Prices are now down 32.7% from their peak set five years ago. Of the [...]
Continue reading...The End Of The Cashout Mortgage
7. May 2011
Cash-Out Refis Dry Up. Lack of Equity and Tight Credit to Blame by Jann Swanson Freddie Mac reported on Thursday that homeowners continue to hit barriers when looking to refinance their home, although it’s not clear whether this is due to caution or because they have little equity left in their homes to do [...]
Continue reading...The Double-Dip Is Here
26. April 2011
Home prices in February sank 3.3% to just above the post-crisis lows reached in April 2009. It was the seventh straight month of declines. Home values are down 32% from their peak set in May of 2006, according to the S&P/Case-Shiller index of home prices in 20 cities. Distressed properties — bank repossessions and [...]
Continue reading...Cash Is King
20. April 2011
Existing Home Sales Still Hindered by Uber Tight Lending Regs by Adam Quinones The National Association of Realtors today released Existing Home Sales data for March 2011 Existing Home Sales report on the number of completed real estate sales transactions on single-family homes, townhomes, condominiums and co-ops. The methodology in calculating existing-home sales statistics [...]
Continue reading...The End Of The No Income Loan
20. April 2011
Washington Post The Federal Reserve unveiled a rule to address a new law enacted last year that bars lenders from approving a mortgage without verifying that the borrower has a reasonable ability to repay it. Lenders that violate that rule leave themselves vulnerable to lawsuits and enforcement actions. Struggling homeowners could even use violations [...]
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21. July 2011
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