Mortgages Blog

Monday, December 5, 2011 3:44 pm
By Polyana da Costa · Bankrate.com

GMAC, the mortgage arm of Ally Financial, will cease most of its mortgage lending in Massachusetts. The announcement came a day after Massachusetts Attorney General Martha Coakley filed suit against GMAC and four other major mortgage servicers, alleging illegal foreclosure practices in Massachusetts. GMAC says it will stop buying loans from correspondent lenders and wholesale

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Monday, December 5, 2011 10:00 am
By Jay MacDonald · Bankrate.com

Among the more bizarre bottom-feeders to profit from our foreclosure mess is Jacob Franz: Dyck (yep, he signs with a colon), a 72-year-old former Florida dentist and ex-con who figured out a clever way to drill for gold in the cavities of America’s broken dreams. Dyck considers himself a “sovereign citizen,” meaning he’s not bound

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Friday, December 2, 2011 10:43 am
By Polyana da Costa · Bankrate.com

The labor market took a small step forward in November, but when you read the fine print, the situation isn’t as rosy as it appears. Still, mortgage rates will likely rise amid the somewhat positive news. The Labor Department reports that the unemployment rate dropped to 8.6 percent. That’s a big deal considering the rate

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Thursday, December 1, 2011 4:29 pm
By Polyana da Costa · Bankrate.com

Homeowners who face foreclosure will get a short break this holiday season. Fannie Mae and Freddie Mac will suspend foreclosure evictions from Dec. 19 through Jan. 2. For those whose homes are in foreclosure, this doesn’t mean the foreclosure process will be put on hold. Foreclosure proceedings will continue, but borrowers will be “permitted” to

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Wednesday, November 30, 2011 6:04 pm
By Judy Martel · Bankrate.com

The monthly cost of owning a median-priced home (including taxes and insurance) is lower than the average cost to rent in 12 metro areas, according to a Wall Street Journal survey. In 15 of the 27 cities surveyed, it is still less expensive to rent, but the scale has been tipping in favor of homeownership.

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Tuesday, November 29, 2011 2:38 pm
By Polyana da Costa · Bankrate.com

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 the United States were 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

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Monday, November 28, 2011 4:30 pm
By Judy Martel · Bankrate.com

The cure for the ailing housing market is time, and any signs of sustainable recovery won’t come until 2013, according to a group of economists polled by Reuters. Attempts to revive the market are being discussed, but the economists believe they’ll do little to increase home sales, stave off foreclosures or get more money flowing

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Wednesday, November 23, 2011 6:25 pm
By Judy Martel · Bankrate.com

The number of Americans who moved in the past year was at a record low, not only as a result of the poor economy, but also putting a drag on further recovery. From March 2010 to March 2011, a little more than 11 million Americans moved, according to U.S. Census data. Compare that with the

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Monday, November 21, 2011 4:42 pm
By Judy Martel · Bankrate.com

In 2009, when the government bought mortgage-backed securities, or MBS, to help stop the decline in home prices, the tactic worked to some degree. But although there’s some talk of repeating the tactic, Christopher Waller, research director of the St. Louis Federal Reserve Bank, doesn’t think it will work this time around. “Now, we don’t see

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Monday, November 21, 2011 10:00 am
By Jay MacDonald · Bankrate.com

Two studies just released confirm what we already know: we’re less than halfway out of the foreclosure mess. But one of them drills down deeper to expose a racial subtext to the story. According to new data from the Mortgage Bankers Association, the rate of borrowers who have fallen three or more months behind in

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