The casualties continue to mount as Lehman Brothers announced today that it will be shutting down its subprime mortgage lending unit, BNC Mortgage LLC. BNC was one of the top 20 subprime producers in 2006, originating over $14 Billion in loans.
PBS interviewed homeowners who said that their coverage had been switched by their company from "full replacement" to "extended replacement" coverage before the fire. When they questioned their agents they were told that extended replacement was much better than full replacement "yet, once claims were submitted, they were offered settlements that came nowhere near covering their rebuilding costs."
Several key players have rung in on the decision by the Office of Federal Housing Enterprise Oversight (OFHEO) to retain limits on the mortgage portfolios owned by Freddie Mac and Fannie Mae.
"This emergency measure is not only important to restore confidence in the mortgage market for current and aspiring home buyers, but it would also allow Fannie and Freddie to engage in subprime foreclosure relief efforts across the country before the 'October surprise' of subprime resets further shocks the mortgage markets."Residential building permits and housing starts continued to fall in July with the latter measure of the nation's economic health dropping more than at any time since January 1997.
NAHB Chief Economist David Seiders cited the subprime mortgage situation as being a part of the problem but said, "... the government-related parts of the mortgage market still are functioning well and..."
As the list of mortgage lenders who have failed, are failing, or are remaining very quiet about their status continues to grow the addition of each new name has reached the level of "so what else is new?" This week, however, there was a development that is certainly worth mentioning.
After nearly a week of rumors, Countrywide Financial Corporation confirmed that...
"Interest rates on prime conforming fixed-rate mortgages eased further in the past week, according to the Primary Mortgage Market Survey, even though other sources such as HSH Associates reported that jumbo fixed rates increased by a quarter percent or more last week," said Frank Nothaft, Freddie Mac vice president and chief economist.
"Freddie Mac reported that the amount of home equity cashed out through refinancing totaled...
A recent survey of recent home buyers conducted by the National Association of Realtors (NAR) pointed out a bunch of home features that rank high with homeowners.
The 2007 Profile of Buyers' Home Feature Preferences found that buyers preference for...
It has been a long time since we mentioned the government mandated site at which consumers can obtain one free credit report a year from each of the three major credit bureaus.
We have received a lot of from readers who have run their credit reports that those reports did not include a credit score...
...The Federal Reserve also stepped up both Thursday and Friday, pumping billions into the system. The Fed said it stood ready to provide emergency funds to banks and that it would do whatever was necessary to keep markets from what Reuters called "seizing up."
Reuters said that such statements from the Fed are unusual, with the last having come after the September 11, 2001, terror attacks, and ...
Some interesting figures have been released by the Mortgage Bankers Association which has announced that mortgage application activity increased 8.1 percent on a seasonally adjusted basis from the previous week and 7.7 percent when unadjusted. The activity is 18.0 percent higher than one year ago.
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