News

State Takes Fresh Crack at Mortgages .

By NICK TIMIRAOS Fannie Mae and Freddie Mac will participate in a Nevada program that cuts loan balances for certain homeowners who are current on their mortgages and owe more than their houses are worth in what could be a model for other hard-hit states. Under a pilot program launched Friday, Nevada will use federal housing money to pay down …

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Refinancing Effort Grows, But Levels Still Low for Most ‘Under Water’.

By Alan Zibel The number of homeowners who have refinanced their home loans under a revamped federal program for those with sunken property values is rising, but the effort is just starting to reach the most severely “underwater” borrowers. Statistics released Friday by the Federal Housing Finance Agency show that more than 41,000 homeowners who owe more than 105% of …

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Regulators Delay Mortgage Rules .

By ALAN ZIBEL WASHINGTON—Federal regulators delayed new rules to establish standards for the mortgage-lending industry, a move that could further hold back the thin market in mortgage-backed securities not supported by the federal government. The rule delay marks another setback in Washington’s attempts to redesign the $10.3 trillion U.S. mortgage market, years after the onset of the housing woes. The …

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Consumer Financial Protection Bureau seeks further comment on Ability-to-Repay mortgage rule

Bureau Asks Public to Weigh in on New Data and Information WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) announced that it is seeking public comment on new data and information that it has received in a rulemaking to require lenders to assess consumers’ ability to repay mortgage loans before extending them credit. The comment period will close …

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Short Sales of U.S. Homes on Track to Exceed Foreclosure Deals

By John Gittelsohn – 2012-05-31T04:01:00Z   Short sales of U.S. homes rose to a three-year high in the first quarter as banks agreed to let more borrowers unload property at a loss, putting the transactions on pace to surpass deals for foreclosures, RealtyTrac Inc. said. Sales of homes in the pre-foreclosure process increased to 109,521, up 25 percent from a …

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Getting the Best Refinancing Deal

The Wallstreet Journal By RUTH SIMON There has never been a better time to refinance your mortgage. Rates are at record lows. The government is devising new programs to help homeowners. The economy and job market are improving, albeit slowly. In theory, those factors should be producing a boom in mortgage refinancing. But locking in a deal is proving to …

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Negative Equity Rates: How Does Your Neighborhood Fare?

Today Zillow made waves by becoming the most broad and accurate public source of negative equity information. We’re now able to tell, down to the ZIP code level, what the rate of negative equity is, how far underwater homeowners are, and the delinquency rate of underwater homeowners. To make this data available to each and every one of you, we’ve …

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Most Underwater Homeowners Still Paying Mortgages

Nearly a third of homeowners with mortgages, or roughly 16 million borrowers, remained underwater on their home loans in the first three months of this year, an analysis from the real estate site Zillow finds. Underwater borrowers owe more on their mortgages than the home is worth. The percentage of underwater borrowers, 31.4, is up slightly from 31.1 percent in …

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HUD STUDIES SHOW HOUSING COUNSELING HELPS FAMILIES PREPARE

HUD No. 12-085 Lemar Wooley (202) 708-0685 FOR RELEASE Wednesday May 16, 2012 HUD STUDIES SHOW HOUSING COUNSELING HELPS FAMILIES PREPARE FOR HOMEOWNERSHIP AND KEEP THE HOMES THEY HAVE WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today released two reports on the impact of HUD-approved housing counseling has for those families who purchase their first homes …

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Tax Code Overhaul Must Be Made a U.S Priority

Tax Code Overhaul Must Be Made a U.S Priority, Camp Says By Richard Rubin – May 17, 2012 The U.S. Congress and President Barack Obama should endorse a fast-track approach leading to a rewrite of the tax code in 2013, Representative Dave Camp, the top House tax writer, said today. “Doing so would send a clear, strong message to the …

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