Historically, jumbo-mortgage rates have stayed about 0.25 to 0.5 percentage points more than the rate on conforming loans, an...
Treasury yields have posted historical lows for the past several years, implying strongish economic growth and the potential...
Money manager BlackRock criticized the use of principal forgiveness in state and federal settlements with banks over faulty foreclosure practices saying they could encourage homeowners to default, according to a Bloomberg article.
That creates an “Armageddon scenario,” BlackRock Vice Chairman Barbara Novick said Wednesday at a press briefing.
“If you start having people who are currently paying their underwater mortgages say, 'Oh there’s a new entitlement program: My brother-in-law got a deal, my neighbor got a deal, my officemate got a deal, why shouldn’t I get a deal?’ then you’ve got a much, much bigger problem,” she said at the company’s offices in New York. “Not to belittle the current problem, but it would dwarf the current problem.”
Read the full article here.
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