News and Press Releases
Banks slow to modify mortgages, Treasury reports
Tue, 18 Aug 2009 12:59 PM
Only 9% of eligible home loans have been changed under the Obama program. BofA and Wells Fargo, which participated even less, say the report doesn't reflect modifications made outside the plan.
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Lucrative Fees May Deter Efforts to Alter Loans
Tue, 18 Aug 2009 12:58 PM
This week, the Obama administration summoned mortgage company executives to Washington to demand they move faster to lower payments for homeowners sliding toward foreclosure. Treasury officials called on the companies to hire and train more people quickly to field applications for relief.
Foreclosures Rising Again
Tue, 12 May 2009 04:04 PM
In a front page above-the-fold article today, the Wall Street Journal reported what we mentioned the other day - that some of the largest mortgage companies in the US are stepping up foreclosures on delinquent homeowners. Companies had temporarily halted foreclosing on borrowers as they waited for the details of the Obama administration's housing rescue plan and changes in state laws, but are now moving the backlog through the foreclosure process. The resulting increase in the supply of foreclosed homes could further depress home prices and put additional pressure on bank earnings as troubled loans are written off. Of course, now that some of these institutions have received bailouts, are we in for another round of congressional pillorying because mortgage companies have the audacity to want their lenders to pay their bills?
Read the Full Story...
Housing Prices Fall
Tue, 12 May 2009 04:03 PM
The S&P Case-Shiller Home Price Index, measuring housing prices in 20 representative cities across America, fell for the 30th straight month in January, bringing house prices down to 2003 levels. And this time it actually set a record, falling 19% from January 2008. "There are very few bright spots that one can see in the data," said David Blitzer, chairman of the index committee at Standard and Poor's. "Most of the nation appears to remain on a downward path, with...nine of the MSAs (metropolitan statistical areas) falling more than 20% in the last year." According to Mike Larson, a real estate analyst with Weiss Research, home prices won't start advancing until the overall economy picks up.
Read the Full Story...
Tue, 18 Aug 2009 12:59 PM
Only 9% of eligible home loans have been changed under the Obama program. BofA and Wells Fargo, which participated even less, say the report doesn't reflect modifications made outside the plan.
Read the Full Story...
Lucrative Fees May Deter Efforts to Alter Loans
Tue, 18 Aug 2009 12:58 PM
This week, the Obama administration summoned mortgage company executives to Washington to demand they move faster to lower payments for homeowners sliding toward foreclosure. Treasury officials called on the companies to hire and train more people quickly to field applications for relief.
Foreclosures Rising Again
Tue, 12 May 2009 04:04 PM
In a front page above-the-fold article today, the Wall Street Journal reported what we mentioned the other day - that some of the largest mortgage companies in the US are stepping up foreclosures on delinquent homeowners. Companies had temporarily halted foreclosing on borrowers as they waited for the details of the Obama administration's housing rescue plan and changes in state laws, but are now moving the backlog through the foreclosure process. The resulting increase in the supply of foreclosed homes could further depress home prices and put additional pressure on bank earnings as troubled loans are written off. Of course, now that some of these institutions have received bailouts, are we in for another round of congressional pillorying because mortgage companies have the audacity to want their lenders to pay their bills?
Read the Full Story...
Housing Prices Fall
Tue, 12 May 2009 04:03 PM
The S&P Case-Shiller Home Price Index, measuring housing prices in 20 representative cities across America, fell for the 30th straight month in January, bringing house prices down to 2003 levels. And this time it actually set a record, falling 19% from January 2008. "There are very few bright spots that one can see in the data," said David Blitzer, chairman of the index committee at Standard and Poor's. "Most of the nation appears to remain on a downward path, with...nine of the MSAs (metropolitan statistical areas) falling more than 20% in the last year." According to Mike Larson, a real estate analyst with Weiss Research, home prices won't start advancing until the overall economy picks up.
Read the Full Story...
