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The latest bill would allow lenders to reduce their
exposure to foreclosures if they agree to cut the outstanding balance of
an existing loan, thus allowing homeowners to refinance into a new loan
that would be FHA insured. The reductions taken by
lenders are substantial and must be based on new appraisals that should
reflect current home pricing levels.
The Bush Administration has
opposed the legislation even though Frank included two measures near and
dear to the president's heart - a revamp of the FHA and
greater government control over Fannie Mae and Freddie Mac.
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The House late Thursday approved a narrowly focused bill that would
provide $15 billion to the states to buy and spruce up foreclosed
properties.
The bill is different from one that has been widely discussed that
would enable to Federal Housing Administration (FHA) to ensure new
mortgages where the...
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The Federal Reserve and Federal Trade Commission proposed new rules on
Thursday which would require lenders to inform consumers
of unfavourable developments or changes to the terms of their loans.
Under the proposed regulations, the lenders would also have the option
of divulging a consumer's credit risk rating.
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The current pace of jobless claims is relatively low
compared to the previous recession, some economists say. However, others
note that the rise in continuing claims is consistent with a higher
unemployment rate than its current 5.0%, suggesting more trouble in the
labour market than the latest figures might indicate.
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Surprising to the upside, seasonally adjusted consumer
debt rose $15.3 billion in March, according to data released
Wednesday from the U.S. Federal Reserve, which also showed that total
consumer credit rose to 2.558 trillion.
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Economists say the March report for pending home
sales confirms what has been known for many months now: the U.S.
housing market is still several months away from stabilizing.
Benjamin Reitzes, economist at BMO Capital Markets, said the report
essentially gives no new data, just a confirmation of the longer-
term trend. He explained that the U.S. housing market will take
several more months until it recovers, and that...
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Continued tight credit and worries about inflation worked to keep
mortgage rates essentially locked into place during the
week ended May 1 according to the Primary Mortgage Market Survey
conducted by Freddie Mac.
MBA also reported that mortgage originations for commercial
and multifamily properties were up 19 percent last year (2007)
with lenders closing $507.7 billion in loans.
Increases were seen in originations for...
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Fed Governor Randall Kroszner said rising mortgage
foreclosures are an "urgent problem" and called
on Congress to pass a Fannie Mae and Freddie Mac regulatory bill.
"As the Federal Reserve builds on its consumer protection efforts in
order to mitigate foreclosures for current homeowners, we are also
concerned about the...
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Kansas City Fed President Thomas Hoenig (non-voter) says that
inflation is becoming embedded in the economy and that
may compel a significant interest rate hike. In a speech
in Denver, Colorado, Hoeing that consumers are showing an "inflation
psychology to an extent that I have not since the 1970s and early
1980s."
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Weekly mortgage applications in the United States
rose in the week ending May 2 following two weeks of declines, according
to data from the Mortgage Bankers' Association (MBA) on Wednesday, which
said applications increased by 15.6%.
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