http://blog.mortgage101.com Just another WordPress weblog Sat, 07 Nov 2009 04:57:04 +0000 http://backend.userland.com/rss092 en The U.S. House of Representatives voted Thursday to extend the first-time home buyers tax credit through 2010 as well as offer a credit to more seasoned home buyers. The vote was 403-to-12 and was widely expected to pass. The current tax credit has been in effect since January as a piece ... http://blog.mortgage101.com/2009/11/06/homebuyer-tax-credit-extension-overwhelming-approved/ Here's a riveting story from The New York Times that should fascinate people feeling threatened that they might lose their home in the current housing market meltdown. In a nutshell, the Times story by Gretchen Morgenson suggests that a home dweller being threatened by a bank with foreclosure on a first ... http://blog.mortgage101.com/2009/11/03/getting-evicted-maybe-not-yet/ The tables have really turned in the past couple years in terms of why American homeowners are refinancing. During the height of the housing boom, homeowners were borrowing against their equity like crazy, as their home values appeared to be headed quickly upward indefinitely. Now, however, Americans are house poor and ... http://blog.mortgage101.com/2009/11/02/homeowners-now-refinancing-mainly-for-savings-not-cash/ Mortgage interest rates moved a little higher during the past week, but overall this has been a great year for rates according to mortgage finance giant Freddie Mac on Thursday. The average rate on a 30-year fixed rate mortgage inched up to 5.03 percent, excluding points, from 5.00 percent the week ... http://blog.mortgage101.com/2009/10/30/mortgage-rates-little-changed-in-latest-week-but-yearly-average-is-great/ Home buyers again saw mortgage rates rise this week alongside word that the economy is beginning to improve. According to the Wall Street Journal, rates for a 30-year home loan rose above 5 percent for the first time since September, rising to 5.03 percent. Rates for 15-year fixed rate and ... http://blog.mortgage101.com/2009/10/27/mortgage-rates-rise-amid-news-of-decline-in-applications/ The Federal Housing Administration is set to implement a new set of rules November 2,  pertaining to mortgages made for condo-buyers. The new guidelines are aimed at protecting the FHA from mortgage fraud as well as minimize its risk of loss on condo foreclosures, but they will probably have the ... http://blog.mortgage101.com/2009/10/26/new-fha-condo-rules-could-keep-more-buyers-out-of-the-market/ According to Diane E. Thompson of the National Consumer Law Center, homeowners, lenders and investors usually lose money when a home forecloses but mortgage servicers (those that manage mortgages and collect mortgage payments) do not. She says: "Servicers may even make money on a foreclosure. And, usually, a loan ... http://blog.mortgage101.com/2009/10/23/mortgage-companies-make-more-on-foreclosures-than-they-do-modifying-existing-loans/ Today, the Obama administration announced two new programs to help a small segment of the U.S. housing industry get back on its feet, all with the promise that the taxpayer will not have to foot the bill. HFAs Getting Help: State and local housing finance agencies, also known as HFAs. They originate ... http://blog.mortgage101.com/2009/10/19/new-mortgage-market-bailouts-at-zero-cost-to-taxpayers/ International credit ratings agency Fitch Ratings improved its outlook on the U.S. housing market in its recent "Chalk Line" report, but that's not saying much considering it still expects housing starts and new home sales to continue to plunge downward through the end of the year. "During the first 12-15 months ... http://blog.mortgage101.com/2009/10/16/fitch-improves-its-housing-forecast-but-numbers-still-look-grim/ According to Reuters, First American CoreLogic has announced their development of the largest National Fraud Data Repository. This revolutionary collection of records can assist clients, either businesses or individuals, with the ongoing battle against mortgage fraud, while continuing to improve and build the best performing anti-fraud programs available. Here are some ... http://blog.mortgage101.com/2009/10/13/largest-fraud-data-repository/