It is hard to find a tragedy in the world that some heartless rat can't find a way to exploit and the current and growing incidence of foreclosures doesn't violate the rule.
"Recent statistics suggest that escalating foreclosures provide criminals with the opportunity to exploit and defraud vulnerable homeowners seeking financial guidance.
Lawrence Yun, senior economist for NAR said that unusual disruptions are dampening the outlook for home sales, notably for August and September. "There's been an unusual hit to home sales, starting in March when subprime problems emerged and more recently when problems spread to jumbo loans, with many potential buyers on the sidelines.
"However, the jumbo loan market is now beginning to settle, and..."
Countrywide issued its operational results for the month of August and it comes as no surprise that the numbers were down. Here is a recap of their results:
Loan fundings for the month of August totaled $34 billion, a 17% decrease from August 2006.
...Additionally, the Company recently arranged for $12 billion in additional secured borrowing capacity through new or existing credit facilities;
The Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ended September 7 showed a dramatic drop in the 30- year FRM, from 6.42 percent with 1.09 points (including the origination fee) to 6.25 percent with 1 point.
Mortgage application volume increased...
Congress and the Administration may be headed for a clash on yet another front - the size of Freddie Mac and Fannie Mae's owned portfolios.
On Monday Senator Charles Schumer (D-NY) introduced legislation that would...
The nation's largest home lender Countrywide Financial Corporation said it plans to cut up to 12,000 jobs, 20 percent of it's workforce, over the next three months. Most of the job cuts will take place in areas most affected by lower origination volumes. Countrywide said that it expects its 2008 loan originations to be about 25% lower than 2007.
Countrywide also stated that it will...
The National Association of Home Builders (NAHB) in partnership with Bank of America Home Equity recently completed a study that should be of interest to home owners and home buyers, especially those that are buying or living in homes that have been around for a while.
According to the 2005 U.S. Census Bureau Housing Survey, there are 124.3 million homes in the U.S. housing inventory with a median age of 32 years.
Data from the survey is reported several ways...
Nationally the situation is not as dire as these figures would indicate. The figures are being driven by what is happening in a few large states and by adjustable rate mortgages, both prime and subprime.
"What continues to drive the national numbers, however, is what is happening in the states of California, Florida, Nevada and Arizona. Were it not for the increases in foreclosure starts in those four states, we would have seen a nationwide drop in the rate of foreclosure filings...
The six big agencies that regulate most of the nation's banking system issued "guidance" Tuesday encouraging mortgage servicers to work with borrowers to and keep families in their homes where "possible and appropriate."
Servicers were encouraged by the regulatory agencies to...
"Interest rates on conforming long-term fixed-rate mortgages declined slightly, while rates on one-year adjustable rate mortgages increased by about a quarter of a percent," said Frank Nothaft, Freddie Mac vice president and chief economist. "The increase in ARM rates is consistent with...
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