Applications for mortgages has increased for a third straight week as borrowers are trying to refinance loans that are set to adjust.
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Richard Syron, Freddie Mac CEO, told CNBC today that the home-loan provider needs to be able to invest in jumbo loans for the next two years to help release some of the stress of the subprime crisis. Read the rest of this entry »
Federal Reserve Chairman Ben Bernanke informed congress today that the credit crisis has caused “significant market stress”. He offered new assurance that regulators would take steps to curb fallout related to the mortgage mess.
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You’ve surely heard about how the credit crunch has made it harder for many types of buyers to afford a home or qualify for a mortgage.
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The recent media meltdown over bad credit mortgages served to focus public attention like a laser beam on the current residential Atlanta real estate slowdown. But other news events have shifted the focus.
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Foreclosure filings rose 36 percent in August from July and a staggering 115 percent from a year ago, hit by declines in once-hot housing markets such as California, Nevada and Florida.
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Bank of America has introduced special pricing for borrowers who are seeking to refinance home loans with conforming 30-year and 15-year fixed-rate loans.
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Despite a bad job report, jitters on Wall Street and a housing slump, the Federal Reserve appears reluctant to try to jolt the economy with a major cut of the central bank’s key short-term interest rate.
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Rising California home prices are no longer a sure thing. A buyer’s market has taken hold, reports the San Jose Mercury-News.
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Countrywide grew from a two-man startup in 1969 to the nation’s leading mortgage lender by deftly riding out housing boom-and-bust cycles.
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