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Finance and Economy category.
Would-be Buyers Find Loans Are Out of Reach
By Monica Hatcher
RISMEDIA, Sept. 4, 2008-(MCT)-Thanks to the housing slump, professional couple Gladys and Raul Castillo finally found homes they could afford-new condo units in foreclosure within walking and biking distance of their jobs in Miami’s Brickell financial district.
They also had the credit record to meet lenders’ standards. But they couldn’t land an actual loan.
“Almost […]Would-Be Buyers Find Loans Are Out of Reach
RISMEDIA, September 4, 2008–(MCT)–Thanks to the housing slump, professional couple Gladys and Raul Castillo finally found homes they could afford–new condo units in foreclosure within walking and biking distance of their jobs in Miami’s Brickell financial district.They also had the credit record to meet lenders’ standards. But they couldn’t land an actual loan.
“Almost all of […]Bankrate - Mortgage Rates Dip Again
RISMEDIA, August 29, 2008-Mortgage rates were lower for the second week in a row, with the average conforming 30-year fixed mortgage rate falling to 6.60 percent. According to Bankrate.com’s weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.39 discount and origination points.
The average 15-year fixed rate mortgage popular […]Mortgage Applications Increase Slightly in Latest MBA Weekly Survey
RISMEDIA, August 28, 2008-The Mortgage Bankers Association (MBA) this week released its Weekly Mortgage Applications Survey for the week ending August 22, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 421.6, an increase of 0.5% on a seasonally adjusted basis from 419.3 one week earlier. On an unadjusted basis, the […]
Donna Miller Joins Chase as National Director for its Emerging Markets and Affordable Lending Group
RISMEDIA, August 28, 2008-Chase, one of the nation’s leading home lenders, announced that Donna Miller joined the company to lead its Home Lending business’ Emerging Markets and Affordable Lending (EMA) group.
According to the company, Miller is responsible for developing strategies and programs that increase homeownership among minorities, new immigrants, affordable lending consumers and first-time home […]Fannie Continues Tightening the Screws
Commentary by Jason Kotar
RISMEDIA, August 25, 2008-Effective August 1, 2008, Fannie Mae issued some new rules affecting the conversion of a principal residence to a second home or investment property.
For a second home, both mortgages will be used to qualify for the new transaction (as occurs today.) The difference is that the borrower must prove […]Mortgage Applications Decrease Slightly In Latest MBA Weekly Survey
RISMEDIA, August 21, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending August 15, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 419.3, a decrease of 1.5% on a seasonally adjusted basis from 425.9 one week earlier. On an unadjusted basis, the Index decreased […]
Study Links Rise in Mortgage Rates to Falling House Prices in Many U.S Cities
RISMEDIA, August 19, 2008-New research by Christopher J. Mayer and Paul Milstein, professor of real estate and senior vice dean at Columbia Business School, shows that a rise in mortgage rates has had a significant negative impact on house prices throughout the U.S., reducing prices by more than 10%. Mayer predicts that prices will keep […]
Mortgage Applications Decrease Slightly in Latest MBA Weekly Survey
RISMEDIA, August 14, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending August 8, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 425.9, a decrease of 1.5% on a seasonally adjusted basis from 432.6 one week earlier. On an unadjusted basis, the […]
Pennsylvania Starts to Test Subprime Lenders
By Alan J. Heavens
RISMEDIA, August 14, 2008-(MCT)-For Philadelphia Rep. W. Curtis Thomas, the problem of mortgage originators running around Pennsylvania uncontrolled hit a little too close to home.His father, W. Curtis Sr., 87, needed a new heater for the Musgrave Street house he has owned for 47 years. A friend had a friend who worked […]Debit Fraud Can Cost You – How to Answer the ‘Debit or Credit?’ Dilemma
By Vicki Lee Parker
RISMEDIA, August 12, 2008-(MCT)-Will that be credit or debit? It’s a simple question. But there are many things to consider beyond whether it’s quicker to punch in your PIN number or sign the receipt.With many reports showing that debit cards are gaining popularity over credit cards, it’s important to know which card […]Regional Spotlight – NY Consumers Say They’ll Still Use Credit Cards
By Danny Teigman
RISMEDIA, August 8, 2008-(MCT)-Two days after a federal investigation unraveled America’s largest identity theft scandal, many Long Islanders shopping at retailers named in the security breach said they were aware of the scope of the problem but still felt secure making credit card purchases-even though friends and family had been victims in the […]Mortgage Applications Slightly Increase in Latest MBA Weekly Survey
RISMEDIA, August 7, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending August 1, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 432.6, an increase of 2.8 percent on a seasonally adjusted basis from 420.8 one week earlier. On an unadjusted basis, […]
Fidelity National Financial, Inc. Acquires Mercury Companies Colorado Operations
RISMEDIA, August 7, 2008-Fidelity National Financial, Inc., a provider of title insurance, specialty insurance, claims management services and information services, announced the acquisition of all of the state of Colorado title insurance operations of the Mercury Companies, Inc.The acquired operations, which include Security Title, First American Heritage Title, Title America and United Title, generated approximately […]
Mortgage Applications Decrease in Latest MBA Weekly Survey
RISMEDIA, August 1, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending July 25, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 420.8, a decrease of 14.1% on a seasonally adjusted basis from 489.6 one week earlier. On an unadjusted basis, the Index decreased […]
Comparing Loan Programs
By Jason Kotar
RISMEDIA, July 31, 2008-Recently, while teaching a class on VA loans to Realtors, I asked a question. “How many of you have ever asked your client if they were eligible for a Veteran’s loan?” Of the 35 attendees, not one person raised their hand.
Similarly, while doing research on USDA Rural Development Loan programs, […]Finance Q&A - CDs as Collateral for a Loan
By Dan Thanh Dang
RISMEDIA, July 30, 2008-(MCT)-The credit crisis has made getting a loan a little more difficult these days. Frank Micriotti of Middle River wants to know why more people don’t take advantage of certificate of deposit loans.
“I’d like to educate the general public in our general area that this might be an option […]What’s the Best Use of Reward Credit Cards?
By Marshall Loeb
RISMEDIA, July 28, 2008-(MCT)-While rewards credit cards can in fact be rewarding, it really depends on how you use them. Many consumers can get caught in rewards traps, and end up with few or no advantages at all.
From Consumer Reports magazine, here are four tips for how to use reward cards so that […]Mediatise Real Estate Media Services Company Created
RISMEDIA, July 23, 2008-It was announced today that Kenneth Jenny, Ginny Cain McMurtrie and Michael Bonfils have joined together to create a unique media consulting services company called Mediatise. Mediatise is focused on the residential real estate brokerage industry and the specific challenges faced by all brokerage companies in today’s market.The company has designed an […]
Mortgage Applications Continue to Increase for a 3-Week Rally
RISMEDIA, July 17, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending July 11, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 522.2, an increase of 1.7% on a seasonally adjusted basis from 513.4 one week earlier. On an unadjusted basis, the Index increased […]
Survey: 2 Out of 3 Consumers Say Mortgages and HELOCs Harder to Obtain
RISMEDIA, July 14, 2008-The credit crunch is impacting not only consumers’ ability to get credit, and how they use it, but also-for some-their mindset towards financial institutions, according to a nationwide survey conducted by Deloitte’s financial services industry group.
According to those who have attempted to secure several types of credit and mortgage products over the […]Mortgage Applications Increases 7.5% in Latest MBA Weekly Survey
RISMEDIA, July 10, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending July 4, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 513.4, an increase of 7.5% on a seasonally adjusted basis from 477.7 one week earlier. This week’s results include an adjustment to […]
Lenders May Hold Up Home Closings in Flooded Areas
By Joanne Cleaver
RISMEDIA, July 7, 2008-(MCT)-Sharon Stehmeier has been a real estate broker for 38 years, and has never had a flood derail a closing. Yet.
Home loan lenders in some parts of the Midwest are starting to enact their natural disaster procedures, which typically affect any house in a federal disaster area that is in […]How to Avoid Becoming a Victim of ‘Mortgage Rescue’ Scams
RISMEDIA, July 4, 2008-For a homeowner facing the frightening threat of foreclosure, the offer seems too good to be true. A “mortgage rescue” company steps forward, claiming to be able to help you save your credit and your home.
In some cases, the “mortgage rescue” company provides phantom help offering to work as an intermediary with […]Foreclosure Preventions by Industry on Pace for Record
RISMEDIA, July 4, 2008-HOPE NOW, the private sector alliance of mortgage servicers, counselors, and investors that is working to help prevent foreclosures, announced today that mortgage servicers helped approximately 170,000 homeowners avoid foreclosure in May 2008. If this monthly rate has continued through June, the mortgage lending industry will help approximately 519,000 homeowners in the […]
Mortgage Applications Increase In Latest MBA Weekly Survey
RISMEDIA, July 3, 2008-This week, the Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending June 27, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 477.7, an increase of 3.6% on a seasonally adjusted basis from 461.3 one week earlier. On an unadjusted basis, the […]
Bank of America Completes Countrywide Financial Purchase
RISMEDIA, July 2, 2008-Bank of America Corporation announced that it completed its purchase of Countrywide Financial Corp. to create one of the nation’s leading mortgage originators and servicers.
According to the company, Bank of America will focus on responsible home lending, serving as a reliable source of mortgages for the American consumer. Bank of America also […]Chase Offers Washington Metro Residents Legacy Lessons for Building Prosperity
RISMEDIA, June 30, 2008-Chase, one of the nation’s leading home lenders, is bringing its Legacy of Homeownership Tour to Washington, D.C., to help African-American consumers become long-term homeowners.
Now in its second year and with returning lead sponsor Freddie Mac, the Legacy of Homeownership Tour will be at Howard University’s Armour J. Blackburn University Center on […]Bankrate: Mortgage Rates, Like Fed, Hold Steady
RISMEDIA, June 27, 2008-Fixed mortgage rates took a breather, with the average conforming 30-year fixed mortgage rate holding at 6.62%. According to Bankrate.com’s weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.4 discount and origination points.
The average 15-year fixed rate mortgage popular for refinancing inched lower to 6.19%, […]Mortgage Applications Decreased In Latest MBA Weekly Survey
RISMEDIA, June 26, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending June 20, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 461.3, a decrease of 9.3% on a seasonally adjusted basis from 508.4 one week earlier. On an unadjusted basis, the Index decreased […]
Spending Smart: Check Out Your Credit Reports
By Gregory Karp
RISMEDIA, June 24, 2008-(MCT)-You’ve heard about the importance of maintaining good credit, but all the talk about credit reports and FICO scores might seem confusing, preventing you from doing anything. And maybe you heard about a recent court settlement with one of the credit bureaus that gives you some credit-access freebies. And you’ve […]California Mortgage Bankers Applauds Senate Action
RISMEDIA, June 23, 2008-The California Mortgage Bankers Association (CMBA) released the following statement in reaction to the state Senate Banking, Finance & Insurance hearing held Wednesday, June 18, 2008:
“…the State Senate Banking, Finance & Insurance Committee heard a package of bills that proposed drastic changes in the way mortgage loans are handled in California.
None of […]Mortgage Applications Decrease in Latest MBA Weekly Survey
RISMEDIA, June 19, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending June 13, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 508.4, a decrease of 8.7% on a seasonally adjusted basis from 557.1 one week earlier. On an unadjusted basis, the Index decreased […]
Mortgage Relief Available for Victims of Flooding in the Midwest
RISMEDIA, June 19, 2008-Fannie Mae, has mortgage relief provisions in place for borrowers facing hardships as a result of the floods that began June 6 and have caused widespread destruction and damage throughout several Midwestern states, including Iowa, Indiana and Wisconsin.
Using Fannie Mae’s single-family servicing guidelines on disaster relief, lenders are to evaluate each individual […]$10 Billion in Loans Go ‘Back to the Bene,’ Investor Activity Increases at Courthouse Steps
RISMEDIA, June 12, 2008-ForeclosureRadar, one of the only websites that tracks every California foreclosure with daily auction updates, issued its California Foreclosure Report. Lenders, technically called the beneficiary or “bene” by foreclosure auctioneers, took back $10.4 Billion in California loans as a result of foreclosure activity in May. Despite this record the company’s report noted […]
Mortgage Applications, Refi’s Increase in Latest MBA Weekly Survey
RISMEDIA, June 12, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending June 6. The Market Composite Index, a measure of mortgage loan application volume, was 557.1, an increase of 10.9% on a seasonally adjusted basis from 502.3 one week earlier. On an unadjusted basis, the Index increased 23% […]
RealtyTrac Report and MBA National Delinquency Survey Closely Mirrored
RISMEDIA, June 10, 2008-The first quarter MBA National Delinquency Survey released last week largely supports the findings of the RealtyTrac Q1 2008 U.S. Foreclosure Market Report released at the end of April, which found overall foreclosure activity increased 23% from the fourth quarter of 2007 and 112% from the first quarter of 2007.
That closely mirrored […]Creating a Financial Plan for Retirement
By Dan Serra
RISMEDIA, June 9, 2008-(MCT)-For most of the working years, Americans have worried about saving enough for retirement. Now, as baby boomers close in on that retirement,What College Graduates Need to Know about Money
By Kara McGuire
RISMEDIA, May 29, 2008-(MCT)-Three friends-Jackie Smith, Catie Overfelt and Anna Dalager-are free of credit card debt and good with money. And they’d like to keep it that way4 Tips for Keeping Your Pet through Hard Financial Times
By William Hageman
RISMEDIA, May 29, 2008-(MCT)-The trend of pets being shooed out the front door or abandoned in forest preserves has put animal welfare officials on notice that cash-strapped pet owners are in critical need of help.
“Obviously the goal is to keep these pets in the homes and out of shelters,” said PAWS Chicago founder […]The ‘Keys’ to Stability in Today’s Market
RISMEDIA, May 28, 2008-Fannie Mae recently announced its Keys to Recovery initiatives, which is a part of the organization’s efforts to prevent foreclosures, support counseling efforts, and provide market stability in the wake of the housing and mortgage market downturn.
The initiatives are geared toward helping struggling borrowers stay in their homes, assisting prospective home buyers […]Condominium Financing in Today’s Market
By Jason Kotar
RISMEDIA, May 26, 2008-In today’s real estate market it is imperative for all parties in a real estate transaction to understand the availability of mortgage financing on various types of properties. One property type that has come under increased scrutiny from Lenders is condominiums.
In condominium financing, the buyer is purchasing property in a […]Recessions Don’t Matter: 8 Keys to Thriving in Real Estate Investments
RISMEDIA, May 26, 2008-When the news reports that our economy is falling into a recession, many investors are afraid there’s too much risk investing in real estate, especially. Millionaire real estate investor David Lindahl, aka the “Apartment King,” offers eight key steps that help worried investors not only survive uncertain economic times, but also prosper […]
Houston Shows Continued Pricing Strength in April Despite Lingering Slowdown
RISMEDIA, May 21, 2008-Sales of single-family homes across greater Houston slid in April, but the average price of those homes increased for a third straight month to the highest level ever for the month of April and 2008, according to statistics released by the Houston Association of Realtors® (HAR). The average price surpassed its level […]
Condo Crunch in S. Florida Good News for Bargain Hunters
RISMEDIA, May 20, 2008- (MCT)-The glut of condominiums for sale in South Florida is attracting a legion of bargain hunters.
Out-of-state and international buyers are descending on the area in search of deep discounts as prices continue to crater. They want to get in now and wait out the housing slump because they think the region […]Credit Cards - How Many Are Too Many?
By Eve Mitchell
RISMEDIA, May 19, 2008-Most people who use credit have more than one card. But just how many cards are too many?
Some experts believe there is no set number to shoot for when it comes to how much plastic to have in your wallet. It’s not the number of cards, but how the cards […]Chase Invests $338 Billion in Low and Moderate-Income Families, Communities and Small Businesses
RISMEDIA, May 16, 2008-Supporting low- and moderate-income families, communities and small businesses, Chase announced that it has invested more than $338 billion in the first four years of its 10-year, $800 billion commitment.
“Helping families buy a home they can afford over the long term remains a crucial part of our commitment to communities,” said Charlie […]4 Must-Know Mortgage Guideline Changes
RISMEDIA, May 13, 2008-Fannie Mae recently announced four key initiatives that will have a huge positive impact for home owners and buyers. “When Fannie Mae changes their policies and procedures, it has a wide-spread impact on homeowners,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers. “This is […]
Mortgage Applications Increase in Latest MBA Weekly Survey
RISMEDIA, May 8, 2008-This week, in its Weekly Mortgage Applications Survey for the week ending May 2, 2008, the Mortgage Bankers Association (MBA) released that the Market Composite Index, a measure of mortgage loan application volume, was 655.4, an increase of 15.6% on a seasonally adjusted basis from 567.0 one week earlier. On an unadjusted […]
Housing Bubble Popped by Spike in Fuel Costs, New Analysis Shows
RISMEDIA, May 6, 2008-While predatory lending and sub-prime mortgages have taken the blame for the dramatic decrease in housing prices and the glut of foreclosures nationwide, a new analysis shows that rising fuel costs played a significant role in the collapse of America’s housing bubble.
That’s according to a new report released by CEOs for Cities […]Bankrate: Mortgage Rates Nudge Higher
RISMEDIA, May 2, 2008-Fixed mortgage rates inched upward for the third week in a row, with the average conforming 30-year fixed mortgage rate rising to 6.16%. According to Bankrate.com’s weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.36 discount and origination points.
The average 15-year fixed rate mortgage popular […]Mortgage Applications Decrease in Latest MBA Weekly Survey
RISMEDIA, May 1, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending April 25, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 567.0, a decrease of 11.1% on a seasonally adjusted basis from 637.6 one week earlier. On an unadjusted basis, the Index decreased […]
FTC Testifies on Efforts to Protect Consumers in Subprime Mortgage Market
RISMEDIA, April 30, 2008-The Federal Trade Commission testified before the U.S. Senate Committee on Commerce, Science, and Transportation’s Subcommittee on Interstate Commerce, Trade, and Tourism, about the Commission’s continuing efforts to protect subprime mortgage borrowers.
The testimony described the agency’s priorities, including deceptive mortgage advertising, deceptive or unfair servicing practices, discrimination in lending, and foreclosure rescue […]Bankrate: Mortgage Rates Rise for Second Straight Week
RISMEDIA, April 25, 2008-Fixed mortgage rates moved slightly higher for the second week in a row, with the average conforming 30-year fixed mortgage rate rising to 6.11%. According to Bankrate.com’s weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.43 discount and origination points.
The average 15-year fixed rate mortgage […]Mortgage Applications Decrease in Latest MBA Weekly Survey
RISMEDIA, April 24, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending April 18, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 637.6, a decrease of 14.2% on a seasonally adjusted basis from 743.4 one week earlier. On an unadjusted basis, the Index decreased […]
Bank of America Announces Home Lending Guidelines
RISMEDIA, April 23, 2008-This week, Bank of America said it expects to implement new lending guidelines in its consumer mortgage business as soon as is practical after it combines operations with Countrywide Financial Corporation.
Following the purchase, which is expected to close in the third quarter, Bank of America will continue to offer a broad range […]Homeowners Call on Congress to Simplify and Reduce Taxes
RISMEDIA, April 15, 2008-As the nation’s homeowners struggle to complete their taxes by April 15, the American Homeowners Grassroots Alliance (AHGA) on April 10 urged Congress to simplify and improve the tax code. In testimony to the House Small Business Committee, AHGA suggested a number of reforms that will help between 34.3 million and 36.6 […]
Housing Bills Will Help Homeowners and Economy
RISMEDIA, April 14, 2008-The National Association of Home Builders (NAHB) applauded House and Senate legislation to address the housing crisis and economic slowdown.
“The bills passed this morning by the full Senate and yesterday by the House Ways and Means Committee are an important step in the process of enacting comprehensive housing legislation that will shore […]Mortgage Applications Increase in Latest MBA Weekly Survey
RISMEDIA, April 10, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending April 4, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 725.6, an increase of 5.4% on a seasonally adjusted basis from 688.3 one week earlier. On an unadjusted basis, the Index increased […]
Fed’s Dangerous Mortgage Rules Harmful to Consumers
RISMEDIA, April 10, 2008-The 90-day public comment period ended on Tuesday, April 8, for the Federal Reserve Board’s proposed rules to amend regulation Z, which implements the Truth in Lending Act and the Home Ownership and Protection Act.
“Some of these proposed rules will affect only subprime loans, but some of these rules will affect all […]What Research? Americans Research a Car Purchase More than Their Home Loan
RISMEDIA, April 7, 2008- Despite the fact a home is one of the largest and most expensive purchases most Americans will ever make, those adults who have obtained or refinanced a home loan in the past 5 years typically spent only 5 hours researching a home loan, according to a recent survey(1) of 2,897 adults […]
Survey - Homeowners Using Reverse Mortgages to Pay For Everyday Expenses, Essential
RISMEDIA, April 7, 2008-A survey of 213 homeowners who have received reverse mortgage loans found that the number one reason for the loan is to pay for daily living expenses. Only 3% say they used the funds from a reverse mortgage loan to take a vacation.
The survey was conducted in January by Consumer Credit Counseling […]Sweeping Reforms: What They Mean for the Mortgage Industry
RISMEDIA, April 7, 2008-The US Treasury Department released its Blueprint for reforming the way that financial institutions are regulated in the United States. “This is the most sweeping proposal for restructuring the financial regulatory environment since the Great Depression,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers. […]
3 Ways to Plan Now for a More Rewarding Retirement
By Marshall Loeb
RISMEDIA, March 31, 2008-(MCT)-When you quit working, every day becomes a vacation day. How will you find fulfillment then?5 Tips on Wise Use of Tax Refunds and Rebates
RISMEDIA, March 27, 2008-In most years, more than 75% of American taxpayers receive a federal tax refund, the average of which is $2,500. These refunds, added together with rebates due from the federal income stimulus package, mean that this spring some taxpayers might enjoy a significant windfall.
Mortgage Meltdown: Privatizing Profits, Socializing Losses
Commentary by Ralph R. Roberts
RISMEDIA, March 27, 2008-What if our government afforded the same privileges to gamblers as it awards to banks? You place a bet. If you win, you get to keep the money. If you lose, the bank covers your bet. In the United States, the pillar of capitalism, this is exactly how […]Mortgage Applications Spike; Refis Up 82%
RISMEDIA, March 27, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending March 21, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 965.9, an increase of 48.1% on a seasonally adjusted basis from 652.0 one week earlier. On an unadjusted basis, the Index increased […]
Fed Rate Cuts Give Limited Credit Relief
RISMEDIA, March 26, 2008-(MCT)-The Federal Reserve cut interest rates by three-quarters of a point last week to combat the credit crunch. Wall Street rallied immediately after the rate cut, and the Dow Jones Industrial Average ended the week at 12,361.32, 3.5% higher than the previous week’s close.
OK, so when will the credit crunch end?
Sorry to […]Fannie Mae Pilot Program Uses Law Firms to Avert Foreclosures
RISMEDIA, March 26, 2008-(MCT)–A Center City law firm that handles mortgage foreclosures for Fannie Mae gets hundreds of calls a day from homeowners facing the loss of their houses.
In the past, all Phelan, Hallinan & Schmieg L.L.P. could do for delinquent borrowers who wanted to work out a catch-up plan was refer them to the […]Tougher Home Purchase Standards May Result in Big Down Payment
RISMEDIA, March 25, 2008-(MCT)-Would-be homeowners with middling credit scores are finding mortgages difficult to come by as wary lenders clamp down on credit. Credit score guidelines for conforming loans-loans eligible for purchase by mortgage giants Fannie Mae and Freddie Mac-tightened in late February, said Brian Goode, president of Badgerland Mortgage Group Inc. in Racine, Wis.
Customers […]One Dollar at a Time - Tackling the Debt March
RISMEDIA, March 21, 2008-(MCT)-Most of us think it’s irresponsible to carry heavy loads of debt. But new research commissioned by St. Paul, Minn.-based Securian Financial Services found that no matter which generation you belong to, chances are you are in debt.
Four out of five Americans have non-mortgage debt on their personal balance sheets.
“We’ve met the […]Mortgage Applications Decrease Slightly in Latest MBA Weekly Survey
RISMEDIA, March 20, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending March 14, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 652.0, a decrease of 2.9% on a seasonally adjusted basis from 671.7 one week earlier. On an unadjusted basis, the Index decreased […]
Initiative Announced to Increase Mortgage Market Liquidity
RISMEDIA, March 20, 2008-OFHEO, Fannie Mae and Freddie Mac announced a major initiative to increase liquidity in support of the U.S. mortgage market. The initiative is expected to provide up to $200 billion of immediate liquidity to the mortgage-backed securities market.
OFHEO estimates that Fannie Mae’s and Freddie Mac’s existing capabilities, combined with this new initiative […]Fed Cuts Key Rate Another .75 percent
RISMEDIA, March 19, 2008-(MCT)-All eyes were on the Federal Reserve Tuesday as its policy-making committee tries to spark the sick U.S. economy back to health, slashing short-term interest rates by three-fourths of a percentage point. The cut brings the federal funds rate to 2.25 percent.
As recently as Friday, investors were signaling that they expected the […]Mortgage Rates Rise as Treasury Yields Fall - Bankrate
RISMEDIA, March 17, 2008-Fixed mortgage rates posted a modest increase in the past week, with the average conforming 30-year fixed mortgage rate now 6.39%. According to Bankrate.com’s weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.4 discount and origination points.
The average 15-year fixed rate mortgage popular for refinancing […]Mortgage Bankers Announce What’s Up, What’s Down in Latest Survey
RISMEDIA, March 13, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending March 7, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 671.7, a decrease of 1.9% on a seasonally adjusted basis from 684.9 one week earlier. On an unadjusted basis, the Index decreased […]
More Homeowners Are Just Walking Away
RISMEDIA, March 12, 2008-(MCT)-Owing more on properties than they’re worth, some local homeowners are voluntarily walking away from their house notes.
“They don’t need to be foreclosed on. They’re just turning in the keys,” said Martha Lucey, president and chief executive officer of Fresno-based nonprofit credit counselors, By Design Financial Solutions. “The problem we’re seeing is […]What Are Consumers Addicted To?
RISMEDIA, March 11, 2008-(MCT)–Most consumers claim that Americans are “addicted” to debt and many say they can’t do much about it because their savings are too low and they live paycheck to paycheck.
The results of the most recent American Pulse, a survey conducted by BIGresearch, underscore how Americans increasingly are feeling like they’re stuck between […]Real Estate Delinquencies and Foreclosures Increase in Latest Survey
RISMEDIA, March 10, 2008-The delinquency rate for mortgage loans on one-to-four-unit residential properties stood at 5.82% of all loans outstanding in the fourth quarter of 2007 on a seasonally adjusted (SA) basis, up 23 basis points from the third quarter of 2007, and up 87 basis points from one year ago, according to MBA’s National […]
Mortgage Applications Increase
RISMEDIA, March 6, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending February 29, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 684.9, an increase of 3.0% on a seasonally adjusted basis from 665.1 one week earlier. On an unadjusted basis, the Index increased […]
Consumers Give up Lattes, Travel as Economy Sours
RISMEDIA, March 6, 2008-(MCT)-With the economy in a nosedive, Americans are shedding unnecessary expenses, saving their cash and voting “no” to discretionary spending.
That means later for lattes, farewell to fashion and goodbye to family vacations at Disney World.
The new restraint reflects a time-tested truth about economic downturns: When the economy gets shaky, non-essential spending is […]New York Real Estate - Proposal Aims to Protect Subprime
RISMEDIA, March 5, 2008-(MCT)-New York Gov. Eliot Spitzer plans to introduce a bill this week intended to help subprime borrowers statewide who are at risk of losing their homes. The bill would also establish further protection in the law to prevent a similar crisis in the future, according to a description of the bill provided […]
California Real Estate - Success Claimed for Schwarzenegger Mortgage Rescue Plan
RISMEDIA, March 5, 2008-(MCT)-State officials said Monday that a plan touted by Gov. Arnold Schwarzenegger to aid troubled homeowners helped more than 17,000 struggling borrowers in December and January.
But it’s unclear how significant Schwarzenegger’s plan, announced November 20, has been.
Throughout last year, many lenders already were attempting to work out deals with troubled borrowers, and […]Eager for Stimulus Rebate? Check out These Myths and Facts
RISMEDIA, March 4, 2008-(MCT)-The Internal Revenue Service has gone into myth-busting mode. Just weeks after Congress passed an economic stimulus package that includes so-called “rebate” payments for about 130 million taxpayers, rumors and misconceptions abound over who is eligible and how to get the money.
The IRS has been busy releasing notices to clarify what’s going […]Old Republic National Title Insurance Company Acquires American-First Abstract Company
RISMEDIA, March 4, 2008-Mark Bilbrey, SVP & COO of the Central Title Group of Old Republic National Title Insurance Company, announced the acquisition of American-First Abstract Company effective this week. American-First has been owned and operated by the Harold Cox family since 1969. American-First, is located in Norman, Oklahoma and serves Cleveland County. The company […]
Top 10 Foreclosure Avoidance Tips
RISMEDIA, March 4, 2008-Here are 10 suggestions to avoid foreclosure, both now and in the future.
1. Don’t ignore the problem. The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your home. If you are behind on your mortgage payments or have received […]Fannie and Freddie Fan the Flames
By Jason Kotar
RISMEDIA, March 3, 2008–This is our third article reviewing the changes to loan policies being initiated by Fannie Mae and Freddie Mac. It is obvious that these organizations have progressively expanded their use of risk based pricing to mitigate their exposure to further losses. Initially, Fannie Mae required lenders to strengthen their guidelines […]As Inflation Rises, What Does It Mean for the Housing Market?
RISMEDIA, Feb. 28, 2008-(MCT)-A sharp jump in wholesale inflation and $100-a-barrel oil prices combined Tuesday to heighten fears that inflationary pressures will drive up mortgage rates and deepen problems in a housing sector that’s dragging down the economy.
Wholesale inflation as measured by the producer price index jumped 1% in January, according to the Labor Department. […]Survey Says - Refi Drop Drives Decline in Mortgage Apps, Purchase Applications Unchanged
RISMEDIA, Feb. 28, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending February 22, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 665.1, a decrease of 19.2% on a seasonally adjusted basis from 822.8 one week earlier. On an unadjusted basis, the Index decreased […]
Rebates: Spend or Save?
RISMEDIA, Feb. 27, 2008-(MCT)-The success of the 2008 Economic Stimulus Act hinges on what people do with their rebate checks, Paducah tax preparer Ray McLennan says.
“About half my clients tell me they’re going to spend the money, and the other half are going to put it in the bank,” he said. “I guess it’s going […]Credit Card Rates Stay Up
RISMEDIA, Feb. 27, 2008-(MCT)-Where’s my rate cut? That’s the question asked by many consumers expecting an immediate break on their credit cards in light of the Federal Reserve’s short-term interest rate cuts.
In fact, some consumers complain that their interest rates are increasing. What’s going on?
Experts say card holders with variable rates — which takes in […]Online Tax Software Benefits, Downfalls
RISMEDIA, Feb. 26, 2008-(MCT)-Few Americans relish the annual chore of preparing their tax returns. Two out of three taxpayers, including me, simply hand the job to a pro. But that still leaves more than 50 million do-it-yourself die-hards.
If you count yourself among them, you face a growing set of taxing decisions before you even pick […]Help Your Homeowners Get out from under Mortgages
RISMEDIA, Feb. 26, 2008-(MCT)-Maybe you’ve heard the pitches about how rates are falling and you need to act now to take advantage of them. Or maybe you’re dreading that pending jump in the rate on your adjustable-rate mortgage. Or maybe you feel you’re sinking and aren’t sure there’s a way out. Whichever way, here’s what […]
Real Estate Mortgage Applications Decrease in Latest MBA Weekly Survey
RISMEDIA, Feb. 21, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending February 15, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 822.8, a decrease of 22.6% on a seasonally adjusted basis from 1063.5 one week earlier. On an unadjusted basis, the Index decreased […]
Real Estate Mortgage Crisis Puts Pinch on Student Loans
RISMEDIA, Feb. 19, 2008-(MCT)-If you want to borrow a lot of money for college, you are not going to like what the mortgage mess is doing to you. The credit crunch, which started with a panic over people missing home loan payments several months ago, has spread like a disease, infecting a broad range of […]
Mortgage Crisis Relief Bill in California Would Ease ‘Short Sale’ Tax Hit
RISMEDIA, Feb. 19, 2008-(MCT)-Homeowners forced to sell their property for less than they paid for it would escape a tax hit under legislation sponsored by state Sen. Michael Machado, D-Linden.
Machado’s bill passed the Senate Revenue and Taxation Committee on Wednesday, the first of several tests for the legislation that if passed could help an estimated […]Fed Chief Sees Rebound for Economy by Midyear
RISMEDIA, Feb. 18, 2008-(MCT)-The combination of a fiscal stimulus package and successive interest-rate cuts should spark an economic rebound by the middle of the year, Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson testified Thursday.
Addressing an often-testy Senate Banking Committee, both men also rejected criticism that they were slow to respond to an […]5 Ways to Take Advantage of the New Freeze on Real Estate Foreclosures
RISMEDIA, Feb. 15, 2008-Robert Shemin says one of the most important secrets to becoming wealthy is getting out of debt. And the only way to get out of debt is to take action.
“The new freeze on foreclosures is the perfect opportunity for everyone who has too much real estate debt or is facing foreclosure or […]Real Estate Mortgage Applications Decrease in Latest MBA Survey
RISMEDIA, Feb. 15, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending February 8, 2008. The Market Composite Index, a measure of real estate mortgage loan application volume, was 1063.5, a decrease of 2.1% on a seasonally adjusted basis from 1086.6 one week earlier. On an unadjusted basis, the […]
Real Estate Agents, Offer These 6 Financial Tips to Couples
RISMEDIA, Feb. 13, 2008-(MCT)-Valentine’s Day is a time for roses, chocolate and sparkly dinners. But if you want to ensure your relationship with your partner endures through less-romantic times, be sure to talk about finances. Being on the same page about all of your financial data is a long-lasting way to show each other your […]
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