Tag Archives: mortgage loans

Fannie Mae Wants $4.6 Billion

President Obama’s plan to allow underwater homeowners to refinance their mortgages is only going to further drain government resources to prop up the housing industry. Over the next three years, Congress will be expected to pony up another $100 billion … Continue reading

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Refinancing Into 3.75% Fixed-Rated 30 Year Mortgages

Mortgage interest rates are at unthinkable lows, not that that does much good to most homeowners who are stuck in mortgages paying interest rates above 6% but can’t refinance because of either inadequate equity in their homes or inadequate credit … Continue reading

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Whatever Happened To The 20% Down Payment Requirement?

A few months ago, it seemed that the federal agencies were going to universally require a minimum of a 20% down payment on home purchases. Special interest groups rallied against these stiffer requirements. We would not need to have this … Continue reading

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Mortgage Lenders Avoid Risk

As a reaction to the profligate and reckless lending of the housing boom, since 2007 mortgage lending has been much more discriminate. “Discriminate” is a bad word to many people but I think it is a good word. I have … Continue reading

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Mortgage Lending Drops Sharply In Distressed Neighborhoods

The WSJ says: Banks understandably do not want to invest in neighborhoods that are going to pot. If homes all around are going into foreclosure, the neighborhood is blighted and banks are not interested in writing new mortgage loans there. … Continue reading

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Mortgage Delinquencies Rise Again

For a year this number was improving but in the second quarter of 2011, the percentage of mortgage delinquencies rose. This will likely lead to an increase in foreclosures and put more downward pressure on home prices. As home prices … Continue reading

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Housing Crash Increases Rent Costs

You’d think a crash in real estate prices would reduce rents. You’d be wrong. As more people leave their homes and abandon their dream of owning their home, more such people are forced to rent. Rising rents are fueling inflation … Continue reading

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Bank of America Stock Weighed Down By Bad Mortgage Loans

Bank of America is still digging out from its 2008 purchase of Countrywide. In 2011, the bank has spent about $30 billion settling mortgage claims. Subprime lending was the largest cause of the housing crash and Countrywide was the largest … Continue reading

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Reforming The Foreclosure Process

A few years ago, Los Angeles Times columnist Michael Hiltzik got suspended for making comments on his own column under false names. Hiltzik is a blunt, no-nonsense liberal. He’s highly skeptical of business and banks. He writes a column today … Continue reading

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What Are Good And Bad Reasons For Buying A Home Now?

Good reasons include declining home prices over the past four years and near-record-low mortgage interest rates. Bad reasons include that home prices are likely to decline further in the next year. So why not just wait to get a better … Continue reading

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