10 reasons people are walking away from mortgages

Allowing foreclosure on purpose Many people have reasons for wanting to stay in their home, regardless of how much they’re paying. People don’t want to uproot their families or don’t want to go through the hassle of moving. However, some people are so fed up with the housing market that they’re willing to allow their

Fewer people are under water on mortgage bank loans

Fewer people are getting under water on the bank loans on their homes. Underwater is when a person ends up owing more to the mortgage company than the home is worth. However, part of it is thanks to the number of foreclosures. Fewer bank loans are getting underwater The number of people under water on
two men dressed like blues brothers holding a sign

Lobbyists fight to weaken new mortgage rules in financial reform

The U.S. House and Senate will start on refining mortgage legislation Tuesday. The legislation would enforce the biggest overhaul to mortgage lending rules in decades. The mortgage legislation, part of the financial reform bill, is intended to end the risky lending practices blamed for causing the financial crisis. Mortgage industry lobbyists are working overtime to
Foreclosed Palm Springs, Calif., home with a graffiti message on the garage door that reads "Mortgage fraud by Mission Hills Mortgage."

MERS speeds mortgage process, yet raises serious concerns

America’s housing crisis was caused by a number of factors. One that has remained largely hidden from the general public until now is MERS. According to the Nolan Chart LLC mortgage industry blog, MERS (Mortgage Electronic Registration System) is an institution that enables the Mortgage Backed Security (MBS) industry to pass over rules regarding recording
File photo of Euro Pacific Capital CEO Peter Schiff.

Finance expert Peter Schiff says home prices to fall considerably

While some people think now is a great time to buy a new home because interest rates are so low, there are experts who continue to advise caution. Euro Pacific Capital CEO Peter Schiff says home prices have not bottomed out yet. In a recent Wall Street Journal piece, he even goes so far as

More new homes that no one wants to borrow money for

Despite dismal outlook, new homes are actually being built. Good news on the economic front, especially real estate, is a welcome change from the dismay that has become the norm. However, the number of people borrowing money for new homes is stagnant. Most new mortgage applications are for loan modification, not finance loans for a
luxury real estate

Million-dollar home sales increase as prices continue to slide

Sales of homes that cost millions rose dramatically in major U.S. cities last year. Wealthy Americans prospering from a rebound on Wall Street are taking advantage of low interest rates on jumbo loans and falling home prices to land unprecedented bargains. Meanwhile, home sales overall are stalling, and analysts expect home prices to decline another

Americans losing faith in mortgage loans and real estate

Americans are becoming less convinced that getting mortgage loans to buy real estate is a good idea. A recent survey found that the number of people who believe owning a home is a worthy investment has dwindled to the lowest level in years. Home sales have been sluggish to recover from the housing crash. Fewer

Case-Shiller index indicates home prices still falling

Should homeowners brace for more financial pain? So America has recovered from the housing bubble and things are looking better for Real Estate… right? Not so fast. Marketwatch reports that the most recent Case-Shiller home price index indicates a “not-seasonally adjusted” .2 percent drop for 20 major American cities for December 2009. Prices did rise
Night view of the Goldman Sachs building on the harbor front at Paulus Hook in, Jersey City, N.J.

Goldman Sachs takes aim at Senate report

Goldman Sachs Group Inc., the securities firm Sen. Carl Levin, D-Mich., once described as a “financial snake pit, rife with greed, conflicts of interest and wrongdoing,” is preparing to strike back. The Wall Street Journal reports that the firm plans to counter the Senate’s financial crisis subcommittee’s 639-page report, which alleges that Goldman Sachs sought
illegal foreclosure documents in court

Growing foreclosure scandal raises call for nationwide moratorium

Evidence of illegal foreclosure practices have forced three major lenders to freeze evictions and foreclosure proceedings in 23 states. Wednesday the Justice Department announced it will investigate reports that some of the nation’s biggest mortgage lenders submitted illegal foreclosure documents to the courts. On Capitol Hill, House Democrats accused financial firms involved in the foreclosure
rising mortgage rates

Mortgage rates rise along with several key economic indicators

Mortgage rates rose for the third straight week, according to both the Mortgage Bankers Association and Freddie Mac. Rising mortgage rates are accompanied by positive numbers from private sector job creation, existing home sales and consumer confidence. As mortgage rates rose after a prolonged period of historic lows, mortgage refinancing activity dropped off a cliff.
People signing contracts

April showers bring may flowers and boost pending home sales

Home sales and similar statistics regarding home sales have not been encouraging for months, but are showing signs of life. Pending home sales, or contracts to buy homes, were observed during the month of March, as spring is certainly the buying season. However, that still doesn’t mean that all is well yet. Mortgage rates dip
home construction

Housing recovery may be fiction as mortgage rates plummet

As the real estate market has been closely watched, there are numerous indicators to keep an eye on, one of which is overall mortgage rates — the average interest rate charged on a mortgage loan.  Despite a slight spike in existing home sales, overall mortgage rates are staying down. This may sound like a prelude

Mortgage modification programs under fire from Republicans

The federal mortgage modification program is fast becoming a target for criticism as a failed program. Congressional Republicans have announced intentions on scrapping federal mortgage relief programs, which have been dismal failures. Foreclosures on failing mortgages? have slowed, but procedural issues are hampering the foreclosure processes nationwide. Failed mortgage relief programs prime target for spending
Ghost town

The adjustable rate mortgage is staging a comeback

One of the supposed causes of the real estate collapse and recession of the last few years was something called an adjustable rate mortgage. An adjustable rate mortgage, or ARM, can be misunderstood and, in fact, has a lot of benefits for some buyers. The ARM is starting to make a comeback. Adjustable Rate Mortgages
Bank of America

Bank of America to stop offering reverse mortgages

Tuesday morning, Feb. 8, Bank of America announced it will no longer write reverse mortgages. The reverse mortgage business has dropped off significantly in the last year. A rising number of reverse mortgages are also ending up in technical default. Bank of America and reverse mortgages Bank of America first started offering reverse mortgages in