Posted on 25 August 2009
Tags: Bank of America, borrowers, Citigroup, CitiMortgage, economy, foreclosures, HAMP, Home Affordable Modification Program, home prices, homeowners, inventories, JPMorgan Chase & Co, modification, Mortgage, President Barack Obama, Recession, report, U.S. Treasury, US housing market
In response to the U.S. Treasury’s call to speed the process and help prevent foreclosures, Citigroup Inc has significantly boosted its mortgage modification offers this month.
In a report released on Tuesday, CitiMortgage said that it has already helped 108,000 homeowners in the last quarter to avoid potential foreclosure, a rise of nearly 30 percent over the previous period.
It has participated fully in the President Barack Obama’s Home Affordable Modification Program, known as HAMP, to ease loan terms for up to 4 million borrowers.
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Posted on 20 August 2009
Tags: applications, bond, Debt, Fannie Mae, first- time buyers, freddie Mac, Ginnie Mae, government, government tax credit, home prices, inflation, Loans, lowest level, Mortgage Backed Securities, Mortgage Bankers Association’s index, Mortgage Rates, profit, Recession, reduced borrowing costs, The Federal Reserve, U.S. housing market, Washington-based MBA
This week, the mortgage rates for 30-year fixed loans fell to the lowest level since May. This has led to reduced borrowing costs for hesitant buyers. Recent signs show that the recession in the U.S. housing market may be bottoming.
According to Freddie Mac of McLean, Virginia, the average 30-year rate fell to 5.12 percent from 5.29 percent. The 15-year rate was 4.56 percent.
The fall in home prices and a government tax credit for first- time buyers is reinforcing the tepid demand. According to the Washington-based MBA, the Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan rose 5.6 percent to 527.
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Posted on 19 August 2009
Tags: american, buyers, costlier appraisals, Fannie Mae, fees, freddie Mac, government-sponsored enterprises, home loans, home prices, interest rate, lenders, longer processing times, lower, mortgage borrowing, Mortgage debt, new risk-based pricing, restrictions, tax credit, U.S. mortgage industry
Mortgage debt has become more appealing for some buyer due to the federal first-time home buyer tax credit, which expires Dec. 1, especially combined with lower home prices and lower interest rates, but the president of Bills.com, Ethan Ewing, has cautioned buyers to be aware of the new changes to mortgage borrowing.
Fannie Mae and Freddie Mac are two very large government-sponsored enterprises that purchase mortgages from the lenders that originate home loans. The U.S. mortgage industry largely follows rules established by Fannie Mae and Freddie Mac. These both back nearly half of all U.S. home loans.
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