U.S. home buyers signed fewer contracts to buy existing homes in October, but new home sales rose for a third straight month.» Read More
If there’s one takeaway from the banks’ first-quarter earnings this week, it’s got to be this: Mortgages are still a real problem.
As federal regulators clamp down on foreclosure procedures at the big banks, and the government sets new lender requirements for risk retention in residential mortgages, the cry from the industry is that this will only hamper the housing recovery and price more borrowers out of home ownership.
As foreclosures continue to mount, BofA's CEO is expressing skepticism about loan modifications, with Kathleen Day, Center for Responsible Lending, and Mark Calabria, Cato Institute.
You would think that mortgage lenders would be chastened by the financial crisis and prolonged economic slump. After all, mortgage loans played a central role in the calamity from which we are still struggling to recover.
The severe and prolonged downturn in housing likely will have one notable beneficiary: Demand for multi-family dwellings is expected to rise as more owners switch to renting.
The risk retention standards under the Dodd-Frank Act being voted on this week by federal regulators are an important part of revitalizing our housing finance system, but they will only work well if we get the rest of housing finance reform right.
Tens of billions of dollars remain unspent and hundreds of thousands of homeowners have been rejected in the Obama administration's foreclosure prevention effort. Now the existence of the main program, the Home Assistance Modification Program, is in doubt. The New York Times reports.
The five biggest US mortgage servicers were told this week at a private meeting with regulators to consider paying delinquent borrowers up to $21,000 each as part of a broader settlement of the foreclosure crisis. The Financial Times reports.
The sales pace of newly built homes is now at the lowest on record. Sales dropped nearly 17 percent in February after a big drop in January. Put that on top of the nearly 10 percent February drop in existing home sales reported earlier this week and the incredibly low level of mortgage purchase applications, and you get a clear case for a double dip in housing.
In what may be the best anti-bank rant yet, North Carolina realtor Leigh Brown goes off on Bank of America.
The CNBC All-America Economic Survey finds deep pessimism about future economic growth enveloping Americans as they hunker down from the effects of higher gas and food prices and fear that those prices could remain elevated for years.
If history repeats itself, the worldwide stock market could tumble even more this Friday—a week after a Japan was devastated by an earthquake and tsunami, Yale economist Robert Shiller told CNBC Monday.
The mortgage market is currently mired in policy and politics that could directly affect buyer decisions on Main Street, at a time when the housing market remains in a slump.
Amid all the doom and gloom, it is hard for many think of real estate as anything other than a money pit; for some, however, it is an opportunity, and, hopefully, a well of profit to be tapped. It's the optimistic, even opportunistic, side we're focusing on in our annual special report, "Investor Guide to Spring Real Estate".
Six months after the Federal Housing Administration announced an $11 billion refinancing initiative for these “underwater” borrowers, nearly two dozen lenders have agreed to take part in a new loan modification program,the New York Times reports.
Investors bidding up bank stocks and protestors reaming state attorneys general over a proposed foreclosure settlement seem to agree on one thing: his would be a big win for banks.
The Obama Administration’s $20 billion proposal to try to force banks to modify mortgages looks an awful lot like an attempt to revive the $20 billion bank tax that was rejected during the negotiations over Dodd-Frank.
There is no multi-billion dollar fund or penalty and there is no word from Federal Regulators as to how the banks will ultimately "fix" the foreclosure paperwork issues...But a meeting here in DC of the fifty state attorneys general was too good to pass up for a couple of hundred protesters demanding action.
The second leg of the US housing downturn will continue throughout the year and could be nasty if a vicious circle of falling prices and rising foreclosures continues, according to Capital Economics.
Wells Fargo is finally returning phone calls to the Philadelphia homeowner who began foreclosure proceeding against one of its branch offices—and the homeowner, Patrick Rodgers, feels very strongly that yesterday's article on NetNet precipitated their telephone call.