October 7, 2013
Regarding the Oct. 5 front-page article " Shutdown's impact continues to grow ": Each day that the government shutdown continues means that I am closer to losing the chance to buy my first home. On Oct. 1, my loan officer informed me that, although my husband and I are preapproved for an Agriculture Department Rural Development mortgage, our application will not be processed during the shutdown. The closing date is at the end of the month. We are not buying a mansion; we are buying a simple starter home.
October 2, 2013 |
With complaints from struggling homeowners mounting, government officials are pressing five of the nation's largest banks to fix the way they handle requests for mortgage relief — or face further court action. On Wednesday, the court-appointed monitor of the $25 billion national mortgage settlement added four tests to measure how well banks are complying with the landmark agreement to clean up shoddy foreclosure practices. If the banks flunk the tests, the monitor could drag them into...
October 1, 2013 |
Mortgage finance giant Freddie Mac said Tuesday that three of the country's largest banks — Wells Fargo , Citigroup and SunTrust Banks — had agreed to pay a total of $1.3 billion to resolve claims on millions of home loans that have soured or may go bad. Freddie Mac, along with sibling Fannie Mae, has been seeking compensation from banks that it claims misrepresented the quality of home loans sold to it during the housing boom....
September 26, 2013 |
It's an issue that hasn't gotten much attention but should be a red alert for first-time home buyers and others who supplement their incomes with part-time work: Though part-time earnings are playing an increasingly important role in the post-recession American economy, the income you earn part time may not count when you go to buy a house. What? Isn't income always income? If you make $42,000 from your regular full-time job and another $18,000 at a second job, isn't your gross income...
September 19, 2013 |
Might the end of the refinancing boom be stimulating slightly more favorable mortgage terms for home buyers? The latest comprehensive study of activity in the market suggests the answer may be yes. Ellie Mae, a mortgage technology firm based in Pleasanton, Calif., conducts a widely regarded survey involving a massive, nationally representative sample of loans closed each month. Its August findings, released this week, point to a gradual easing on credit scores for...
September 18, 2013
MORTGAGES Denial rates higher for Hispanics, blacks U.S. mortgage lending increased by 38 percent last year, boosted by significant refinancing activity, with white and Asian borrowers continuing to enjoy greater access to credit for purchases than blacks or Hispanics, regulators said Wednesday. "The total number of originated loans of all types and purposes reported increased by about 2.7 million, or 38 percent, from 2011, in part because of a 54 percent increase...