Lenders issued $1.04 trillion in home-purchase loans to Southern California homebuyers in the past decade, continuing to dole out the cash even after the housing crash began and homebuying began to die down, a research report shows.
Citing figures from MDA DataQuick, the Pomona-based Real Estate Research Council of Southern California reported that lenders issued an [...]
SoCal mortgages surpass $1 trillion this decade is a post from: Mortgage Insider
The summertime swoon in U.S. mortgage rates continues this week, with averages for home loans falling to yet another record low.
Rates began to inch downwards in June, falling 0.37 of a percentage point in 11 weeks in which the 30-year average either set or met a record low.
Three of the four loan types tracked by [...]
Mortgage rates at record low for 11th week is a post from: Mortgage Insider
Banks with enormous caseloads. Unanswered calls. Repeated requests for documents. It’s no wonder that so many homeowners have given up on trying to get loan modifications.
In a piece for HuffingtonPost.com, Attorney Richard Gaudreau offers some tips on how to get a better result. You may have additional ones.
Excerpts:
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Before you apply for a loan mod, be realistic [...]
In loan mod misery? How to get through it is a post from: Mortgage Insider
Interest rates for a home loan fell again this past week, the 10th straight week that mortgage rates were at or below record levels, according to the latest Freddie Mac survey.
This weeks average rates were:
Thirty-year fixed-rate loans: 4.36% with 0.7 of a point paid up front. That’s the lowest in records dating back to 1971. [...]
Mortgage rates still inchin’ downwards is a post from: Mortgage Insider
This summer’s bout of falling mortgage rates has sparked yet another frenzy of homeowners looking to refinance their loans.
Now could be a good time to do it, too, with interest rates at their lowest in decades — lower than in 2001, lower than in 2003 and even lower than in 2004, when we last told [...]
Thinking of a refi? Tips for borrowers is a post from: Mortgage Insider
There’s no consensus on how to design a new system to ensure that Fannie Mae and Freddie Mac – recipients of $150 billion in bailout money since the Bush administration took them over to avoid their collapse — won’t have to be propped up again.
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Here’s what some of the experts are saying about the future of the programs:
What do you say? Take the [...]
Sound off! How to fix Fannie and Freddie? is a post from: Mortgage Insider
The California Assembly voted 49 to 14 today to approve a Realtor-backed measure expanding protections for homeowners who have refinanced their mortgages, according to the California Association of Realtors.
The bill, SB 1178, now goes to Gov. Arnold Schwarzenegger’s desk. If signed, the law would take effect in June 2011.
The association didn’t say whether the governor [...]
Mortgage-protection bill sent to governor is a post from: Mortgage Insider
Uncertainty over a weak economy drove home loan interest rates to yet another record low, marking the ninth straight week in which mortgage averages were at or below the prior record, according to Freddie Mac’s weekly survey.
During the past week, interest rates averaged:
9 weeks of record lows
Date
Rate
06/24
4.69%
07/01
4.58%
07/08
4.57%
07/15
4.57%
07/22
4.56%
07/29
4.54%
08/05
4.49%
08/12
4.44%
08/19
4.42%
4.42% for a 30-year, fixed-rate loan in which borrowers [...]
Mortgage rates fall to new low — again is a post from: Mortgage Insider
The Center for Responsible Lending in a report this week urges policy makers to avoid what it deems to be unnecessary foreclosures by taking these steps:
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Require mortgage servicers to fully consider loan modification applications before starting the foreclosure process. That’s the heart of California bill SB 1275, which was passed by the state Senate and now is before the [...]
Study: How to stop unnecessary foreclosures is a post from: Mortgage Insider
Lenders seized fewer homes in July for a third straight month, repossessing nearly 10% fewer homes than in June.
Meanwhile, default notices filed against homeowners who have missed three or more house payments increased 9% last month from June’s levels.
Both numbers, however, were down significantly from a year ago, apparently as lenders either seek alternative means [...]
O.C. defaults up, foreclosures down is a post from: Mortgage Insider
