Citi to Offer Modifications on Second Mortgages
Citi today announced its latest effort to keep families in their homes by committing to participate in 2MP, the second-lien program of the U.S. government’s Home Affordable Mortgage Program. Citi follows in the footsteps of JPMorgan Chase, Wells Fargo, and Bank of America, all of which have already to committed to participate in 2MP. Under 2MP, Citi...
The Future Of 30-Year Fixed Mortgage Rates
The Federal Reserve plans to wrap up its planned purchases, which it started back in November 2008. Now the question is what will happen to the rate of these 30-year fixed mortgages. While there have been some suggestions that the Fed may extend and expand the program beyond the end of next month, nothing has been...
Short Sales Grow As A Cheaper Alternative To Foreclosure
The longer unemployment continues to be a struggle increases the chance of those homeowners not being able to pay their mortgage payments. With many still struggling, solutions to try and avoid the harshest of consequences are continuing to develop work-around solutions everyday, such as strategic defaults. The unkept secret has been that banks would like to...
Most Affordable Housing Market In Last 18 Years
The National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) released record-high levels of housing affordability, the highest level since first being compiled 18 years ago. Oddly, the latest housing news is usually about the nation’s high foreclosure rates, but the combination of the sliding house prices and favorable mortgage rates are apparently creating...
Mortgage Rates Near Record Lows
Mortgage rates fell again this week, with the 30-year fixed-rate mortgage dropping to an average 4.93%, according to Freddie Mac’s weekly survey of conforming rates, released on Thursday. “Mortgage rates eased for the second week, while economic data releases suggest that the housing market may be in a slow state of recovery,” said Frank Nothaft, Freddie...
When Is It Time To Walk Away From Your Mortgage
It looks to be sinking into homeowners that the value of their home will not see any significant move higher for some time to come. For that reason, a trend that has been gaining some steam is voluntarily walking away from your mortgage. While some people call it an absolue personal finance blunder, others see it...
Pending Home Sales Drop Further Than Expected
The housing tax credit, which was to reward new home-buyers, was scheduled to end in October 09; however, after a larger-than-expected drop in the November Pending Home Sales Index, the tax credit was reinstated: The Pending Home Sales Index, a forward-looking indicator based on contracts signed in November, fell a higher-than-expected 16% to 96 from an...
