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October 2011 - Posts

Saturday, October 29, 2011 11:18 AM

Mortgage rates flat

The Los Angeles Times Freddie Mac said Thursday in its weekly report that the 30-year rate averaged 4.10 percent this week for solid borrowers who paid 0.8 percent of the loan amount in lender fees and discount points. That was down a notch from 4.11
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Saturday, October 29, 2011 11:17 AM

Foreign buyers scooping up U.S. homes

CNNMoney International purchases of America homes are ramping up, and a new Senate bill designed to boost the ailing real-estate market would encourage globe-trotting investors to buy even more Read the full story
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Saturday, October 29, 2011 11:14 AM

Knowing when to refinance

The New York Times Refinancing made up 79 percent of all 2011 mortgage applications as of early October, according to the Mortgage Bankers Association. However, industry experts warn against rushing into refinancing, especially for first-timers. Read
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Saturday, October 29, 2011 11:12 AM

Home prices rise for fifth straight month

CNNMoney A gauge of home prices featuring 20 major cities, the S&P Case Shiller Index, reported Tuesday that prices rose 0.2 percent in August, but were still down 3.8 percent year over year. Read the full story
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Saturday, October 29, 2011 11:09 AM

Ten things you need to know about buying or selling a home

The Washington Post Many homeowners who haven’t bought or sold a house in the past few years may find that many of the old “rules” have changed. Read the full story
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Saturday, October 29, 2011 11:06 AM

Troubled homeowners get a lifeline

CNNMoney The government is changing its Home Affordable Refinance Program (HARP), making it easier for homeowners to refinance their underwater, high-interest mortgages. Making sense of the story Although HARP has helped more than 890,000 homeowners nationwide
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Monday, October 24, 2011 4:44 PM

HARP Refinance Program Expanded

Borrowers who are current on their home loans may be able to refinance for lower interest rates, even if they are seriously upside down. The Federal Housing Finance Agency (FHFA) announced today that it will broaden the scope of the Home Affordable Refinance
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Friday, October 21, 2011 8:52 AM

Fraud Alert: FTC charges credit repair operators

The Federal Trade Commission has charged the operators of a credit repair company with making false statements to credit bureaus about information in consumers’ credit reports, and illegally collecting fees from consumers before performing any services.
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Friday, October 21, 2011 8:51 AM

Freddie Mac releases October economic and housing market outlook

Freddie Mac has released its U.S. Economic and Housing Market Outlook for October, which shows that the multifamily sector is a strong positive signal for the U.S. housing industry. Highlights of the outlook include: Over the year ending mid-2011, the
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Friday, October 21, 2011 8:47 AM

Home sales, median home price decline in September

Heightened economic uncertainty contributed to a decrease in California home sales in September, according C.A.R. September sales and price report. However, September home sales posted higher on a year-to-year basis for the third consecutive month and
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Friday, October 21, 2011 8:41 AM

Bill would remove penalty for tapping 401(k) to avoid foreclosure

Los Angeles Times The proposed legislation would amend the tax code to allow homeowners who have 401(k) retirement plans to pull out money to save their houses from foreclosure without the usual tax penalties. Read the full story
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Friday, October 21, 2011 8:39 AM

The 4 percent mortgage – good luck getting one

CNNMoney A 4 percent mortgage sounds too good to be true – and for more than 90 percent of borrowers, it is. Read the full story
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Friday, October 21, 2011 8:37 AM

Fannie, Freddie to phase out attorney network in wake of foreclosure scandal

The Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to transition to a system that allows mortgage servicers to select their own law firms for processing defaults and foreclosures, rather than relying on a pool of attorneys designated
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Friday, October 21, 2011 8:33 AM

After a Rejection

The New York Times Some borrowers think that because their mortgage application is turned down the first time, they won’t ever be approved. In reality, some borrowers succeed on the second or third attempt, usually with a different mortgage professional,
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Monday, October 17, 2011 5:40 PM

Fraud Alert: Five steps to avoiding fraud

As financial scams evolve to keep pace with the changing American economy, it is important that consumers educate themselves about common scams. Here are five steps consumers can take to avoid becoming a victim of financial fraud. 1. Research: Before
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Monday, October 17, 2011 5:38 PM

Obama Administration releases September Housing Scorecard

HUD and the U.S. Dept. of the Treasury recently released the September edition of the Obama Administration's Housing Scorecard. The latest housing data offer continued mixed signals as home prices improved for the fourth consecutive month, but showed
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Monday, October 17, 2011 5:36 PM

Senators call for swift action to help homeowners refinance

U.S. Sens. Barbara Boxer (D-CA), Johnny Isakson (R-GA), and Robert Mendendez (D-NJ) have joined 13 of their colleagues in urging the Obama administration to quickly implement administrative reforms to help responsible homeowners refinance and take advantage
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Monday, October 17, 2011 5:30 PM

Banks offer cash for completed short sales

San Diego Union-Tribune The nation’s largest banks are luring a select number of homeowners to complete short sales with the promise of cash, in some cases as much as $35,000 for each deal. Read the full story
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Monday, October 17, 2011 5:29 PM

Foreclosures continue to plague housing market

Nationwide, foreclosure filings totaled 610,337 in the third quarter, an increase of less than 1 percent from the previous quarter, said RealtyTrac. Read the full story
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Monday, October 17, 2011 5:27 PM

Homeownership: Biggest drop since Great Depression

The rate of homeownership fell to 65.1 percent in April 2010, 1.1 percentage points lower than it was in 2000. The decline was the biggest drop since the 1930s, when homeownership plunged 4.2 percent. Read the full story
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Monday, October 17, 2011 5:25 PM

HUD: We need to make refinancing easier

San Diego Union-Tribune A leading official at the Dept. of Housing and Urban Development (HUD) has echoed President Obama’s push to reform mortgage refinancing to help borrowers take advantage of historically low rates and lower their monthly payments.
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Monday, October 17, 2011 5:23 PM

Triggers for rejection

The New York Times Last year, more than two million people were turned down for homes, according to federal data, often because the applicants didn’t meet certain lender requirements or because their applications were incomplete or otherwise problematic.
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Saturday, October 08, 2011 8:12 AM

Freddie, Fannie reject debt relief

Fannie Mae and Freddie Mac have decided not to participate in debt reduction programs due to their policies against debt forgiveness and principal reduction. Read the full story
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Saturday, October 08, 2011 8:09 AM

Determining a home’s value

The New York Times Declining property values are preventing some homeowners from taking advantage of today’s historically low interest rates and refinancing. Making sense of the story Many homeowners nationwide have either no equity or are in a
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Saturday, October 01, 2011 6:05 AM

Title fees are hard to swallow when refinancing mortgage

Low interest rates have spurred many homeowners to refi. And each time, title firms cash in. Although the fees seem unfairly high, regulators have done little about an industry dominated in California by just four companies. Read the full story
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Saturday, October 01, 2011 6:03 AM

Focus on the Loan Officer!

Talking Points When purchasing a property, most borrowers will conduct their due diligence on the house, examining its structural soundness and the surrounding neighborhood. However, not all borrowers do a thorough vetting of the lender. Borrowers are
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Saturday, October 01, 2011 6:01 AM

Troubled homeowners beware of “mass joinder” lawsuit invitations

Financially strapped homeowners should beware of unsolicited mailings inviting them to participate in a “mass joinder” lawsuit that promises to force lenders to modify their loans. Read the full story
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Saturday, October 01, 2011 5:59 AM

Home prices up in July in 17 cities

Home prices rose in 17 U.S. cities in July, according to the Case-Shiller Home Price Index, a closely watched measure of the health of the nation’s housing market. Nationally, prices were up 0.9 percent from the previous month, exceeding analysts’
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Saturday, October 01, 2011 5:57 AM

U.S. to lower the size of mortgage it will guarantee

The current conforming loan limit, which determines the maximum size of a mortgage that the Federal Housing Administration (FHA), Fannie Mae, and Freddie Mac can buy or guarantee – is set to expire Friday, Sept. 30. Making sense of the story Beginning
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