As Mortgage Refinancings Surge, Banks Struggle
Barely two weeks into a new government program that allows severely underwater borrowers with loans backed by Fannie Mae and Freddie Mac to refinance their loans to lower rates, the numbers are surging.
President Obama Proposes Mortgage Refinances for ‘Responsible Borrowers’
After several largely ineffective programs to help troubled borrowers and after fruitless attempts at budging the hard-line conservator of Fannie Mae and Freddie Mac, President Obama is proposing a brand new refinance program for borrowers who are curr…
Rising Rates Threaten Refi Plans
One weekly report does not a trend make, but today’s mortgage application survey should serve up a good dose of reality to all of those state attorneys general and Obama administration officials touting a grand new refinance program for underwater borr…
Refi’s in Big Bank Foreclosure Settlement: Not Worth It
Despite the furor, the threats, and the big bank blame game, there is still no settlement between the “robo-signers” and the fifty state attorneys general who promised payback for borrowers. Now, as talks are allegedly in their final phase, according t…
Mortgage Rates, Mortgage Demand and Home Prices All Fall
When mortgage rates first fell below five percent in 2009, we called it an emotional landmark, a level that, while not significantly different from the previous week or month, would send up a flag to borrowers that it was time to buy or at least to ref…
Fannie and Freddie’s Boss Speaks Out On Obama’s Refi Plan
Barely two weeks after President Obama proposed expanding a government mortgage refinance program in order to make millions more borrowers eligible, the man who would have to guide such a program announced yet another barrier to entry.
Huge Surge in Bank of America Foreclosures
Bank of America is ramping up its foreclosure processing, sending out far more notices of default to borrowers in August than in previous months, well over 200 percent more month-to-month.
‘Friction’ in Obama’s Refi Proposal
The response to President Obama’s recent proposal to refinance more borrowers into lower interest rate mortgages was at best underwhelming and at worst scathing.
Falling Home Equity Spurs Fear of Strategic Default
Yesterday a lot of folks, including myself, were slightly incensed at the announcement by mortgage insurer PMI that it is launching a pilot program offering cash bonuses to borrowers who stay current on their mortgage payments.
Should Everyone Get Bonus For Paying Mortgage On Time?
As home values continue to fall and more borrowers fall into a negative equity position on their home loans, those who stand to lose, banks and investors, are working to keep borrowers current.
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