From the category archives:
For the CEO of Fannie Mae, the housing crisis is only halfway through. In fact, in a meeting with shareholders, President Daniel Mudd stated that home prices are likely to decline further, by as much as 25 percent.
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For the week ending April 11, the volume of mortgage applications increased by 2.5 percent. This is according to the survey conducted by the Mortgage Bankers Association each week. During the previous week, the mortgage application index was pegged at 725.6.
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Last year, there was a 42 percent increase in mortgage frauds reported by banks. The said frauds were discovered when banks decided to become cautious in approving mortgage applications. In 2006, there was a recorded 37,313 mortgage fraud reports.
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For the week ending on March 28, the volume of mortgage applications dropped by 28.7 percent. This significant tumble was observed in a weekly survey conducted by the Mortgage Bankers Association. The previous week saw a jump in mortgage application volume by 41.1 percent.
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A new report released by S&P Case/Shiller Home Price Index showed an average 11 percent decline in 20 key markets. Such new record low has further deepened the housing market crisis but experts were not at all surprised.
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Fraud allegations made against the Countrywide Financial Corporation brought the Federal Bureau of Investigation at the company’s doorstep. The investigation will involve the examination of underwriting and lending practices as well as possible misrepresentation of subprime loan-related losses. Countrywide, one of the biggest lenders in the nation was acquired by Bank of America last January after its subprime lending operation resulted to billions in losses.
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With more and more homes coming onto the foreclosure market these days, there has been significantly growing interest in foreclosures for sale around the country. Every day, foreclosures for sale go up for auction in every state, and now it seems that they are getting more and more attention from interested buyers.
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According to the National Association of Realtors, pending home sales might have dipped last November but it can be expected to pick up in the last six months of 2008.
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It can be overwhelming trying to save for the future. It can seem like every time that you get a small sum of money saved, you need to spend it on a car repair, your child needs braces or that leaky pipe in your home you’ve been ignoring turns into a steady stream of water that demands fixing immediately. There is an answer to your financial woes and it can be found through the purchase of Toledo foreclosure listings.
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Reforming the mortgage industry is being considered as one of the most potentially effective ways to address the present foreclosure crisis. A House Bill, authored by Massachusetts Representative Barney Frank, is currently being debated in the House Financial Services Committee. The mortgage reform bill will be instrumental in preventing another foreclosure crisis in the future. Last October, consumer advocates voiced their concern that the changes in the lending guidelines do not fully address the problems in the industry.
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