November 7 2010 (Chris Moore) When the Obama Administration launched it’s highly touted home loan modification program, Making Home Affordable Program (HAMP), in February 2009, the goal at the time was to save 4,000,000 homeowners from foreclosure and yet 18 months later just over10% of that goal has been met. When Obama unveiled his signature [...]
November 7 2010 (Shirley Allen) The combined REO (Real Estate Owned) inventory for Fannie Mae, Freddie Mac, and the Federal Housing Authority (FHA) increased by 24 percent at the end of the third quarter of 2010 compared to the second quarter of 2010. The REO inventory increased 92 percent compared to the third quarter of [...]
November 6 2010 (Chris Moore) Freddie Mac reported this week that it sustained a net loss of $4.1 billion for the third quarter of 2010 has asked the Treasury Department for a draw of $100 million under the Senior Preferred Stock Purchase Agreement. The mortgage giant blamed the loss on a sagging U.S. housing market [...]
November 5 2010 (Chris Moore) The National Association of Realtors (NAR) reported that pending home sales in September retreated after gains in July and August. The data reflects contracts and not closings, which normally occur with a lag time of one or two months, which likely indicates a drop in sales in the coming month [...]
November 5 2010 (Shirley Allen) The Department of Housing & Urban Development (HUD) and the National Association of Realtors (NAR) have released a series of videos to help prospective homebuyers navigate the home buying process. The videos, released on HUD’s YouTube channel help future homeowners to find a house they can afford, shop for a [...]
November 4 2010 (Jeff Alan) According to the Census Bureau the overall rate of home ownership in the United States remained the same in the third quarter of this year compared to the previous quarter. Overall, home ownership dropped just 0.7 percent compared to the same period in 2009. However, the Bureau is reporting that [...]
November 4 2010 (Chris Moore) Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), which found that the 30-year fixed-rate mortgage rate rose slightly for the third consecutive week. The 15-year fixed-rate mortgage rate eased back down a little while the 5-year and 1-year ARMs set another low. Read more...
November 3 2010 (Shirley Allen) CitiMortgage was the top producer in the Obama Administration's Home Affordable Modification Program (HAMP) for the month of September. Since the Home Affordable Modification Program was initiated, CitiMortgage Inc. has completed 49,538 permanent modifications. Read More...
November 3 2010 (Chris Moore) The Mortgage Bankers Associations (MBA) Weekly Mortgage Applications Survey revealed that applications to purchase homes rose 1.4 percent for the week ending October 29th 2010 compared to the previous week on a seasonally adjusted basis. Read more...
