The Wall Street Journal is reporting that the national average interest rate on the benchmark 30-year, fixed-rate loan averaged 6.1% last week, the lowest rate since Oct 13, 2005.
mortgages
The Long Johns Explain The Subprime Meltdown
By 11.29.07
John Bird and John Fortune are British satirists who, as The Long Johns, explain in eminently practical terms exactly how the subprime meltdown came to be.
Report Says Property Values Could Decline By $1.2 Trillion
By 11.27.07
An especially gloomy report by the U.S. Conference of Mayors says that property values across the U.S. could decline by $1.2 trillion next year, slashing tax revenue by $6.6 billion.
By 11.26.07
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Woman pays debt on foreclosed home, only to have it sold out from under her anyway. [Newsday]
10 Best And 10 Worst Housing Markets
By 11.23.07
Forbes has put together a list of the best and worst housing markets in the U.S. Think every market is dropping? Apparently not. Salt Lake City, you’re doing just fine. So far. Overall, the picture isn’t as rosy:
Mortgage Related Losses Could Reach $300 Billion
By 11.23.07
The Organization for Economic Cooperation and Development is predicting that mortgage-related write-offs could reach $300 billion, says the New York Times. Although major U.S. financial institutions have placed their estimates at around $50 billion, the OECD says that “a rougher period may yet await financial markets.”
Deal Will Let Some Borrowers Keep Current Interest Rates
By 11.21.07
Countrywide, G.M.A.C., Litton and HomeEq have agreed to let many potentially distressed borrowers in California keep the initial low rates of their ARM home loans, says the New York Times. California is the epicenter of the subprime meltdown, with foreclosure rates that are always near the top of the list (along with Ohio, Michigan, Nevada and Florida).
32 More Foreclosures Dismissed For Lack Of Documentation
By 11.21.07
In Ohio, judges have dismissed 32 more foreclosures due to insufficient documentation. This is no white-knight that’s going to save homeowners at risk for foreclosure. One law prof told us that whenever we go through a glut of foreclosures, judges start clamping down and begin requiring the plaintiffs to have all their papers in order. It’s all just a matter of getting the note from the loan originators, who usually hold on to all the proper paperwork.
Say Goodbye To Mark Ernst, CEO Of H&R Block
By 11.20.07
H&R Block Inc., our nation’s largest tax preparer, is now missing CEO Mark “Anybody Wanna Buy A Subprime Lender?” Ernst, after losing $1 billion in the subprime meltdown.
Freddie Mac Loses $2 Billion, Needs Cash
By 11.20.07
Government-sponsored mortgage lender Freddie Mac, the second largest U.S. mortgage company, posted a $2 billion loss for the third quarter and warned that it may not have enough cash to cover its mortgage commitments.
What To Do When Rental Gets Foreclosed?
By 11.19.07
2 weeks ago both my wife and I got a summons, that let us know that our landlord was being sued by the bank he financed the house through, for not paying his mortgage since July of this year…
House Tackles Subprime Meltdown, Amends Truth In Lending Act
By 11.17.07
The House this week voted 291-127 to pass the Mortgage Reform and Anti-Predatory Lending Act, Congress’ first major attempt to prevent a recurrence of the ongoing subprime meltdown. The bill, supported by every Democrat and 64 Republicans, stabs at the heart of the meltdown by:
- Establishing a national licensing and registration system for mortgage lenders;
- Establishing the Office of Housing Counseling within HUD to help borrowers avoid foreclosure;
- Banning loans that a borrower cannot reasonably repay;
- Banning lenders from steering borrowers towards loans with predatory characteristics;
- Making banks that securitize mortgages liable for violating lending laws.
New Ruling Means Banks Could Have Tough Time Foreclosing
By 11.15.07
There’s big ramifications to a federal court’s dismissal of 14 foreclosure cases because the bank couldn’t prove that they owned the mortgage note, reports NYT.
By 11.15.07
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The hot new financing trend that’s taking the mortgage industry by storm: 30-year fixed mortgages! [Bankrate]
By 11.14.07
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8 foreclosure do’s and don’ts. Some could save you your house. [Bankrate]
By 11.14.07
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The subprime meltdown isn’t slowing down, says CNNMoney. The usual suspects Florida, California and Ohio continue to supply us with a tsunami of foreclosure filings in this month’s report. [CNNMoney]
HSBC Says Subprime Meltdown Spreading Into Credit Cards, Other Loans
By 11.14.07
HSBC warned today that the subprime meltdown is spreading into credit cards and other types of consumer loans, says the NYT. The bank announced that it will be taking a larger write down than it forecast, due to the spreading delinquencies.
By 11.14.07
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Deutsche Bank tried to foreclose on 14 properties in Ohio, but the federal court judge determined that the bank couldn’t sufficiently prove that it actually owned the mortgage notes, and dismissed the case. [IamFacingForeclosure]
