Theolympian tells MHProNews Freddie Mac says the average on a 30-year fixed rate mortgage (FRM) fell to 3.49 percent from 3.55 percent last week, matching its lowest rate since long-term mortgages began in the 1950’s. The 15-year FRM dropped to its lowest rate ever, 2.77 percent, from 2.85 percent last …
DividendInvestor reports Canadian MHC owner Killam Properties, Inc. (TSX:KMP) has declared a dividend of $0.0483 per share payable Oct. 15, 2012 to shareholders of record as of Sept. 28, 2012. Having paid dividends since 2007, Killam has a current dividend yield of 4.5%. As MHProNews has learned, the company owns …
American Banker reports Richard Cordray, head of the Consumer Financial Protection Bureau (CFPB), stated the agency will not mandate a 20 percent down payment in new underwriting rules for low-risk loans. Testifying before the Senate Banking Committee Sept. 13, he was responding to a question about the CFPB’s qualified mortgage …
The House Financial Services Committee says after an extensive nine month audit by the Government Accountability Office (GAO) of the Financial Stability Oversight Committee (FSOC) and the Office of Financial Research (OFR), both creations of the Dodd-Frank Act, public information of their activities is limited. Financial Services Committee Chairman Spencer …
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nationalmortgagenews says, according to a new government report, servicers that work on delinquent FHA (Federal Housing Administration)-insured mortgages are shoring up the agency’s losses on insurance claims because they are becoming more adept at dealing with short sales. The FHA says its servicers completed 27,150 short sales for the first …
originationnews reports banks under the $10 billion threshold for compliance with the ever-shifting Dodd-Frank Act are unsure of which aspects of the measure apply to them, and are outsourcing because their own IT departments cannot keep track of the provisions that are delayed and/or rewritten. Cashmere Valley Bank in Washington …
HousingWire reports Ann Fulmer, with fraud analytics firm Interthinx, said the nation’s housing meltdown, with all the mortgage-backed securities litigation, bailouts, lost home equity, and lawsuits cost $13 trillion, almost as much as the $15 trillion gross domestic product (GDP) for 2011. Speaking at a Mortgage Bankers Association (MBA) gathering, …
BloombergBusinessWeek says while Republican presidential candidate Mitt Romney has vowed to repeal Dodd-Frank, it’s more likely he would water down some of the restrictions on the most lucrative and profitable investments while providing sufficient oversight to protect the banks. Specifically, banks would toss restrictions on investments in private equity and …
connecttristates reports a collaborative effort between the North East Community Action Corporation (NECAC) of Bowling Green, Missouri and Louisville, Kentucky-based Next Step will put low income people in modular homes in the NECAC area. The non-profit works with a variety of other non-profits, businesses, and governmental entities to deliver social …
According to information from Freddie Mac, as originationnews says, the average for a fixed rate 30-year mortgage fell four points during the week ending Sept. 6 to 3.55%, compared to 4.12% a year ago. The Mortgage Bankers Association (MBA) tells MHProNews mortgage applications have fallen recently but lenders report the …
A reader tells the Las Vegas Review-Journal he purchased a new manufactured home in 2006 for $85,000 with $50,000 down and financed the balance for 20 years at 6.5%. The loan balance is $30,500 and the home is assessed at $56,000, but he cannot find a lender to help him …
In an indication that home values are rising and that home purchase transactions are slowly increasing, nationalmortgagenews tells MHProNews the two year slide of mortgage debt— mortgage servicing rights, or MSRs— triggered by the housing crisis, has come to an end. Residential consumer debt rose from $8.9 trillion Q1 2012 …
HousingWire says, according to the Federal Reserve Bank of New York, household indebtedness fell $53 billion from Q1 to the second quarter of 2012 to $11.38 trillion, $1.3 trillion below household debt from the third quarter of 2008. Delinquency rate for mortgages in the second quarter was at 6.9 percent, …
CNNmoney says in a complaint filed last month, the Los Angeles city attorney’s office accused U.S. Bank of contributing to crime, blighting neighborhoods, and harming property values by failing to maintain 170 foreclosed properties. With 3,000 branches in 25 states, the nation’s fifth largest bank is being called the largest …
Indiancountrytodaymedianewtwork reports the first large housing project in 40 years on the San Felipe Pueblo tribal land in Sandoval County, New Mexico has just witnessed 28 families move in to the 28 new modular homes, part of a planned 150 unit project which includes multi-family housing for elderly members of …
With refinancing volume representing 71% of total loan purchases, at $23.1 billion, Freddie Mac reported it purchased $32.5 billion in loans from mortgage lenders in July, down from $44.1 billion in June, a drop of 26%. originationnews tells MHProNews while Freddie said loan purchases increased in June by $8 billion …
HousingWire reports one definite sign of good news, and another likely source of good news later this week. The first is there were no bank failures over the weekend. At this time last year regulators had closed 68 banks, but only 40 have been shuttered so far this year. Secondly, …
As follow-up to a story we published Aug. 17, 2012 about loan originator compensation, the Consumer Financial Protection Bureau (CFPB) has issued a new proposal which gives management more control of pricing, and prohibits loan originators from leading borrowers into higher cost or higher risk loans as a means to …
nationalmortgagenews tells MHProNews research firm Zillow says in its “Negative Equity Report” 400,000 fewer mortgages fell into underwater loan status in the second quarter 2012 compared to the first quarter, dropping from 15.7 million to 15.3 million Americans. Percentage-wise, the numbers dropped from 31.4% of all homeowners with balances higher …
nationalmortgagenews reports the Mortgage Bankers Association (MBA) says mortgage applications fell 7.4 percent for the week ending Aug. 17, and the refinance share dropped from 81% to 80% to its lowest level in six weeks, while average interest rates for a fixed-rate 30-year mortgage (FRM) nudged up ten basis points …
