Mortgages Blog

Thursday, November 4, 2010 10:43 am
By Holden Lewis · Bankrate.com

In trying to stimulate the housing market, two parts of the federal government are working at cross purposes. The Federal Reserve keeps flushing in an effort to get liquidity flowing through the pipes of the economy, while an agency called FHFA keeps clogging them. Yesterday the Fed announced another round of measures designed to depress

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Tuesday, November 2, 2010 9:27 am
By Holden Lewis · Bankrate.com

The Federal Reserve’s rate-setting committee meets today and tomorrow. Around 2:15 p.m. eastern time tomorrow, the Fed will issue its latest rate policy statement, and it will move markets. The prudent thing to do is lock your mortgage rate before tomorrow afternoon. It is quite possible that long-term interest rates will go down after the

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Monday, November 1, 2010 8:29 am
By Holden Lewis · Bankrate.com

A week ago, I was attending the Mortgage Bankers Association’s annual conference, in Atlanta. The dominant issue was regulation. Two years after we, the taxpayers, bailed them out with billions of dollars, the mortgage bankers want to be left alone to do as they please. As we continue to dig out of the mortgage-led real

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Monday, October 25, 2010 10:00 am
By Jay MacDonald · Bankrate.com

This Halloween, the scariest haunted house on my block is the foreclosure. Actually, I have two of them down the street here in Florida. Nice homes, now shuttered, pools dry, slowly in decay. And yes, it scares me to ponder how these foreclosed homes might affect my home’s value. Add the recent foreclosure freeze to

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Wednesday, October 20, 2010 4:40 pm
By Marcie Geffner · Bankrate.com

Properties in some stage of foreclosure (loan default, scheduled for action or lender-owned), accounted for 24 percent of all U.S. home sales in the second quarter of 2010, according to the RealtyTrac online foreclosure information service. And that percentage might well have been higher had the homebuyer tax credit not goosed the sales volume. The

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Wednesday, October 20, 2010 10:32 am
By Holden Lewis · Bankrate.com

Q: What do you call someone who completes one semester of college, works for six years as a customer service representative for a company that sells window shades, and then shuffles papers for two years in a bank’s document execution department? A: You call her vice president of loan documentation for Wells Fargo Bank, N.A.

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Tuesday, October 19, 2010 8:45 am
By Holden Lewis · Bankrate.com

Nowadays, it takes six or more weeks for a consumer to get a mortgage, from application to closing. The lender takes more than a month to go through each borrower’s paperwork, making sure that all the documents are genuine and true. It took Bank of America two and a half weeks to confirm that the

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Monday, October 18, 2010 3:44 pm
By Holden Lewis · Bankrate.com

Bank of America says it will resume foreclosures in at least 23 states, starting next week. BofA, the largest mortgage servicer, has suspended foreclosures nationwide as it reviews its processes for repossessing houses. In the 23 judicial foreclosure states, the bank is getting ready to resubmit affidavits in 102,000 foreclosure cases. In a statement, the

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Thursday, October 14, 2010 9:26 am
By Holden Lewis · Bankrate.com

The average rate on the 30-year, fixed-rate mortgage went up this week in Bankrate’s survey. Rates on other types of mortgages went down. Both ways, the movement was small. Overall, you could say that mortgage rates, on average, were about the same. On the 30-year fixed, the biggest banks tended to raise rates this week,

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Tags: Mortgages
Wednesday, October 13, 2010 3:58 pm
By Holden Lewis · Bankrate.com

Refile faulty affidavits and move on. Proceed with foreclosures with as few delays as possible. That’s the word from the head of the government agency that oversees Fannie Mae and Freddie Mac. Edward DeMarco, acting director of the Federal Housing Finance Agency, wields more influence than anyone else over mortgages. In a statement issued this

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