Home Mortgage Lending and Government Intervention
home mortgage lending
With all of the toxic assets remaining on the bank books and the prospects of GDP growth looking smaller every day, it’s no wonder home mortgage lending has contracted. Read more 
Home Mortgage Reality
home mortgages
Nearly one-quarter of all homeowners who have mortgages – approximately 27 million people – believe they owe more on their mortgage than the home is worth, according to a recent Harris Poll. Nearly 30 percent of homeowners say they are having either great difficulty (11 percent) or some difficulty (18 percent) paying off their mortgage. Approximately two-thirds of all adults (65 percent) say they are concerned that their incomes will not be enough to cover all their costs and expenses this year, and nearly 70 percent of homeowners have a mortgage that they need to pay off, the study finds.
Home Mortgage Delinquencies Climb
home mortgage delinquencies
Lender Processing Services reported that the national mortgage delinquency rate grew to 9.2% in May, up 2.3% from a month earlier and 7.9% from a year earlier. Home mortgages becoming 30-days delinquent lead the overall uptick, according to the report, while new real estate owned (REO) assets slipped from recent all-time highs. More than 7.3m mortgages in some stage of delinquency or REO. Read more
Home Mortgage Rates Near 40 Year Lows
home mortgage rates
Freddie Mac’s latest weekly report on the cost of financing a home purchase showed 30-year fixed-rate mortgages dropping from 4.69 percent to 4.58 percent, a new record in a data series that goes back almost 40 years.
Fifteen-year mortgage rates have been setting records for more than a month now, last week dropping from 4.13 percent to 4.04 percent.
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11.2 Million Homeowners Owe More On Their Mortgages Than Their Home Values
home values
According to real estate analytics firm CoreLogic, negative equity continues to be a massive and corrosive problem. During the first quarter of this year, 11.2 million homeowners across the country owed more on their mortgages than the market values of their properties. Read more
New Home Mortgage Rules
home mortgages
Beginning June 1, a new effort by mortgage giant Fannie Mae to cut down on slipshod underwriting by lenders and frauds by borrowers goes into effect.
Now, your home mortgage lender is likely to order a second full credit screening immediately before closing.