Mortgage Info
Mortgage Rates Go Higher
Mortgage rates edged up this week, but even 30-year fixed rates below 5% have done little to boost home sales. Freddie Mac said Thursday that the average rate on 30-year fixed mortgages rose to 4.81% from 4.76% the previous week. It hit a 40-year low 4.17% in November. The average rate on 15-year fixed mortgages &hellip Continue reading
Phoenix Banks, Habitat Cut Foreclosure-home List
Banks have faced criticism from homeowners and scrutiny from Congress over their handling of the foreclosure crisis. But some Valley lenders are making a small dent in the state’s foreclosure inventory by helping non-profit organizations like Habitat for Humanity Central Arizona take bank-owned homes off the market. Habitat provides low- to moderate-income families with credit &hellip Continue reading
Mortgage Rates Hit 4.61 pct
Mortgage rates hit 4.61 pct.; refi’s could slow Rates on fixed mortgages rose for the fourth straight week this week, hitting 4.61 percent. The surge could slow refinancings and further hamper the housing market. Freddie Mac said Thursday that the average rate on a 30-year fixed loan increased sharply from last week’s rate. And it &hellip Continue reading
Handling of Foreclosures
More censure for handling of foreclosures Bankers, housing regulators and members of Congress agreed on this much in the week’s second congressional hearing on foreclosure problems: The system needs fixing. Some bank officials Thursday told a House subcommittee that their efforts to help borrowers in default were stymied by investors who require that foreclosures keep &hellip Continue reading
Foreclosure Moratorium: Latest in the Foreclosure Debate
Foreclosure Moratorium: Latest in the Debate By Robert Freedman, Senior Editor, REALTOR® Magazine About half a dozen articles and editorials have come out in the last two days cautioning against the federal government imposing a national moratorium on foreclosures while banks review their processes. They’re summarized here for informational purposes only. The Politics of Foreclosure, &hellip Continue reading
Arizona New Mortgage Abuses Law
New Arizona law helps shield homebuyers from mortgage abuses New state licenses required for anyone handling a mortgage application could help prevent a repeat of the bad loans that contributed to Phoenix’s housing crash. Backed by mortgage brokers and real-estate regulators, the law quietly went into affect on July 1. The law, passed in 2008, &hellip Continue reading
AZ Sues Guardian Group Over Foreclosure-help Scams
Arizona sues Guardian Group over foreclosure-help scams Scottsdale-based Guardian Group is being sued by the Arizona attorney general and accused of deceiving more than 2,500 homeowners who paid the firm to modify their mortgages and reduce their payments. The civil lawsuit, filed in Maricopa County Superior Court, alleges that Guardian Group charged consumers up-front fees &hellip Continue reading
Pulte Settlement In Arizona Loan Probe
Pulte OKs Settlement In Arizona Loan Probe One of Arizona’s largest homebuilders, Pulte Home Corp., has agreed to pay $1.18 million to settle a state investigation into how it marketed mortgages to homebuyers. The state Attorney General’s Office claimed the builder had misled potential buyers and sometimes inappropriately kept their deposits, among other practices. Part &hellip Continue reading
Guardian Group Sued For Foreclosure-help Scams
Arizona sues Guardian Group over foreclosure-help scams Scottsdale-based Guardian Group is being sued by the Arizona attorney general and accused of deceiving more than 2,500 homeowners who paid the firm to modify their mortgages and reduce their payments. The civil lawsuit, filed in Maricopa County Superior Court, alleges that Guardian Group charged consumers up-front fees &hellip Continue reading
Fannie Mae and Freddie Mac will have lower limits on the size of loans they can buy.
Fannie Mae and Freddie Mac will have lower limits on the size of loans they can buy. WASHINGTON – People looking to buy more expensive homes next year will have fewer options to find financing because Fannie Mae and Freddie Mac will have lower limits on the size of loans they can buy.The changes, effective &hellip Continue reading