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In Saturday’s New York Times, Martin S. Feldstein, in an Op Ed entitled “ How to Stop the Drop in Home Values ”, argues that continuing declines in home prices are at the heart of America’s housing crisis and can only be stopped through a government plan that reduces borrowers’...
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Home Today's Headlines ATW Forums Q&A Mortgage Rates Top Stories Fannie Mae Loan Buyback Requests Up More Than 60% Year Over Year While many expected the disturbingly high number of GSE directed repurchase demands to mortgage lenders on nonperforming loans to crescendo in 2009 – 2010... - Voice of...
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Some new data released this week by Zillow is revealing not because it gives provides evidence of a troubled housing market - nothing could surprise us there - but because it may be a sign that the mortgage banks are finally beginning to get it . Zillow, the Seattle-based website that started out as...
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Federal Reserve Bank of Boston President Eric Rosengren said mortgage lenders were left with little or no supervision leading into the U.S. financial crisis, and that now troubles in the housing sector have spilled into the broader economy. Rosengren spoke at the Citizens' Housing and Planning Association's...
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CIT Group announced on Monday that it was selling both its home lending business and its manufactured-housing division. The lending business which has total assets of $9.3 billion as well as servicing operations will go to Lone Star Funds for $1.5 billion. In addition, Lone Star will assume $4.4 billion...
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The National Association of Home Builders ( NAHB ) urged Congress this week to move forward on legislation to improve energy efficiency and sustainability in housing without driving costs above manageable levels. Jerry Howard, NAHB executive vice president and CEO testified before a House Financial Services...
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We conducted an unscientific, teeny little survey of foreclosed houses last week ' precisely one house ' but given the figures we quoted earlier this week about the toll foreclosed homes are taking on cities, neighborhoods, and individual neighbors ' we are willing to bet that what we saw in Darien,...
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Earlier this month a reader, Pamela Norvell, wrote a suggestion for lessening the foreclosure crisis. She suggested a freeze and/or a rollback of interest rates to their original levels. In making her suggesting Ms. Norvell wondered what it was causing lenders to foreclose on properties rather than do...
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The Wall Street Journal is reporting that mortgage lenders are facing an assault on yet another front as the mortgage debacle rolls on. Investors, including Freddie Mac and Fannie Mae, are taking a long look at loans they have purchased from lenders over the last few years and the contracts that govern...
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Another program to aid in the subprime mortgage crisis has been announced by Fannie Mae . As with most recent initiatives, whether designed by lenders, Congress, or the President, the intended audience of Fannie's program is limited, but it does target a sector of troubled borrowers that has not received...
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In order to prevent more foreclosures, Fed Governor Randall Kroszner said lenders should lower mortgage rates and reduce principal for borrowers whose home prices have dropped below their loan values. Testifying before the House Financial Services Panel on Wednesday, Kroszner urged Congress to move quickly...
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Another closely watched mortgage industry participant has gotten a temporary reprieve as its lenders agree to forbearance for threatened margin calls. Thornburg Mortgage said that five lenders have agreed to a deal where no further margin calls will be made in return for its compliance with a laundry...
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Bloomberg News reported on Wednesday that Fannie Mae is proposing to ban the use of appraisals by a lender's employees or those arranged by mortgage brokers. The proposal was contained in what Bloomberg referred to as a "talking points" memo distributed to lenders this week and was in response to an...
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What a fascinating and tumultuous time is upon us! Both the housing and the mortgage market are convulsing wildly! There are so many facets to the "big picture" that I would never presume have all the answers, so the following disclaimer is in order: I am a mortgage broker and the following is my opinion...
Posted to
MND NewsWire
by
Glenn Setzer
on
Thu, Nov 1 2007
Filed under:
Filed under: housing bubble, home builders, home prices, Freddie Mac, adjustable rate mortgage, Fannie Mae, Conforming Loan, lending standards, mortgage lenders, home equity, underwriting, mortgage backed security, alternative loans, credit rating, real estate boom
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A popular theme in the responses we have received to our request for feedback from the foreclosure front has been the confusion , delays, and inflexibility on the part of mortgage servicers in handling " short sales ." Short sales are requests to discharge mortgages when a third party is willing to purchase...