All Entries Tagged With: "mortgage"
FHA Offers Short Refinance Program to Underwater Borrowers
Starting September 7th the Federal Housing Administration (FHA) will offer homeowners who owe more than their home is worth a new refinancing option or “short refinance” opportunity. Hundreds of thousands of homeowners who are underwater on their mortgages may by having a lower rate and having their principal reduced through the FHA Short Refinance initiative. [...]
Refinance Mortgage Rate Still at Record Low
Home loan refinancing dropped again this week. As of now, the 30-year fixed mortgage is 4.5344%. Additionally, the refinance mortgage rates have descend only 3 basis points and over the past 4 weeks the rate has dropped by at least 17 basis points. Bank of America maintained their current refinance rates at 4.906%. BofA lowered [...]
NY Fed May Tell Banks to Buy Back Bad Mortgages
The Federal Reserve Bank of New York may tell some banks to repurchase past-due home loans that back some of the securities it holds. This aid action would boost the value of the institution’s combined Maiden Lane portfolio which an average $67.4 billion in assets in the week ending July 28, according to Reuters reported. [...]
Citigroup to Invest $100 Million into NYC Affordable Housing Fund
Citigroup, Inc. is planning to invest $100 million fund in low and moderate income housing projects within the city of New York, the bank said Wednesday. The fund, which will be handled by L&M Development, is geared to provide support in preserving and rehabilitating affordable housing in New York City and the outer area by [...]
$10 Million Small Business Grant Program Being Offered by Bank of America
The Bank of America, the largest bank holding company in the United States, by assets, and the second largest bank by market capitalization, recently implemented a new $10 million grant program to support nonprofit lenders aid small and rural businesses. The program was formally announced yesterday, the grants would be used to render support to [...]
First Time Home Buyers and Home Loan Financing Percentage Changed Since 2005
There was some noticeable changes to how much financing and how much of a down payment homeowners put in purchasing their first time home as well as if they were buying a new home again. According to the Realtor.org website home financing developed in different directions when comparing home loan financing 2005 percentages against the [...]
Six South Flordians Arrested for Mortgage Fraud Scam
Six men residing in South Florida were arrested by the South Flordians Police in conspiring with a $2 million mortgage fraud scheme that allegedly included recruiting “straw buyers” who allowed their names to be used on applying loans for properties that would be bought by others, state insurance fraud investigators said. Investigators alleged that Sean [...]
Sovereign Bank Joined Forces with Liberty Mutual to Provide Best Insurance to its Customers
Sovereign Bank and Liberty Mutual Insurance have announced its business partnerships to provide Sovereign customers with Liberty Mutual’s personal insurance products. Liberty Mutual, Boston-based insurance company, is allocating more than 200 Sovereign mortgage development officers to exclusively manage the sales of the company’s auto, home, renters, and personal liability policies throughout 721 Sovereign branches within [...]
FICO Report Indicates Americans’ Credit Scores Drops Below 600
The Fair Isaac Corporation or most known as FICO credit scores, which are sold directly to consumers using Equifax and Transunion, are dropping each and every month. The figures provided by FICO Inc. indicates that 25.5% of consumers, or nearly 43.4 million people, now have a credit score of 599 or below, marking them as [...]
NACA Home Loan Modification Program in Washington D.C
Hundreds of homeowners packed downtown Washington before dawn Friday hoping to acquire a excellent terms on their home loans with help of the housing advocacy group Neighborhood Assistance Corporation of America, according to CNBC reports. NACA are rendering professional advice and counseling to borrowers regarding their home loan modification. The home loan modification program of [...]