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Government increases pressure on mortgage industry
What I hope is in an effort to decrease the amount of foreclosures, the Obama administration and Treasury Department will check in on mortgage companies to ensure the servicers are doing all they can to assist homeowners who qualify for the Home Affordable Modification Program. The will even go so far as to embarrass the companies by releasing a list of their names in December. Read the full article,... [Read more]
OWNERS BECOME RENTERS
NEW YORK (Bloomberg News) – Another program has been set in motion to keep homeowners out of foreclosure. Homeowners who can’t get a loan modification may be eligible to transfer ownership to Fannie Mae and rent their home at market rates. Homeowners must sign their deed over to the lender and be released from any second mortgages. The rental rate can be no more than 31 percent of their gross... [Read more]
MORTGAGE APPLICATIONS JUMP, INTEREST RATES FALL
AUSTIN (Austin American-Statesman) – Applications for mortgages have jumped in the past week as the average interest rate on 30-year loans fell below 5 percent for the first time since May, the Mortgage Bankers Association reported Wednesday. As the average interest rate for 30-year loans fell from 5.08 percent to 4.97 percent in the week ending Sept. 18, the association’s index of mortgage... [Read more]
