Banks filed 1,535 notices of default in Orange County in December, down 35 percent from a year ago and 18 percent from November ‘09, reports MDA DataQuick. (I reported a similar trend last week from another data supplier.)
Default notices, which start the foreclosure process, have been trending down since reaching a peak of 3,485 in [...]
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Banks start foreclosure on 1,500 O.C. mortgages
Obama mulls bailout tax on banks
President Obama is likely to propose a fee on financial companies to help close the budget deficit and recoup some taxpayer funds used to bolster the financial system, reports the New York Times (with a nod to Politico.com).
However, the administration wants to avoid a transaction tax that would be passed on to consumers.
The Times story [...]
Are property short sales getting easier?
I’ve been writing on this blog that housing short sales may become more popular this year as loan modification programs fail to help as many struggling homeowners as once hoped.
In a short sale, a homeowner sells for less than outstanding mortgage debt on a property.
In a recent story I wrote for the Register’s Sunday Business [...]
Bernanke: Regulation, not rates, caused debacle
Federal Reserve Chairman Ben Bernanke said this in a speech Sunday (PREPARED TEXT HERE) …
… the most important source of lower initial monthly payments, which allowed more people to enter the housing market and bid for properties, was not the general level of short-term interest rates, but the increasing use of more exotic types of [...]
Mortgage rates at 6% in 2010?
Mortgage rates are creeping up, as the yield on a 10-year Treasury hits 3.7% — the highest since August.
So how high might they go next year?
Mark Zandi, chief economist at Moody’s, tells CNBC.com rates should hit 6% by the end of 2010.
Rates on a 30-year fixed-rate mortgage have been under 5% for months.
Of course, much [...]
Did Bernanke save us all?
Time magazine named Fed Chief Ben Bernanke as Person of the Year 2009.
Does he deserve it?
Yes
No
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Post from: Mortgage Insider
Are covered bonds the answer to credit shortage?
The House Financial Services Committee is expected to hold a hearing today on covered bonds backed by high-quality mortgages and consumer loans. Such bonds are used in Europe and some U.S. legislators think the bonds could help revive lending here, reports National Mortgage News. Here’s more:
Rep. Scott Garrett, R-N.J., is hoping the hearing will lead [...]
Are covered bonds the answer to credit shortage?
The House Financial Services Committee is expected to hold a hearing today on covered bonds backed by high-quality mortgages and consumer loans. Such bonds are used in Europe and some U.S. legislators think the bonds could help revive lending here, reports National Mortgage News. Here’s more:
Rep. Scott Garrett, R-N.J., is hoping the hearing will lead [...]
