Mortgage Rewriting Bill Approved By House

March 11, 2009
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Debt-deep homeowners now have a chance to get lower mortgage payment with the recent approval by the House of Congress of a bill that gives bankruptcy judges the legal power to lessen not just the interest rates but the principal of a home mortgage. The legislation, which has been approved 234-191 in the House, is however facing a tough road in the Senate even if it is part of the housing rescue plan of President Barack Obama. Obama’s $75 billion stimulus bill includes cash incentives for loan servicers that can provide more affordable loan terms for homeowners.

While some people see the legislation as a powerful negotiation tool that will provide…

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Filed Under: Foreclosures, Mortgages

Unemployed To Get Mortgage Break Brom Citi

March 9, 2009
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Here’s a silver lining for unemployed homeowners who have accounts with CitiMortgage. The company is willing to help workers who have recently become unemployed by temporarily reducing their home mortgages to $500 a month. CitiMortgage president and CEO Sanjiv Das said this amount is relatively less than the price of a one-bedroom rental. CitiMortgage is Citigroup’s housing lender arm. The bank has received $45 billion in federal aid and has lost 36% of its ownership in favor of the government.

Borrowers will be covered by the program for 90 days after the submission of documents which will prove they have received their state unemployment benefits. Depending on individual situations, homeowners can…

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Filed Under: Economy Crisis, Lenders, Mortgages

Sales Of Oahu Homes Down By 50%

February 28, 2009
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Here’s another casualty of the worsening housing industry. Oahu has registered a 50% reduction in the rate of sales of homes and condominiums. This is the lowest level of sales since the Asian economic crisis in the late 1990s. Sales of single family homes went down by 46.5% while the sales of condominiums went down by 50.9%. The slow sale was attributed to the cautious and wait and see attitude of the consumers in the light of the economic crisis.

The Honolulu Board of Realtors reported that the lack of demand has resulted to a 10.1% reduction in the average sales price for a single family home or roughly $539,500. This…

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Filed Under: Economy Crisis, Mortgages, Real Estate Crisis

Home Credit To Those Who Can’t Afford It Blamed For Housing Crisis

February 16, 2009
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The powers that be have nonchalantly admitted that forcing home loans on those who could not afford to pay them off is partly the reason, if not the primary reason for the housing crisis. House Financial Services Committee Barney Frank said there may have been a mistake in approving home ownership for people who could not afford it. The best option for them would have been to rent their homes.

There has been a long term pressure to provide home ownership to a great number of people regardless of the financial capability and this is now being pointed to as the culprit for the bubble burst. Fannie Mae and Freddie have…

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Filed Under: Lenders, Mortgages

Fannie Mae Relaxes Rules On Home Loan Refinancing

February 13, 2009
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When the going gets tough, the rules get going. This seems to be the case with the loosening of standards by Fannie Mae to remedy the housing and real estate crisis the country is experiencing today. Other sectors however disagree saying it was Fannie Mae’s loose standards that caused the housing crisis in the first place. Doomsayers say the housing problem is getting worse while positive thinkers would like to believe that that the sector is on recovery. No matter what you believe, Fannie Mae decided to relax their rules to give more leeway to homeowners to avail of refinancing. This strategy is expected to counter a total meltdown of…

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Filed Under: Lenders, Mortgages

Mortgage Rates Up

February 12, 2009
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Mortgage rates are up as seen from the Primary Mortgage Market Survey or PMMS recently released by Freddie Mac. The survey shows an average 5.25% for the 30-year fixed rate mortgage with 0.8 point for the week of February 5 compared to the 5.10% average rate prior to that week. The survey also shows an increase in the 15-year fixed mortgage rate from 4.80% the previous week to 4.92% for the week ending February 5.

Freddie Mac vice president Frank Nothaft said the positive economic reports resulted to an increase in the fixed-rate mortgage interest rates. This can be good news or bad news depending on which side of the fence…

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Filed Under: Mortgages

Wiping Out Mortgages Literally

February 7, 2009
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Millions of people affected by the foreclosure trend are surely on the lookout for a way with which they can erase their mortgages.  A disgruntled worker finally found a solution to erasing mortgages albeit literally. Had Rajendrasinh Makwana been successful, he would have unleas4ed a virus that would have literally wiped out all data on the 4,000 servers of Fannie Mae. And had he been successful, he would have been the new hero of people with problematic mortgages. The 35-year old Indian citizen who has been in the United States since 2001used to be a contract worker of Fannie Mae until he was fired last October 24.

Makwana’s attempt was however…

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Filed Under: Mortgages, Real Estate Fraud

Toll Brothers Offer Less Than 4% Fixed Mortgage Rate

January 25, 2009
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The real estate market is down and those in the industry have to resort to a lot of gimmicks to encourage people to get a new home. However, nothing beats the Toll Brothers’ marketing scheme which offers buyers a low fixed mortgage rate of below 4% which is even lower than the already remarkably low average rates of 5%.

The Toll Brothers is offering a super-low fixed mortgage rate of 3.99% for buyers applying for a maximum loan amount of $417,000 for a 30-year period and without points. Freddie Mac confirms that the 30-year fixed arte mortgage is now seen at 4.96%.

This can get everyone’s attention indeed but so far no…

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Filed Under: Mortgages

HR 384 To Stimulate Home Buying Demand

January 19, 2009
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House Bill 384 or the TARP Reform and Accountability Act is expected to make affordable mortgages more accessible to qualified buyers and in the process stimulate the demand for home buying. The bill, which was introduced by Representative Barney Frank, is being eyed as the first step to reviving the housing market and attaining economic recovery.

By amending some provisions of the Emergency Economic Stabilization Act of 2008, the bill seeks to strengthen accountability and lessen foreclosures. Those in the real estate sector are confident and al praises for the bill saying it is an important step that the government should take to pave the way for the recovery of the…

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Filed Under: Mortgages
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