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17 Mar 09 Mortgage Rates Lowered

According to Web site the national average interest rate for a thirty-year fixed rate home loans dropped last week, with Georgia remaining the state offering the lowest mortgage rates. For the week ended March 15th, the nationwide average thirty-year rate was 5.21%, down from 5.28% the week prior. In Georgia, the 30-year rate was 5.05% for the week ended March 15, the lowest in the nation.

By Monday night, the average rate on Zillow’s Mortgage Marketplace dropped again, to 5.05 %. Seattle-based Zillow compiles mortgage interest rates quoted by 4,000 participating mortgage lenders to potential borrowers on its site. FHA home loan rates and VA mortgage rates also continued the trend of rate reduction for thirty year home mortgages.



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15 Jan 09 Foreclosure Rates Climb 81% in 2008

RealtyTrac released a disturbing foreclosure report indicating that 2.3 million American homeowners faced foreclosure proceedings last year, an 81% increase from 2007, with the worst yet to come as consumers grapple with layoffs, shrinking investment portfolios and falling home prices.  This foreclosure report arrives as President-elect Barack Obama, pushes forth plans to use up to $100 billion of the remaining $350 billion in financial bailout money in an effort to stem the foreclosure crisis from getting worse. 

The 4 states with the highest foreclosure rates last year were Nevada, Florida, Arizona and California.  More than 1.1 million properties in those four states received a foreclosure notice, almost half the national total. And more than one in five of those households were in California, which is coping with massive job losses in the housing and mortgage industries as well as a rapid decline in home prices.

Foreclosure news continues to shock real estate insiders across the country.  In December, more than 303,000 properties nationwide received at least one foreclosure notice, up more than 40% from a year earlier and up 17 % from November, according to RealtyTrac.  Nearly 79,000 properties were taken over by lenders in December, a 61% increase over a year ago.
New state laws, specifically in California, Massachusetts and Maryland, that mandated that homeowners be given advance notice of foreclosure proceedings, lowered filings in several states. But the effect of those laws has worn off and mortgage lenders appear to be going ahead with foreclosure, rather than provide loan modification agreements as promised. 

FDIC Chief: Foreclosure Plan Needed

Loan modification programs continue to show some light as FDIC Chairman, Sheila Bair endorsed a federal  loan modification plan for IndyMac cutomers seeking mortgage relief.


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13 Jan 09 Home Mortgage Lending Guidelines Tighten

Unfortunately with default rates breaking records every month, lenders are tightening guidelines more and more.  Many mortgage lenders start revising guideline requirements with their wholesale mortgage products.  Most lenders start by increasing the home equity requirements for cash out and rate and term refinancing.  Most mortgage lenders will also increase the credit score requirements, especially on the stated income or jumbo mortgage loan products.  Now with cash out FHA loans, lenders are requiring 2 full URAR appraisals to meet HUD product modification requirements.  Get the latest interest rate updates and mortgage news reports as they happen.

Many California homeowners residing in high cost regions are unhappy with HUD lowering mortgage limits.  The 2009 FHA loan limits are being lowered but HUD assures Mortgage Related News that millions of borrowers will still benefit from these FHA loan programs nationally.  FHA announced the new ceiling in the high cost markets will be $625,500.


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31 Dec 08 Mortgage Lenders Are Losing Lawsuits

Mortgage Lenders Are Losing Lawsuits

In a recent article by , Homeowners appear to be winning a number of lawsuits filed against mortgage companies, an analysis of previously covered litigation by indicated.

Two of the pending cases are seeking to stop foreclosures while another is targeting predatory lending fees charged by state regulated lenders in Maryland.  They reported that one of lawsuits accuses several mortgage lenders of steering minority black borrowers towards higher cost mortgage loans.  One might say that the courts are more sympathetic to the distressed homeowners rather than the ailing mortgage companies.  2009 verdicts will be interesting and may forge new ground breaking laws that will be created to curb predatory lending abuse.


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