Your Source For Mortgage and Real Estate Information
If we look back at the history of the latest real estate downturn, and according to Realty Trac, the current wave of foreclosures started roughly in July of 2007. In August of the same year the number of foreclosures peaked at close to 250,000 fillings. That monthly number is somewhere near what some call the "plateau" seen in February of 2010 but … [Read more...]
If you are reading this you are probably familiar with Seth Godin and his unbelievable abilities to communicate and verbalize things that we think about every day related to marketing but, for one reason or another, we fail transform into any sort of action. Yesterday I had an "aha moment" (Jeffrey Gitomer) that made me think of Seth's book … [Read more...]
Yesterday, Thursday, January 21st, the much anticipated Mortgagee newsletter about risk-based pricing was released by HUD. This represents the first of two landmark changes in the agency’s guidelines for this year. In December HUD (Housing and Urban Development), the agency that oversees the underwriting of FHA loans, had warned that these … [Read more...]
Here are the 5 things you need to know about these changes: Changes are effective for case numbers assigned on or after April 15th, 2010. New upfront mortgage insurance premium (UFMIP) will be 2.25% for all purchase and refinance loans. The premium for H4H and HECM is 2.0%. This change applies to all standard FHA Single Family Programs … [Read more...]
Democratic leaders on Wednesday called on President Bush to appoint a "mortgage czar" to coordinate the federal response to the subprime mortgage crisis, saying the administration's response so far has been inadequate. Senate Majority Leader Harry Reid, D-Nev., characterized the mortgage woes and the accompanying wave of foreclosures as a "national … [Read more...]
The Bush administration announced a new mortgage industry coalition on Wednesday aimed at helping homeowners avoid being trapped in a rising tide of foreclosures. Treasury Secretary Henry M. Paulson Jr. said the initiative would help coordinate efforts by financial companies to help an estimated 2 million homeowners whose introductory mortgages … [Read more...]
WASHINGTON - President George W. Bush today announced that HUD's Federal Housing Administration (FHA) will help an estimated 240,000 families avoid foreclosure by enhancing its refinancing program effective immediately. Under the new FHASecure plan, FHA will allow families with strong credit histories who had been making timely mortgage payments … [Read more...]
WASHINGTON House lawmakers are planning to vote Tuesday on an overhaul of a federal agency that insures mortgages against default in an effort to help struggling homeowners avoid foreclosure. The plan of leading House Democrats to expand the role of the Federal Housing Administration goes further than the Bush administration's plan to ease some … [Read more...]
U.S. Representative says GSE amendment would make loan cap $500,000 Last Update: 2:01 PM ET Sep 11, 2007 Print E-mail Subscribe to RSS Disable Live Quotes (Updates to add details) By Damian Paletta Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--U.S. House Financial Services Committee Chairman Barney Frank said Tuesday an … [Read more...]
FHA saddles up to help delinquent borrowers As millions of homeowners lie bleeding in the Subprime Corral, the feds ride in on an old mare to rescue a few borrowers suffering from scratches.The bailout plan, called FHASecure, is designed to prevent foreclosures among homeowners who fell behind because the rates went up on their adjustable-rate … [Read more...]
And potentially some tax help, too. Here are breaks that borrowers in a pickle may receive in the next few months. By Jeanne Sahadi, CNNMoney.com senior writer September 12 2007: 1:52 PM EDT NEW YORK (CNNMoney.com) -- Hundreds of thousands of homeowners who may struggle to make mortgage payments are likely to get some relief in coming months, … [Read more...]
On Aug. 31, while many of us were getting ready for a long holiday weekend, President Bush addressed the nation about the mounting concerns in the housing market. His speech took place exactly one month before we'll see a record-breaking $50 billion in mortgages reset to a new rate. That's right, in the month of October alone, many homeowners will … [Read more...]
MORTGAGEE LETTER 2007-11September 5, 2007 TO: ALL APPROVED MORTGAGEES ALL FHA ROSTER APPRAISERS SUBJECT: The FHASecure Initiative and Guidance on Appraisal Practices in Declining Markets The Federal Housing … [Read more...]
Bush Backs Giving Agency Flexibility to Offer Options For Mortgage Refinancing August 22, 2007; Page A4 WASHINGTON -- As the subprime-mortgage crisis ripples through the broader housing market, the Bush administration is eyeing an often overlooked federal mortgage insurer to help low- and middle-income homeowners avoid foreclosure. President … [Read more...]