Tag Archives: conventional mortgages

Mortgage Applications Rise, Mortgage Interest Rates Fall

Normally, mortgage interest rates and mortgage applications operate in inverse directions. With increased demand for mortgages, interest rates usually rise. Now we have an increase in mortgage applications while rates are going down. Why? Because the overall demand for mortgages … Continue reading

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Mortgage Industry Fights To Keep 3.5% Downpayments

The Federal Housing Administration insures home mortgages with down payments as low as 3.5%. When homeowners don’t have much money invested in a home, it is easier for them to walk away from it. This is the sort of nonsense … Continue reading

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Bank Of America Will No Longer Originate Reverse Mortgages

Bank of America will continue to service the reverse mortgages it owns. The bank is narrowing its mortgage focus, still stung by its purchase of the shady Countrywide corporation three years ago. Blog: Due to ‚Äúcompeting demands and priorities that … Continue reading

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F.H.A. Changes Rules Again

The Federal Housing Administration has taken a massive hit over the past five years from its mortgage insurance. They’ve insured way too many mortgages at way too low rates. So who makes up the difference? Who pays for these losses? … Continue reading

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Subprime Mortgages: America’s Latest Boom & Bust

From this 2007 book by Edward M. Gramlich: Before World War II, mortgages played a small role in America. Most of the people who owned their own home were wealthy. They relied on their savings for this big purchase. After … Continue reading

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FHA’s Deficit Hurts Attempts To Heal Subprime Crisis

From the New York Times: WASHINGTON — The Bush administration and Democratic leaders in Congress are counting on the Federal Housing Administration to rescue hundreds of thousands of homeowners from foreclosure by helping them refinance from risky subprime loans to … Continue reading

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Raising Loan Limits For Reverse Mortgages

Tom Kelly writes that the Economic Stimulus Act of 2008 has raised loan limits for conventional mortgages but not for reverse mortgages. The Federal Housing Administration, a branch of the U.S. Department of Housing and Urban Development, insures the Home … Continue reading

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