Housing Market, Mortgage | featured news

Banks Complete $6.3 Billion in Mortgage Write-Downs

Among first-lien mortgages that received a principal reduction, borrowers had their loan balances cut by an average of $117,000, according to the independent monitor established to ensure that banks were meeting the terms of a settlement agreed to in March.

 

Mortgage Rates Edge Lower; 30-Year at 3.39%

Average mortgage rates in the U.S. were slightly lower over the past week and remained around historic lows, according to mortgage-finance company Freddie Mac.

 

U.S. sues BofA, calling loan fraud 'brazen'

Countrywide

The $1-billion civil suit alleges that BofA's Countrywide fraudulently deceived mortgage finance giants Fannie Mae and Freddie Mac into believing the company's risky loans were safe and sound.

 

Citigroup profit drops after it writes down brokerage unit

Citigroup Inc said quarterly profit plunged on a $4.7 billion write-down of its stake in a brokerage operated by Morgan Stanley, but mortgage lending increased and capital markets results rebounded.

 

With Fed boosting economy, now may be the time to refinance

Ben Bernanke

With the Federal Reserve buying billions of dollars worth of mortgage-backed securities, you might think that mortgage rates are poised to fall even lower than the current rock-bottom levels. Maybe you should wait on that refinancing, you wonder, or delay purchasing a house until the market is even more favorable.

 

J.P. Morgan, Wells Fargo: Housing on Mend

Housing Market

Two of the nation's largest banks released third-quarter results that suggest the U.S. housing market, a key factor in the nation's economic performance, is bouncing back as mortgage rates hit record lows and home refinancings surge.

 

Mortgage applications rose as rates hit new lows: MBA

Applications for U.S. home mortgages rose last week as interest rates dropped to record lows in the wake of the Federal Reserve's latest stimulus efforts, data from an industry group showed on Wednesday.

 

Two-thirds of Americans with mortgages pay 5% interest or higher

Mortgage Rate

Record-low interest rates are out of reach for many homeowners, and a big reason is that millions are underwater. Obama and others are trying to assist them. U.S. interest rates are at rock-bottom levels, but that's not helping most Americans with mortgages.

 

U.S. tweaks Fannie Mae, Freddie Mac bailout terms, requires all profits

The Treasury said on Friday it is changing the way Fannie Mae and Freddie Mac will repay taxpayers in a move the Obama administration said would accelerate the winding down of the government-owned mortgage financiers.

 

Late payments on mortgages hit 3-year low in 2Q

U.S. homeowners are getting better about keeping up with their mortgage payments, driving the percentage of borrowers who have fallen behind to a three-year low, according to a new report.

 

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