June 26, 2022

Errant Handling of Foreclosure Documentation to Prove Costly

Following the admission that they mishandled thousands of  foreclosures, three key mortgage lenders, along with other American financial companies will likely face a host of potential fines and law suits. In recent days, major lenders GMAC, Bank of America and JP Morgan Chase have all announced the suspension of  thousands of home foreclosures throughout the […]

US Housing Starts and Building Permits Rise

The U.S. Commerce Department today reported that U.S. housing starts rose by 10.5% in August, significantly exceeding market expectations of a minimal 0.7% gain. August’s data reflects the second consecutive month with a housing starts increase. It is also the largest improvement since November of 2009. Good news was also reported for new building permits, […]

FHA Short Refinancing Plan to Help ‘Underwater’ Homeowners

In an attempt to assist responsible home owners whose mortgage debt is greater than the current value of their homes, the U.S. Department of Housing and Urban Development has begun offering a newly developed option for refinancing their homes. Initially announced last March, this augmentation of the Federal Housing Administration (FHA) home refinancing program will […]

Mortgage Applications Rise on Low Interest Rates

As a result of the lowest interest rates in decades, home mortgage applications rose 4.9% last week. According to the Mortgage Bankers Association, the gain was driven by a 5.7% increase in refinancing applications. New loans for purchasing homes rose by less than 1%. . Refinancing represents 82.4 percent of all new loan activity, its […]