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February 2012 - Posts

Friday, February 24, 2012 3:26 PM

Borrowing again after a short sale.

Talking Points Some borrowers who have sold their homes through short sales may be eager to buy another home while interest rates are still low. However, these borrowers should be aware of the downside of trying to purchase a home right away. While banks
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Friday, February 24, 2012 3:24 PM

Home prices at lowest point in more than 10 years

CNNMoney The NATIONAL ASSOCIATION OF REALTORS® reported that the median home price in January fell 2 percent from December to $154,700. That’s the lowest reading since November 2001. Read the full story
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Friday, February 24, 2012 3:23 PM

FHFA releases plan for Freddie, Fannie exit

The Washington Post The Federal Housing Financing Agency released a plan Tuesday for beginning to wind down Fannie Mae and Freddie Mac, largely by increasing fees charged to borrowers. Read the full story
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Friday, February 24, 2012 3:22 PM

The tax benefits of refinancing

SmartMoney Many people refinanced their mortgages in 2011 to take advantage of historically low interest rates. Now, it’s important that these borrowers claim all the rightful deductions on their 2011 returns. Read the full story
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Friday, February 24, 2012 3:21 PM

Million-dollar foreclosures rise as rich walk away

CNNMoney Over 36,000 homes valued at $1 million or more were foreclosed on – or at least served with a notice of default – in 2011, according to data compiled by RealtyTrac. Read the full story
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Friday, February 24, 2012 3:17 PM

A fixed rate alternative

The New York Times With interest rates at historically low levels, many borrowers are finding value with a reliable fixed-rate mortgage. However, borrowers who think they could be relocating in the near future, or need to shore up savings, might want
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Thursday, February 23, 2012 3:13 PM

Market Statistics and Mortgage Rates

Calif. median home price : January 2012: $268,280 (Source: C.A.R.) Calif. highest median home price by region/county January 2012: Marin, $694,440 (Source: C.A.R.) Calif. lowest median home price by region/county January 2012: Tehama, $110,000 (Source:
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Thursday, February 23, 2012 3:12 PM

Tip of the Week: IRS releases tax scams for 2012

The Internal Revenue Service has issued its annual “Dirty Dozen” ranking of tax scams, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer
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Thursday, February 23, 2012 3:10 PM

Deadline to request independent foreclosure review extended to July 31

Borrowers seeking a review of their mortgage foreclosures under the Federal banking agencies' Independent Foreclosure Review now have until July 31, 2012, to submit their requests. The new deadline provides an additional three months for borrowers
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Thursday, February 23, 2012 3:09 PM

FHFA sends Congress plan for Fannie and Freddie conservatorships

Federal Housing Finance Agency (FHFA) Acting Director Edward J. DeMarco this week sent to Congress a strategic plan for the next phase of the conservatorships of Fannie Mae and Freddie Mac. FHFA identified three strategic goals for the next phase of the
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Thursday, February 23, 2012 3:07 PM

Short Sale Soundoff: Proposed bill to speed up short sale process

Senators Lisa Murkowski (R-Alaska), Scott Brown (R-Massachusetts), and Sherrod Brown (D-Ohio) proposed a bill addressing the issue of short sales timelines on Feb. 17. The legislation, also known as the Prompt Notification of Short Sale Act, will require
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Friday, February 17, 2012 2:41 PM

Consumer Protection Working Group launched to Combat Consumer Fraud

The Consumer Protection Working Group, formed under President Barack Obama’s Financial Fraud Enforcement Task Force (FFETF), recently convened its first meeting to address consumer fraud, which can financially cripple households and can cause extensive
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Friday, February 17, 2012 2:39 PM

Mortgage loan delinquencies increase in fourth quarter

The national mortgage delinquency rate (the rate of borrowers 60 or more days past due) increased for only the second time since the end of 2009, edging upward to 6.01 percent at the end of the fourth quarter 2011, according to TransUnion. Between the
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Friday, February 17, 2012 2:38 PM

Investor purchases soar in January

Sales to third parties, typically investors, rose significantly in January, according to a report by ForeclosureRadar. California saw the most activity, with investors purchasing 3,964 properties for $766.2 million. This is the fourth largest month on
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Friday, February 17, 2012 2:37 PM

California housing affordability improves in Q4

California’s housing affordability rose to its highest level in fourth-quarter 2011, matching a record high set in 2009, thanks to lower home prices and record-low interest rates, C.A.R. recently reported. The percentage of home buyers who could
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Friday, February 17, 2012 2:35 PM

State AGs, feds reach $25 billion mortgage settlement

Last Thursday, the nation’s five largest mortgage servicers agreed to a landmark $25 billion settlement with a coalition of state attorneys general and federal agencies. The settlement addresses past mortgage loan servicing, foreclosure abuses and
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Thursday, February 16, 2012 7:15 PM

First Time Homebuyer Tips

Talking Points Home buying doesn’t begin with home searching; it begins with a mortgage pre-approval. Often, first-time home buyers fear getting pre-approved because they’re afraid the lender may tell them they do not qualify for a mortgage
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Thursday, February 16, 2012 7:14 PM

Parts of Obama’s mortgage refinancing package will be reality

The Los Angeles Times Though it was pronounced dead before arrival by opponents on Capitol Hill, President Obama’s new mortgage refinancing package contained far more than legislative proposals. Read the full story
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Thursday, February 16, 2012 7:13 PM

Loan terms made to order

The New York Times Customized mortgages aren’t new, but industry experts say they are seeing more and more borrowers opt for fixed-rate loans with terms other than the standard 30 or 15 years, especially when it comes to refinancings. Read the full
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Thursday, February 16, 2012 7:12 PM

Consumer bureau to unveil monthly mortgage statement prototype

The Los Angeles Times The Consumer Financial Protection Bureau this week will unveil a prototype for a new monthly mortgage statement for consumers designed to clearly show important information from their servicer. Read the full story
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Thursday, February 16, 2012 7:11 PM

How to spot signs of a foreclosure scam

The San Diego Union Tribune Renters in areas hit hard by foreclosures have been targeted with panic-inducing flyers stating they will be evicted. However, renters living in properties that have been freshly foreclosed upon have rights. Read the full stor
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Thursday, February 16, 2012 7:09 PM

Housing agency’s reserves at risk

The Wall Street Journal The Federal Housing Administration will exhaust its reserves over the coming year, according to budget projections released Monday, which would require a Treasury infusion for the first time in its 78-year history. Read the full
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Thursday, February 16, 2012 7:07 PM

Mortgage reports shine rays of home for housing

The Los Angeles Times A Mortgage Bankers Association report Thursday said that after seasonal adjustments, 7.58 percent of all residential mortgages were delinquent by at least one payment as of the fourth quarter of 2011. That was down from 7.99 percent
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Thursday, February 16, 2012 7:06 PM

Home buying : Most affordable in decades

CNNMoney According to the National Association of Home Builders/Wells Fargo Housing Opportunity Index, 75.9 percent of all new and existing homes sold during the fourth quarter 2011 could have been comfortably purchased by families earning the national
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Thursday, February 16, 2012 7:05 PM

California home prices down due to distressed properties

Los Angeles Business Journal California home sales declined from both the prior month and year in January, according to data from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). The median price also was lower, primarily due to a sales increase
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Wednesday, February 15, 2012 1:54 PM

Market Updates

Calif. median home price : December 2011: $285,920 (Source: C.A.R.) Calif. highest median home price by region/county December 2011: Marin: $693,880 (Source: C.A.R.) Calif. lowest median home price by region/county December 2011: Madera: $106,000 (Source:
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Wednesday, February 15, 2012 1:52 PM

Non-bank mortgage lenders required to report fraud

The Financial Crimes Enforcement Network (FinCEN) has finalized regulations that require non-bank residential mortgage lenders and originators to establish anti-money laundering (AML) programs and file suspicious activity reports (SARs), as FinCEN requires
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Wednesday, February 15, 2012 1:50 PM

Home prices decreased 4.7 percent in 2011

CoreLogic’s December Home Price Index (HPI®) report shows that, including distressed sales, home prices in the U.S. decreased 4.7 percent in 2011 compared with December 2010. The year-end report shows that home prices continued the trend of
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Wednesday, February 15, 2012 1:47 PM

First time home buyers affordability tips

Talking Points With proper planning, first-time home buyers can avoid common mistakes that might jeopardize a deal. Many people decide to buy a house when they feel they are ready to take on a mortgage. However, just because the buyer can afford mortgage
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Wednesday, February 15, 2012 1:45 PM

Forecast: Drop in home values less severe in 2012

The Wall Street Journal Zillow’s home-value forecast released on Thursday predicts a 3.7 percent decline this year, an improvement when measured against the 4.7 percent decline in 2011. Read the full story
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Wednesday, February 15, 2012 1:44 PM

Short sales mean bonuses for some homeowners

The San Francisco Chronicle In a new development, banks are now selectively offering substantial sums of money – up to $35,000 – to some homeowners to encourage short sales. Read the full story
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Wednesday, February 15, 2012 1:43 PM

Lawmakers push Fannie, Freddie to write-down mortgage principal

The Los Angeles Times On Monday, lawmakers pressed the regulator of Fannie Mae and Freddie Mac to write-down the principal on mortgages of underwater homes. Read the full story
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Wednesday, February 15, 2012 1:41 PM

Fannie Mae: Outlook for home prices rises again

The Wall Street Journal The consumer outlook for U.S. home prices improved again in January, extending a recent upward trend in housing market sentiment, according to Fannie Mae. Read the full story
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Wednesday, February 15, 2012 1:37 PM

Foreclosures at the high end increase

The Mercury News The housing crisis has caught up with people whose wealth helped them hang onto their houses longer. Read the full story
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Wednesday, February 15, 2012 1:35 PM

Mortgage deal could bring billions in relief

Federal and state officials announced a $26 billion foreclosure settlement with five of the largest home lenders. California is expected to receive approximately $12 billion in principal write-downs, including through short sales, over the next three
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Saturday, February 04, 2012 4:38 PM

Considering Default Strategy?

Talking Points As the housing market continues to struggle for stabilization, many homeowners are turning to strategic default. Almost 11 million homes are now underwater, according to Corelogic. Around 3.5 million homeowners are behind in their payments
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Saturday, February 04, 2012 4:36 PM

Treasury, FHA to let borrowers appeal mortgage servicer action

HousingWire The Treasury Dept. and the Federal Housing Administration will issue new rules in the coming months allowing borrowers to appeal mortgage servicer decisions under certain modification programs. Read the full story
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Saturday, February 04, 2012 4:35 PM

On troubleshooting

The New York Times Those who have issues with their mortgage lenders now have another place to take them: The Consumer Financial Protection Bureau, which began accepting such complaints and inquiries this month. Read the full story
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Saturday, February 04, 2012 4:33 PM

Foreclosures made up 20 percent of home sales in 3Q

CNNMoney Sales of homes in foreclosure comprised 20% of all U.S. residential sales during the third quarter, according to RealtyTrac. Read the full story
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Saturday, February 04, 2012 4:32 PM

Fight property tax bill with these tips

The Mercury News Declining house values create great opportunities for homeowners to contest their property tax bills and potentially save big money. Read the full story
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Saturday, February 04, 2012 4:31 PM

Fannie and Freddie don’t deserve blame for bubble

The Washington Post There is plenty of blame to go around for the U.S. housing bubble, but not much of it belongs to Fannie Mae and Freddie Mac. Read the full story
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Saturday, February 04, 2012 4:30 PM

Mortgage crimes are focus of new task force

CNN Money... President Obama announced last week that he’s asked the Justice Department to create a special unit of prosecutors and state attorneys general to investigate abusive lending and packaging of risky mortgages that led to the housing crisis.
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Saturday, February 04, 2012 4:28 PM

More mortgage relief from the White House – but congressional ok doubtful

Mercury News... In his State of the Union Address, President Obama laid out a plan to help responsible borrowers and support a housing market recovery. Details of that plan were released yesterday. However, funding for the proposed program must be approved
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Thursday, February 02, 2012 4:41 AM

C.A.R. Sales Reports

Talking Points The CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) Pending Home Sales Index (PHSI)* fell from a revised 108.7 in November to 91.6 in December, based on signed contracts. The index was up from the revised 82.5 recorded in December
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Thursday, February 02, 2012 4:38 AM

Consumer group tentatively supports $25-billion mortgage deal

The Los Angeles Times The Center for Responsible Lending has called a proposed $25-billion settlement over faulty foreclosure practices between attorneys general, federal agencies, and the mortgage industry “an important step in addressing foreclosure
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Thursday, February 02, 2012 4:34 AM

Housing inventory ends year down 22 percent

The Wall Street Journal l There were fewer houses for sale at the end of 2011 than in any of the previous four years, a positive sign for the housing sector. Read the full story
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Thursday, February 02, 2012 4:32 AM

Fed: Interest rates should stay low until late 2014

The Mercury News The Federal Reserve said it’s unlikely to raise its benchmark interest rate before late 2014, extending its time frame by at least a year and a half. Read the full story
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Thursday, February 02, 2012 4:31 AM

Sales stir hope for housing market

The Wall Street Journal Existing-home sales increased 5 percent in December from a month earlier, to a seasonally adjusted annual rate of 4.61 million units, the NATIONAL ASSOCIATION OF REALTORS® said Friday. Read the full story
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Thursday, February 02, 2012 4:27 AM

A reprieve for unemployed borrowers

The New York Times Fannie Mae and Freddie Mac recently extended their foreclosure forbearance programs to give short-term aid to unemployed homeowners, but housing counselors warn that these borrowers will need to look at longer-term solutions. Making
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Thursday, February 02, 2012 4:23 AM

December Stats

Calif. median home price : December 2011: $285,920 (Source: C.A.R.) Calif. highest median home price by region/county December 2011: Marin: $693,880 (Source: C.A.R.) Calif. lowest median home price by region/county December 2011: Madera: $106,000 (Source:
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Thursday, February 02, 2012 4:21 AM

Short Sale Soundoff: Few homeowners take advantage of incentive

A pilot program launched by Bank of America in Florida has drawn minimal interest from homeowners seeking short sales. The program pays up to $20,000 to homeowners who sell distressed properties in a short sale. However, as of late January, only 60 people
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Thursday, February 02, 2012 4:14 AM

President Obama details plan to help responsible homeowners

In his State of the Union address, President Obama laid out a plan to help responsible borrowers and support a housing market recovery. Key aspects of the president’s plan include: Broad-based refinancing: The president’s plan will provide
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