The delinquent unpaid balance on commercial mortgage-backed securities monitored by the credit ratings agency Morningstar dropped 5.2% in August. The company reviewed $730.6 billion in securities and found $58.9 billion in delinquencies, down from more than $62 billion the month before and the lowest total in more than one year. This $3.2 billion drop followed a $1.29 billion increase from June to July. “More importantly, a decline has now been experienced in three of the previous four reporting periods,” Morningstar said.
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Despite more than half of surveyed Americans reporting a loss of value in their homes of at least 10% during the housing market decline, 68% say their home’s value is still very or somewhat important to their retirement plan, a new COUNTRY Financial homeownership survey reveals. That number shoots up to 83% of those between the ages […]
Acknowledging that reverse mortgages are increasing becoming a subject for discussions when families are struggling to deal with long-term care expenses, elder law attorney, Janet Colliton warns that reverse mortgages are not the best option, especially when nursing home care is considered. Writing as a guest columnist in the Daily Local News, serving Chester County, PA, Colliton points to the due and payable provisions in reverse mortgages should a borrower permanently leave a home to reside in a nursing home. However, she does not that "a more appropriate use for reverse mortgages" is for cases where a senior is intent
The Federal Housing Finance Agency proposed two mortgage servicing compensation models Tuesday, prompting the market to quickly react with a list of pros and cons. Analysts Henry Coffey Jr. and Jason Weaver with Sterne Agee released a note evaluating the proposals.
Two new reports on the housing market show that sales of existing homes experienced a fourth consecutive month of growth, due mainly to seasonal strength, as the shadow inventory of distressed properties declined by 15.7%. U.S. home prices increased by 0.9% in July in both the 10 and 20-city composites of the S&P/Case-Shiller Home Price Indices with data through July 2011. Of the 20 MSA's tracked in the survey, 17 experienced positive month-over-month increases in July, with only Last Vegas and Phoenix seeing declines, as Denver remained static. On an annual basis, both the 10- and
Financial institutions filed nearly twice as many loan fraud suspicious activity reports in the second quarter of 2011 than in the same quarter last year, a report released today by the Financial Crimes Enforcement Network states. The Los Angeles metropolitan area ranks No. 1 for suspicious activity, with California and Florida being the top states […]
Rick Sharga will leave his post at RealtyTrac to develop branding and marketing strategies for Carrington Mortgage Holdings as an executive vice president. Carrington has a variety of companies including the mortgage servicing line, property and real estate businesses and others. Sharga was the senior vice president for RealtyTrac, which tracks foreclosure filings across the country and issues widely used monthly and quarterly reports.
Equator is prepping for the 2012 launch of a new software system called REvolution that allows real estate agents to manage distressed and traditional properties from a single platform. The company said the software gives agents enough flexibility to automate their daily workflow cycles from a single portal, removing the need for agents to employ more than one software system to handle various asset types and sales functions.
The Federal Reserve’s policy of keeping interest rates low to spur lending hit a barrier in the recovery with home prices falling and underwriting guidelines keeping borrowers from refinancing, said Eric Rosengren, president of the Federal Reserve Bank of Boston.
A Bay Area mortgage broker has been charged with conspiring to arrange more than $10 million in fraudulent home loans for clients who included two leaders of the Hells Angels, federal prosecutors said Tuesday. A newly unsealed federal grand jury indictment accuses the motorcycle club leaders, the mortgage broker and five other defendants of taking part in a scheme to defraud banks by falsifying loan applications for real estate in San Francisco and several North Bay communities in 2006 and 2007.
Green River Capital plans to operate a national program to rent out previously foreclosed homes. In March, the REO asset management company, which will oversee the program from its Salt Lake City headquarters, became one of three firms handling REO sales and upkeep for Freddie Mac.
Mortgage applications rose 9.3% this past week as borrowers refinanced their home loans at exceptionally low interest rates. The Mortgage Bankers Association said refinancing apps grew dramatically, with the refi index jumping 11.2%, after the Fed announced it would move its portfolio towards longer-term Treasury securities. Meanwhile, the purchase index grew 2.6%, suggesting an increase in new home applications at the lower interest rates.