Obama Refi Plan Could Net One Million FHA Borrowers
Posted February 21, 2012
President Barack Obama has proposed allowing underwater homeowners to refinance their mortgages with FHA-insured loans. The proposed program would extend today’s low rates to homeowners who owe more than their homes are worth. The plan would be similar to the Home Affordable Refinance Program, or HARP, but it would apply to private mortgages that are…Continue Reading
Unemployment Rate down to 8.3%, the lowest since February 2009. Good for rates?
Posted February 10, 2012
Last week, the Jobs Report showed 243,000 jobs were created in January, which was much better than expected. Upward revisions to November and December added another 60,000 jobs to what was previously reported for those months. And adding to the good news was a 0.2% decline in the Unemployment Rate, bringing it to 8.3%, the…Continue Reading
FHA Waives Anti-Flipping Rule Through Year-End to Speed REO Sales
Posted January 10, 2012
The Federal Housing Administration (FHA) is extending the temporary waiver of its property anti-flipping rule through the end of 2012. FHA rules typically prohibit insuring a mortgage on a home owned by the seller for less than 90 days. In 2010, however, the agency waived this regulation, and later extended the waiver through 2011. The…Continue Reading
Fed to Forecast Rates
Posted January 3, 2012
Want to know when interest rates will rise? The Fed will let you know beforehand. From now on, each member of the Federal Open Market Committee will tell us his or her rate forecast for the fourth quarter of the year and for the next few calendar years, when the Fed publishes its economic projections.…Continue Reading
Underwater? You’re not alone
Posted December 28, 2011
Here are some not-so-fun facts on borrowers who owe more on their mortgages than their houses are worth. About 10.7 million homes in theUnited Stateswere underwater in the last three months, compared to 10.9 million in the last quarter, shows a report by CoreLogic. About 22.1 percent of all residential properties with a mortgage…Continue Reading