Home Equity Delinquencies Hit New Record High
It’s not just mortgage rates that are setting records; delinquencies are also climbing to levels never seen before.
The latest bad news comes from the American Bankers Association’s Consumer Credit Delinquency Bulletin, which revealed that delinquencies increased in nearly all consumer loan categories.
Home equity loan delinquencies, largely second mortgages, rose 40 basis points to 3.03 percent Read more
Completed Foreclosures Hit New High in February
Moratoria what? Completed foreclosures reached their highest point since the crisis got underway, rising 67 percent from January’s muted total.
In February, 121,756 homes were repossessed by banks and lenders, up from 72,694 in January and topping the previous high of 104,243 last September, according to Foreclosures.com.
Of course, many will argue that most of these foreclosures were initiated a long Read more
Hope Now Has Record Month, But Re-Default Rate High
Foreclosure prevention alliance Hope Now completed 123,000 loan modifications and 125,000 repayment plans in January, a slight increase from the 239,000 workouts in December.
It was the largest number of loan modifications in a single month since the program began in July 2007, while repayment plans matched a record high previously seen in October 2008.
“In the midst of this ever-changing and extremely Read more
High Cost Loan Limit Drop Could Hinder Borrowers in 2009
As the New Year gets underway, a number of new laws are in effect, including things like bans on texting while driving.
With regard to mortgage, loan limits have also changed, which could mean big, bad surprises for those looking to refinance or purchase a new home in more expensive areas of the country.
As of January 1, the so-called high-cost conforming loan limit fell roughly 14 percent from $729,750 Read more
Gas bills to remain high
The country’s largest energy supplier will not promise to lower its prices, despite recent sharp falls in the price of gas.
As reported in The Telegraph, British Gas has ‘ruled out cutting its customers’ bills’.
“Gas prices have not come down in the way oil prices have,” said Nick Luff, finance director of Centrica (the parent company of British Gas), “and we would need to see a sustained wholesale fall Read more