Fannie Mae needs another $15.3 billion in bailout money from the Federal Government, they just reported a forth-quarter loss of $16.3 billion. Somehow when most banks turned 2008 losses in 2009 profits, Fannie Mae losses were $74.4 billion in 2009 compared to $59.8 billion in 2008. In their mortgage portfolio some 5.38% of its single-family [...]
Continue reading...3. March 2010
This week, HUD said its new standardized disclosure forms under the Real Estate Settlement Procedures Act (RESPA) "probably weren’t as explicit as it could have been." Also, "RESPA News" released results of its poll revealing difficulties lenders and title agents are encountering with the new GFE and HUD-1 Settlement Statement forms. As a mortgage professional I [...]
Continue reading...28. February 2010
Seriously delinquent FHA loans, those 90 days or more late, jumped 62.1% in the past year to 558,944, or 9.4% of FHA loans. If these numbers continue this trend, taxpayers will eventually have to bail the agency out. The FHA loan portfolio is a ticking time bomb, despite assures that it is on a sound [...]
Continue reading...21. February 2010
Confidence rose among U.S. homebuilders in February to a three-month high, the index increased to 17, from 15 the prior month. Readings below 50 mean most view conditions as being poor, expect the index to reverse itself with the bad weather in February. Two things, higher interest rates and the homebuyers tax- credit expiring in [...]
Continue reading...16. February 2010
Former homeowners may still be on the hook if there’s a difference between what they owed on their mortgage and what the bank could sell it for auction. These deficiency judgments are time bombs that can go off years after borrowers lose their homes. Whether banks can and will pursue deficiency judgments depends on many [...]
Continue reading...12. February 2010
The National Association of Realtor’s pending home sales index rose 1% during January, it had fallen 16.4% in December. President Obama’s foreclosure-prevention program was touted that it would help some 4-5 million homeowners, so far it has been a bust with many homeowners unable to get any relief from their existing situation. Home prices fell [...]
Continue reading...7. February 2010
New home sales plunged 7.6% to a 9-month low in December, the largest decline was in the Midwest where sales were down 41% last year. The existing home sales also sank 16.7% in December, many speculate that the decreases were due to the first time homebuyer credit that was set to expire in November. New [...]
Continue reading...30. January 2010
State officials continue to offer suggestions to help stem the foreclosure tide, the ideas are reduce loan principal, reduce interest rates or extend terms of the loan for those who are risking default on their loans. It was recommended that homeowners with option arms get help since most will have their interest rates adjust higher [...]
Continue reading...26. January 2010
For those First Time Homebuyers who are taking advantage of the $8,000 tax credit, don’t expect to spend the money very quickly. On November 6th of last year the rules changed, no move e-filing, so your return could take up to four months to process. Now buyers must file documentation with their return, including proof [...]
Continue reading...25. January 2010
HOUSING FEDERAL HOUSING COMMISSIONER www.hud.gov espanol.hud.gov January 21, 2010 MORTGAGEE LETTER 2010-02 TO: ALL APPROVED MORTGAGEES SUBJECT: Increase in Upfront Premiums for FHA Mortgage Insurance Effective for FHA [...]
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9. March 2010
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