Mortgages Blog

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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Wednesday, October 13, 2010 9:17 am
By Holden Lewis · Bankrate.com

Yesterday I outlined the disagreement within the Fed about the causes of high unemployment. Members of the rate-setting committee also seem to have differing views about inflation targeting. Observers believe that the Fed wants inflation between 1.5 percent and 2 percent. If inflation is below that, consumers are reluctant to spend, and if inflation is

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Wednesday, October 13, 2010 9:00 am
By Holden Lewis · Bankrate.com

Two major mortgage servicers say they will review their foreclosure procedures in all 50 states. GMAC Mortgage, a unit of Ally, says it has hired “several leading legal and accounting firms to conduct independent reviews of its foreclosure procedures in each of the 50 states.” That’s a review, not a suspension of mortgage activity. In

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Tuesday, October 12, 2010 5:25 pm
By Holden Lewis · Bankrate.com

More than a year into our supposed economic recovery, members of the Fed’s rate-setting committee can’t agree on an explanation for the sluggish state of job growth. As a result, it’s not a sure thing that the Fed will try to depress long-term interest rates, including mortgage rates. They probably will, but would you bet

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Tuesday, October 12, 2010 9:38 am
By Holden Lewis · Bankrate.com

The Senate Banking Committee will hold a hearing Nov. 16 “to investigate allegations of improper and fraudulent mortgage servicing and foreclosure processing.” Sen. Chris Dodd, D-Conn., and chairman of the committee, said in announcing the hearing: “American families should not have to worry about losing their homes to sloppy bureaucratic mismanagement or fraud.” Everyone agrees

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Monday, October 11, 2010 3:38 pm
By Holden Lewis · Bankrate.com

The White House, yielding to common sense, opposes a national moratorium on foreclosure sales on the grounds that it would harm the housing market. David Axelrod, a White House senior adviser, said on CBS’s “Face the Nation” on Suday: “I’m not sure about a national moratorium because there are, in fact, valid foreclosures that probably

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Tuesday, October 5, 2010 3:58 pm
By Holden Lewis · Bankrate.com

A lot of homeowners face foreclosure. The overwhelming majority of them haven’t been making their house payments. This simple truth has been obscured by the foreclosure paperwork scandal. In 23 states, foreclosures must be accomplished through the court system. (In the other states, lenders handle foreclosures administratively, although homeowners can choose to defend themselves in

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Tags: Mortgages
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