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Are Conventional Mortgages Drying Up in Minority Communities?

Are Conventional Mortgages Drying Up in Minority Communities?

Is mortgage redlining still plaguing communities of color? A new report from seven housing and policy agencies suggests evidence of a two-tiered mortgage market in which borrowers and communities of color are increasingly cut off from prime conventional financing. Origination data from seven cities in 2010 show that borrowers in diverse communities receive government-backed loans […]

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Why Low Mortgage Rates Are A Problem

Why Low Mortgage Rates Are A Problem

Hardly a week passes when mortgage rates do not hit another historic low. This sounds really good – especially if you’re a borrower – but the reality is that microscopic loan rates suggest an economy which remains deeply troubled along with home values unlikely to rise. At the end of May Freddie Mac said “the […]

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Should Mortgage Robo-Signers Go To Jail?

Should Mortgage Robo-Signers Go To Jail?

John O’Brien is a Register of Deeds based in Salem, Massachusetts. Instead of burning witches, O’Brien believes we should investigate the people who created the notes and documents that have now destabilized the entire property records system. He also believes those who are guilty of criminal conduct should go to jail and not merely face […]

Posted in: Mortgages
Do FHA Mortgage Borrowers Still Face Credit Score Layering?

Do FHA Mortgage Borrowers Still Face Credit Score Layering?

More that a year has passed since HUD announced that it would investigate 22 lenders. The issue? Layering, the addition of requirements on top of FHA standards. “The investigations,” said HUD, “are in response to 22 complaints the National Community Reinvestment Coalition (NCRC) filed with HUD alleging that the loan activities of the mortgage originators […]

Posted in: Mortgages
Why FHA Premiums Should Not Be Raised

Why FHA Premiums Should Not Be Raised

Will the FHA loan program raise its insurance premium for new borrowers? At first it might seem as though higher premiums are in order given that the FHA reserve fund — the Mutual Mortgage Insurance Fund or MMI — is well below the 2 percent required reserve. While that may be true, one must also […]

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Should Government Set Mortgage Rates?
By September 26, 2011 0 Comments Read More →

Should Government Set Mortgage Rates?

With all the talk of getting a new mortgage there’s one question which no one seems ready to touch: Why doesn’t the government ought to set mortgage rates? At first this may seem like an audacious idea, a violation somehow of the free market absolutism preferred by so many businesses and industries — at least […]

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Why Foreclosure Buybacks Are Wrong

Why Foreclosure Buybacks Are Wrong

In Detroit they’ve found a “solution” to the foreclosure crisis: Don’t pay your mortgage, don’t pay your taxes, allow the property to be foreclosed, and then buy it back at the tax sale. The Detroit News reports that in the past year “about 200 of nearly 3,700 Detroit properties sold at auction last year that […]

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Mortgage Help For Hurricane Victims

Mortgage Help For Hurricane Victims

Hurricane Irene may be the biggest storm of 2011, and if recent history is any guide mortgage lenders will allow considerable latitude for those who are severely impacted. Hurricanes have the ability to move massive amounts of water in a very short time. The instant result can be flooding along low-lying areas and shores. However, […]

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Should FHA Mortgage Lenders Get 100% Protection?

Should FHA Mortgage Lenders Get 100% Protection?

There are two interesting FHA mortgage figures floating around that may surprise a lot of people: At the end of June, the FHA had 7,151,199 single-family mortgages outstanding and these loans represent had a balance of $994.6 billion. That means the trillion-dollar mark should be hit fairly soon, probably in the next month or so. […]

Posted in: Mortgages
Vets Get $22 Million to Settle Mortgage Foreclosure Claims

Vets Get $22 Million to Settle Mortgage Foreclosure Claims

Two national mortgage lenders will pay more than $22 million to settle claims under the Servicemembers Civil Relief Act (SCRA) that they allegedly violated a law meant to insulate military members from illegal foreclosure, according to the Department of Justice. A Bank of America subsidiary improperly foreclosed on about 160 service members from January 2006 […]

Posted in: Mortgages