Home Loan Apps Rise Slightly as Mortgage Rates Look to Fall
Mortgage application volume rose a modest 1.5 percent on a seasonally adjusted basis for the week ending November 21, the MBA reported today.
On an unadjusted basis, the home loan application index actually fell one percent compared to the previous week and was down 21.9 percent compared to the same period a year ago.
Refinance applications slipped 2.1 percent, while purchase applications and FHA lending Read more
Wyclef Jean’s Miami Home Foreclosed On
Another day, another celebrity foreclosure, this time involving former Fugees guitar player and current solo act Wyclef Jean.
Before you feel too bad for him, understand that the residence had never been vacated by the hip-hop star, so he’s not out on the streets as a result.
According to the Palm Beach Post, Wyclef’s corporation borrowed $2 million from Home Equity Mortgage Corp. back in 2004 so he Read more
Hope Now Completed 225,000 Workouts in October
Hope Now, a foreclosure prevention coalition of mortgage servicers, lenders, and housing counselors, carried out 225,000 workouts last month, 13,000 more than the record it set a month earlier.
Since the beginning of the year, roughly 1.7 million foreclosures have “been prevented,” by the alliance, though it has yet to be seen if that will actually hold true over the long term.
The group is on pace Read more
Bailout is 2008 Word of the Year
Another year, another word of the year tied to the ongoing housing crisis.
Merriam-Webster unveiled its word of the year for 2008, selecting the term “bailout” because it received the highest intensity of lookups over the shortest period of time.
The online dictionary defines it as “a rescue from financial distress,” though more opinionated readers could perhaps define it more strongly.
Citigroup Gets Its Bailout
I suppose Citigroup is too big to fail after all…
Citi today reached an agreement with the Treasury, Federal Reverse, and FDIC, aimed at strengthening capital ratios, reducing risk, and boosting liquidity at the ailing bank.
The Treasury will invest $20 billion in the bank via preferred stock under the Troubled Asset Relief Program (TARP), on top of the $25 billion initially invested.
Citi Read more
Very Low Mortgage Rates and Stronger Purchase Activity Drive Mortgage Applications Up
Last week, the number of Americans applying for mortgages increased slightly over the previous week, according to a report released today by the Mortgage Bankers Association (MBA).
The Index, which measures and compares mortgage loan application volume from week to week, showed that for the week ending November 21 mortgage activity increased 1.5% from the previous week’s numbers. The number of refinance applications posted a Read more
Mortgage Rates Drop on News of Fed’s $800 Billion Housing Plan
Fixed Mortgage Rates Plummet To New Historic Lows
Get ready for an early holiday present, dear consumers.
In an effort to breathe life into the struggling American economy, the Federal Reserve made an announcement Tuesday to spend another $800 billion trying to revive the mortgage market. Nearly $600 billion is intended for buying the debts of mortgage giants Fannie Mae, Freddie Mac and Ginnie Mae. The overall hope in this Read more
171 Troubled FDIC Insured Banks and Thrifts
Sure, earnings at FDIC-insured banks and thrifts slid a whopping $27 billion, or 94 percent, to $1.7 billion in the third quarter, but that wasn’t the biggest news in the release.
More astounding, was the rate at which FDIC-insured institutions are going sour and ending up on the so-called “problem list.”
The secret list of banks and thrifts at risk of failure increased from 117 at the end of the Read more
Homeowners for the Holidays – The Best Gifts for Buyers and Sellers
With Thanksgiving just days away and its adjacent day of shopping mayhem, “Black Friday,” creeping up fast, the holiday season is officially upon us. This year with the market still under duress, it won’t come as a surprise when families turn to practical gifts rather than gifting lavish luxuries. So what are the season’s best gifts for your home? What could you use to improve the value of your home and help you in the Read more
Shopping for Texas Home Loans? What You should know before you start.
With our local media acutely focused on the hazards of shopping for Texas Home Loans, there has never been a better time to protect your interests through educating yourself on the loan process. Below is Part 1 of our, “What you should know before you start the loan process” series. What is? Your Fico Score – The Middle Score of all three credit companies is used to determine the rate you qualify for. Example: Scores from Read more