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Archive for February, 2011

FHA Banks Multi-Billion Profits, Seeks Less Success

FHA Banks Multi-Billion Profits, Seeks Less Success

First we learn that HUD will raise borrower costs and then we find out that the FHA program is already a multi-billion profit center for the federal government. On February 14th HUD announced that it is raising the annual mortgage insurance premium for new borrowers by .25 percent. That’s an increase of about $30 a […]

Posted in: Mortgages
Foreclosure discount grows: RealtyTrac

Foreclosure discount grows: RealtyTrac

Foreclosure sales continue to hold down prices nationwide, even though filings have declined. The latest numbers from RealtyTrac (www.realtytrac.com) show that foreclosed homes accounted for nearly 26 percent of all U.S. residential home sales last year. Typical prices for such distressed properties were 28 percent below the average sales price of properties not in the foreclosure […]

Posted in: News
Higher FHA mortgage premiums unneeded and unjustified

Higher FHA mortgage premiums unneeded and unjustified

Moving with great speed, the FHA has decided to raise the annual mortgage insurance premium (MIP) fee by .25 percent. This will increase monthly FHA costs by some $30, an additional financing expense of around $360 a year for new FHA borrowers, individuals who typically are not among the rich or famous. And who will […]

Posted in: News
JP Morgan Chase Boosts VA Mortgage Protections for Military Service Members
By February 17, 2011 0 Comments Read More →

JP Morgan Chase Boosts VA Mortgage Protections for Military Service Members

JP Morgan Chase seems to have learned a lesson. The mortgage behemoth recently announced it will boost protections for service members in the coming months, on the heels of revelations that the company repeatedly violated the Servicemembers Civil Relief Act. The law protects active duty military members from foreclosure, high interest rates and other civil and […]

Posted in: Mortgages
Real Estate Seer: Renting In, Mortgages & Foreclosures Out

Real Estate Seer: Renting In, Mortgages & Foreclosures Out

In the decades since World War II real estate prices rose with enormous consistency but now the oomph is gone. Most people are better off renting than owning, says Patrick Killelea. For him, and for millions of others, the path to financial security no longer includes real estate ownership, mortgages or the possibility of foreclosure. […]

Posted in: News
Robo-signing scandal slows mortgage loan foreclosures

Robo-signing scandal slows mortgage loan foreclosures

For the third time in three months foreclosure filings fell below the 300,000 mark. While this may sound like good news, it’s actually a by-product of the ongoing robo-signing scandal. “We’ve now seen three straight months with fewer than 300,000 properties receiving foreclosure filings, following 20 straight months where the total exceeded 300,000,” said James […]

Posted in: Foreclosures
Will “safe” QRM mortgages raise loan rates?

Will “safe” QRM mortgages raise loan rates?

In an important step forward, the Consumer Financial Protection Bureau finally has a website — and a big issue to confront. The question is fairly straight-forward: What’s a safe mortgage? There must soon be an official definition to comply with Wall Street reform measures passed last summer. The Wall Street Reform Act tells us that […]

Posted in: Mortgages
Will home prices stabilize in 2011?

Will home prices stabilize in 2011?

Are better times ahead in real estate? And are declining home prices likely in the coming year? Can both happen at the same time? That might be the case, according to a new analysis from Fiserv, Inc., an information management provider for the financial services industry. It says both that prices will stabilize — but […]

Posted in: News