The U.S. government should get completely out of the business of supporting residential mortgages, the new chair of the House subcommittee overseeing Fannie Mae and Freddie Mac has declared.
“Let me stress and be very clear that, going forward, I am firmly committed to a purely private U.S. mortgage market over time – free of government guarantees and subsidies,” said Rep. Scott Garrett (R-N.J.), addressing an economic conference in Florida Monday. “I rea Read the full post
Jumbo mortgages may be making a comeback, as lenders loosen their purse strings to approve more of the high-value home loans.
Lenders originated $18 billion in jumbo mortgages in the second quarter of the year, a 20 percent increase over the first quarter, according to a report in the Wall Street Journal. Though that’s well below pre-crash levels, it’s an encouraging sign that lenders are feeling more confident in the stability of the housing market, at least at the higher end. The report cites data from Inside Mortgage Finance, a private-circulation trade publication, that JP Morgan Chase increased jumbo mortgage lending by nearly 150 percent during the first half of 2010, compared to one year before, while Wells Fargo increased its jumbo mortgage volume by nearly 50 percent during the same period. Th Read the full post
Quicken Loans reports that it closed the largest volume of mortgage loans in the company’s 25-year history in September, with approximately 15,500 home loans totaling $3.4 billion in loan volume.
The tally bested the previous record set just one month before for the Detroit-based lender, which closed 14,000 loans with a value of $3.15 billion in August. It’s an impressive performance for the Internet-based lender, coming despite an extremely weak market for home sales. Currently, about 80 percent of all mortgage loan applications are to refinance existing mortgages, according to figures from the Mortgage Bankers Association (MBA). Al Read the full post
New foreclosures initiated in the second quarter of the year were at their lowest rate since the final months of 2008, according to a new government report issued today.
Mortgage servicers initiated 292,000 new foreclosure actions in the second quarter of the year, lower than any of the previous five quarters. Meanwhile, serious mortgage delinquencies of 60 days or more were at their lowest level of the past 12 months, although higher from the second quarter of 2009. The quarterly Mortgage Metrics Report, issued by the Office of the Comptroller of the Currency and Office of Thrift Supervision, provides a snapshot of how U.S. m Read the full post
Looking for the best mortgage? For most people a mortgage payment is the largest monthly expense that consumes most of their monthly salary. Because it is such a large financial obligation, it is crucial to get the best mortgage deal in town. Failing to obtain the right mortgage will end up being very costly in the long run. You need to be aware of all your options and enlist the help of experts in this field.
It is extremely important that you select the right mortgage loan keeping in mind how much you can afford. An independent mortgage broker can help you find the best mortgage deals on the market.
If you filed for a medical bankruptcy, you can get a mortgage within 1 year from the discharge, but only by getting an FHA mortgage. A bankruptcy that was due to extenuating circumstances which must be documented, is still a big deal with a conventional mortgage which requires 4-year period after the date of discharge. Even with an FHA financing you may find it difficult to get a new mortgage in current lending environment. Still, if you reestablish credit history and have no new negative records within 12 months after the bankruptcy discharge, you will get a mortgage. It may take longer than before to find a lender, but it beats by far the 4 years that conventional lenders require.