Archive for November, 2008

Will the Fed Buying Bad Credit Home Loans Help Housing and Credit Markets Recover?

Wednesday, November 26th, 2008

The Federal Reserve said Tuesday it will buy up to $600 billion in mortgage-backed assets in another attempt to deal with the financial crisis.  The Fed agreed to purchase $100 billion in direct obligations from mortgage giants Fannie Mae and Freddie Mac as well as the Federal Home Loan Banks. It also will purchase another $500 billion [...]

Home Loan Modification Programs Can Help Distressed Homeowners

Monday, November 24th, 2008

Likely, you have already read or heard about the latest loan modification plans offered both privately and publically to provide mortgage relief to financially distressed homeowners cope with their mortgage payments.  But you might not have caught key details that could have an impact on you or people you know — now or in the months ahead.  One of the [...]

Home Loan Modifications May Still Pose Risk For Banks

Thursday, November 20th, 2008

Banks who provide mortgage loan modifications for homeowners could potentially undermine the publically traded banking sector by masking possible losses.  Historical evidence suggests that even when mortgage lenders modify mortgage terms for at-risk borrowers – cutting interest rates, principal or extending the loan’s life – a hefty portion of those borrowers default within a year [...]

U.S. Home Prices Plummet in 80% of Cities as Foreclosure Crisis Deepens

Wednesday, November 19th, 2008

Home prices fell in four out of every five U.S. cities in the third quarter, a record spurred by distressed foreclosure sales across the country.   The median price of a U.S. home declined 9 % from a year earlier and sales of properties with mortgages in default accounted for at least a third of all [...]

Home Foreclosure Reports for Maine Not Troublesome

Tuesday, November 18th, 2008

Maine reports home foreclosures increase in the second quarter.  New mortgage data recently analyzed by the state indicated a slight increase in home foreclosures in Maine during the 2nd quarter of 2008, but officials say the number of foreclosures remains relatively small and poses no threat to the stability of state-chartered banks and credit unions.  [...]

HSBC Expands Home Loan Modification Options

Tuesday, November 18th, 2008

HSBC was one of the first mortgage banks that were affected by the subprime-mortgage meltdown. Changing the terms with some loan modifications for a portfolio of questionable home loans has failed to keep borrowers from defaulting.  The British banking giant, which bought an Illinois subprime mortgage lender called Household International Inc. in 2003, has modified [...]

Home Foreclosures Rates Soar in California, Nevada and Florida

Tuesday, November 18th, 2008

The leading online marketplace for foreclosure properties, today released its October 2008 U.S. Foreclosure Market Report(TM), which shows foreclosure filings, default notices, short sale notices and bank repossessions were reported on 279,561 U.S. properties during the month, a 5% increase from the previous month and a 25 % increase from October 2007. The report also [...]

Home Foreclosure Rates in Maryland Rise 32%

Monday, November 17th, 2008

According to a foreclosure prevention report, one of every 774 households in Maryland was in foreclosure in October.  Maryland foreclosures jumped 32 % between September and October to 2,973, according to RealtyTrac Inc. Maryland posted a year-over-year percentage decrease, however, down 16 %. Of Maryland, Virginia and Washington, D.C., it was the only jurisdiction to post [...]

How Will Obama Wants to limit Home Foreclosures

Tuesday, November 11th, 2008

Given the severity of the housing crisis and its more significant role in the economy, foreclosure prevention will likely to be a priority for Barack Obama.  On the campaign trail, the president-elect proposed a 90-day moratorium on foreclosures, giving Bankruptcy Court judges the right to provide home loan modifications on primary residences, a $10 billion foreclosure-prevention fund [...]

Citi Plans to Modify $20 billion in Mortgage Loan Relief Effort

Tuesday, November 11th, 2008

A new loan modification program aimed at homeowners who haven’t defaulted yet could help 130,000 mortgage borrowers stay in their homes. Citigroup says it will expand its foreclosure prevention efforts by extending loan work-outs to 130,000 distressed homeowners with $20 billion in mortgage loans in their houses. Banks are unquestionably being pressured to be more [...]

Homeowners Fighting Foreclosure with Forensic Loan Audit

Monday, November 10th, 2008

National Loan Audits announced today that troubled homeowners with adjustable rate mortgages who are having trouble getting their loans modified or who are behind with their payments and in danger of losing their home, now have access to forensic loan audits, performed by mortgage industry experts, to discover if their lender violated the Truth in [...]

Homeowner Mortgage Relief

Thursday, November 6th, 2008

Now that the Treasury’s Troubled Asset Relief Program has helped stabilize the financial system by injecting capital into some of the country’s largest banking institutions, the focus has shifted to the plan’s initiative on providing mortgage relief to distressed homeowners through loan modification. It’s one of the biggest challenges the plan could potentially face. This initiative has [...]