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Recent government data showed that sales of new homes rose by 26.9% in March, breaking a four-month slump that was the result of both the sagging economy and the brutal snowstorms that blanketed much of the country. According to the data, 411,000 new homes were purchased in the month of March, up from February’s dismal figure … Continue reading New Home Sales Bounce Back in March The Associated Press reported that incidents of residential mortgage fraud committed by mortgage lenders rose at 7% last year. Although it rose at a much slower pace than the year before, this problem still exists in the mortgage industry. Yesterday, the LexisNexis Mortgage Asset Research Institute released a study that the number of mortgage fraud incidents … Continue reading Mortgage Fraud: Slowly Climbing, But Still Climbing The National Association of Realtors reported that existing home sales rose 6.8% in March to 5.35 million units — up from 5.01 million in February. Compared to March 2009, when 4.61 million units were sold, last month’s figure was 16.1% higher. This increase could be attributed to the rush of people still trying to take advantage … Continue reading Existing Home Sales On The Rise Things have gotten interesting on the mortgage brokerage front. The New York Times released a bombshell article on its Web site last night, reporting that top management at Goldman Sachs oversaw the mortgage unit and took an active role in overseeing the mortgage unit as the housing bubble was on the brink of popping. According to … Continue reading Who (or What) Was Behind The Mortgage Market Collapse? After weeks of seeing mortgage rates take off since the government stopped buying mortgage-backed securities last month, mortgage rates have fallen for the first time this week. Reuters reported today that interest rates on 30-year fixed-rate mortgages averaged 5.07% for the week ending April 15, down from 5.21% the week before. Last week’s rate was … Continue reading Mortgage Rates Drop for First Time in 5 Weeks The New York Times reported yesterday that two banks, JPMorgan Chase and Wells Fargo, are refusing to go along with the Obama administration’s plans for banks to reduce the balances of mortgages of homeowners facing economic difficulties. Last month, the Obama administration proposed two ideas to reduce loan principals as a way to help seven million … Continue reading Cut Mortgage Balances? Two Banks Say No The Associated Press reported today that the average rate for a 30-year mortgage has climbed to 5.3%. While this may be good news for those who put their homes on the market, those seeking to obtain a low-interest mortgage to buy a home may have a difficult time achieving “the American dream.” The jump in mortgage … Continue reading Rising Mortgage Rates May Impact Housing Market, Economy Former Fannie Mae executives Daniel Mudd and Robert Levin testified today in front of the congressionally chartered Financial Crisis Inquiry Commission regarding the mortgage meltdown of 2008, the Associated Press reported. Panel members are asking what Mudd and Levin knew and when did they know it. When the housing bubble burst two years ago and Fannie … Continue reading The Mortgage Debacle of 2008: Who’s To Blame? Bloomberg News reported yesterday that most U.S. stocks rose as the Federal Reserve suggested it plans to leave its benchmark interest rate at a record low to safeguard the economic recovery and banks rallied on analyst upgrades. Stocks turned higher yesterday as the minutes from the Fed’s March 16 meeting that were released yesterday showed that … Continue reading Affordable Financial Services’ Weekly Finance Review |
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