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Archive for December, 2010

The foreclosure story mortgage lenders fear most

The foreclosure story mortgage lenders fear most

This has been a dark and dusty year for mortgage lenders. There has been the robo-signing scandal, publication of Michael Hudson’s inside tell-all, The Monster, and buy-back claims by investors yelling fraud and asking for billions in compensation. But perhaps the worst news has been saved for last, a little-noticed decision in Ohio that could […]

Posted in: News
Real estate to lose another $1 trillion, say economists

Real estate to lose another $1 trillion, say economists

With word that the recession is long over and a jump in corporate profits it might seem as though real estate values should be roaring back. Okay, if not roaring how about just nudging up a bit? Unfortunately, that may not be the case according to one well-regarded economic study. “The survey data we collected […]

Posted in: News
How America got its first Christmas tree

How America got its first Christmas tree

Christmas trees now sparkle in millions of homes, but did you ever wonder how the tradition began? No doubt there are several stories regarding the start of this custom, and here’s one I’d like to pass along. “It’s now been more than 150 years since Professor Charles Minnigerode decorated Williamsburg’s first Christmas tree,” says Robert […]

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Are demands for higher FHA mortgage loan credit scores discriminatory?

Are demands for higher FHA mortgage loan credit scores discriminatory?

Can lenders demand a higher credit score than FHA guidelines require? Are demands for such higher scores evidence of discrimination? “This decision is arbitrary,” says John Taylor, president & CEO of the National Community Reinvestment Coalition, “because the loans are 100% guaranteed, whether the borrower’s credit score is 580 or 780. That means the loans […]

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Mortgage loan rates higher for fifth week

Mortgage loan rates higher for fifth week

Interest rates for the week of December 16th rose to 4.83 percent for 30-year fixed-rate financing according to Freddie Mac. This was the fifth week in a row where fixed-rate mortgage rates were up — in fact, rates have risen .66 percent — two-thirds of a percent — since November 11th when the interest cost […]

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Mortgage loan foreclosures slowed by robo-signing scandal

Mortgage loan foreclosures slowed by robo-signing scandal

It turns out that the robo-signing mess was not such a minor manner, a mere paperwork slip that can be easily corrected. The latest figures from RealtyTrac show that foreclosure activity dropped substantially in November, reaching the lowest level since November 2008. Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported […]

Posted in: Foreclosures
Despite Wall Street reform mortgage banker profits surge

Despite Wall Street reform mortgage banker profits surge

Despite worries that the Wall Street reform legislation passed last summer would crimp earnings, the Mortgage bankers Association is reporting that profits per loan soared in the third quarter. “Independent mortgage banks and subsidiaries made an average profit of $1,423 on each loan they originated in the third quarter of 2010, up from $917 per […]

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Home prices dip, mortgage loan debt falls 2.5% yet households gain $1.2 trillion in new wealth

Home prices dip, mortgage loan debt falls 2.5% yet households gain $1.2 trillion in new wealth

Despite massive unemployment and falling home prices, Americans have actually become more wealthy. Huh? Are your kidding me? According to the Federal Housing Finance Agency (FHFA), home prices in the third quarter fell by 3.2 percent from a year earlier. At the same time, the Federal Reserve says that in the third quarter America’s personal […]

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US home values fall $9 trillion since 2006, says Zillow

US home values fall $9 trillion since 2006, says Zillow

American real estate, a traditional bastion of household wealth for the middle class, has lost $9 trillion in equity since 2006 according to the real estate marketing site Zillow.com. Zillow reports that US homeowners lost $1 trillion in 2009 and it expects that losses will total $1.7 trillion in 2010. Specifically, Zillow estimates that values […]

Posted in: News
Here’s how a foreclosed vet can get a new VA mortgage
By December 6, 2010 0 Comments Read More →

Here’s how a foreclosed vet can get a new VA mortgage

Countless service members have been told otherwise by bank officials, mortgage brokers and others but the truth is a little different: Foreclosure on a previous VA loan does not preclude a vet from getting another VA loan. Instead, the more important question involves how much of a loan the veteran will be able to obtain […]

Posted in: Mortgages