Archive for June, 2009
7.2 Million Foreclosure Filings In The Next Two Years?
It’s usually estimated that there are about 50 million homes in the U.S. with first mortgages, thus it is amazing to consider the loss of homes through foreclosure. The number could top 7 million in the next two years at the rate things are now going — 300,000 per month x 24 months = 7.2 [...]
16Jun2009 | Peter G. Miller | 0 comments | Continued
Minority Mortgage Housing Goals — What’s The Truth?
I was at a dinner event in Washington recently and the speaker told the assembled rich and powerful that President Clinton had weakened the lending system by increasing minority financing goals to more than 50 percent. The implication was that a big part of the current mortgage meltdown is a by-product of federal efforts expand [...]
15Jun2009 | Peter G. Miller | 0 comments | Continued
Inflation, Deflation, Mortgages & Wealth
Freddie Mac’s weekly mortgage rate survey shows that the average 30-year fixed-rate mortgage (FRM) was priced at 5.59% with .7 points. This is a huge jump from last week when the rate stood at 5.29 percent and a vast leap when compared with the rate for the week of May 21st: 4.82%. Higher rates are [...]
12Jun2009 | Peter G. Miller | 0 comments | Continued
Tenants Get New Rights When Homes Are Foreclosed
There are any number of reasons why foreclosures are awful and one of them concerns tenants: Until new legislation was signed by President Obama last month tenants could be evicted from a foreclosed home, regardless of whether or not they had a lease or paid their rent in full and on time. Now, however, the [...]
10Jun2009 | Peter G. Miller | 0 comments | Continued
Bankruptcy Numbers Soar — Foreclosures To Follow
Bankruptcy filings were up 33.3 percent during the past year according to the Administrative Office of the U.S. Courts. Between March 2008 and March 2009 there were 1.2 million?,? bankruptcies?,? compared with 902,000 during the prior year. ?,? Of this year’s bankruptcy filings only 49,000 involved businesses, the rest were all personal bankruptcies. The rising [...]
9Jun2009 | Peter G. Miller | 0 comments | Continued
Are Low Mortgage Rates Over?
It’s been quite a week on the mortgage front. According to Freddie Mac, as of last week rates for fixed-rate, 30-year mortgages went from 4.91 percent to 5.29 percent, both with 0.7 points. That’s a big jump for a seven-day period, but let’s have some context here: Last year at this time the same loan [...]
9Jun2009 | Peter G. Miller | 0 comments | Continued
Sellers Drop Prices By $27.4 billion
Foreclosures are impacting the marketplace and even the homes of the rich are going for less these days. A new study by Trulia says that 23.6 percent of current homes on the market have had at least one price cut and that the reductions are valued at $27.4 billion. The company says “the average price-reduced [...]
8Jun2009 | Peter G. Miller | 0 comments | Continued
Countrywide Former CEO, Angelo Mozilo, Charged With Securities Fraud
The SEC has just posted the following news release: The Securities and Exchange Commission today charged former Countrywide Financial CEO Angelo Mozilo and two other former executives with securities fraud for deliberately misleading investors about the significant credit risks being taken in efforts to build and maintain the company’s market share. Mozilo was additionally charged [...]
4Jun2009 | Peter G. Miller | 1 comment | Continued
Fannie Mae & Freddie Mac — How Are They Really Doing?
How well are Fannie Mae and Freddie Mac doing? Better than most news reports might suggest. Testifying before the House Financial Services Committee, the chief regulator of Fannie Mae and Freddie Mac, James Lockhart, testified that the two companies own or guarantee 56% of the single family mortgages in this country or $5.4 trillion. Lockhart [...]
4Jun2009 | Peter G. Miller | 2 comments | Continued
Interest Rates Rise Suddenly, Say Mortgage Bankers
The Mortgage Bankers association is reporting that mortgage rates moved up sharply during the past week. ___ “The average contract interest rate for 30-year fixed-rate mortgages increased to 5.25 percent from 4.81 percent, with points decreasing to 1.02 from 1.28 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The 44 basis point [...]
3Jun2009 | Peter G. Miller | 0 comments | Continued
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