Homes And Condos

Mortgage industry job cuts surpass 40,000

Since the start of the year, more than 40,000 workers have lost their jobs at mortgage lending institutions, as companies respond to the deep downturn in the housing market. Meanwhile, construction companies have announced nearly 20,000 job cuts this year.

Foreclosures mount, D.C. debates answer

Fresh data showing a continuing rise in home foreclosures renewed debate in Washington over whether the government has responded adequately to the meltdown of the mortgage market and the resulting turmoil in the financial markets. By MSNBC.com’s John W. Schoen.

Mortgages rates fall to lowest point since May

Rates on 30-year mortgages sank this week to their lowest point since late May, providing a little ray of sunlight for would-be home buyers.

Mortgage applications fall in latest week
Applications for residential mortgages fell last week for the first time in three weeks, weighed by a sharp drop in demand for home-purchase and refinancing loans, an industry group said on Wednesday.

On the other hand, adjustable rate mortgages are very unpredictable in nature.

Since a mortgage lender cannot trust a person with a bad credit rating, bad credit mortgage generally requires you to put forth collateral.

Video: Some mortgage borrowers getting desperate

Aug. 9: Growing problems in the housing and mortgage markets are putting pressure on borrowers who are trying to sell before losing their homes. Some are even walking away from mortgages. NBC’s Josh Mankiewicz reports.(Nightly News)

Countrywides CEO sees housing-led recession

Calling the current credit crunch one of the greatest panics I’ve ever seen in 55 years of financial services, Countrywide Financial CEO Angelo Mozilo said Thursday that the ongoing housing slump will likely push the U.S. economy into recession.

Always insist that the realtor you choose to work with writes into your agency agreement or Exclusive Right to Buy Contract, “That the Buyer hereby reserves the right to cancel this agreement FREE of charge at any time if Buyer is dissatisfied with Broker’s performance” This add both creditability and accountability to your business relationship.

Countrywide taps $11.5 billion credit line
Countrywide Financial Corp., the nations largest mortgage lender, said Thursday it had borrowed $11.5 billion from a group of 40 banks to fund loans in a move that shows just how deep the lending crisis has become.

Popularity: unranked [?]

CMBS See Upgrades
Moody’s Investors Service announced it upgraded classes of deals issued by GMAC Commercial Mortgage Securities Inc. Moody’s also said it boosted the rating on classes of 2002 CMBS deals issued by Chase Commercial Mortgage Securities Corp. Additionally, classes of Credit Suisse First Boston Mortgage Securities Corp. were reportedly upgraded by Moody’s.

Bad credit can be the reason for a poor credit score.

IndyMac Beefs Up Retail Staff
IndyMac said in a statement Tuesday that it has hired over 600 retail lending employees terminated from American Home Mortgage Investment Corp. The new hires will work for IndyMac bank’s retail lending group. IndyMac said it will pick even more loan officers with its acquisition of Barrington Capital this week.

It is important to remember that, in most circumstances, buyers will only look at houses within their price range and location.

Rising Delinquency Headed Higher
Delinquency of at least 30 days was 1.23 percent on prime mortgages as of June 30, rising from May 31 and from a year earlier, FBR Investment Management Inc. wrote in an Aug. 24 client letter. On subprime pools, 26.64 percent of mortgages were delinquent at second quarter’s end. Serious subprime delinquency reached an all-time high in June — though it is still projected to go higher next year.

HOEPA Trigger Raised
The Federal Reserve Board published the new maximum fee amount for loans subject to the Home Ownership and Equity Protection Act of 1994. The new threshold has been raised to $561, according to the notice. The higher fee trigger becomes effective Jan. 1, 2008.

When you are buying in a competitive market, like the real estate market, being organized and in control will contribute significantly to ensuring that you get the best home or condo deal possible.

A Few Bad Apples
A lawyer from East Haven, Conn., ripped off nearly $1 million that her aunt made on real estate deals and the headed to Las Vegas with the dough. A Massachusetts lawyer has been charged in federal court with defrauding a title insurer and lenders of more than $6.2 million in an alleged mortgage fraud scheme that also involves tax evasion. An attorney in Georgia has pleaded guilty to federal charges for his role in a wide-ranging mortgage fraud scheme that involved 21 people.

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If needed, that mortgage advisor should even be able to tell you if it would be better for you financially to rent than buy now.

There are a lot of scams and ploys out there that make bold claims about fixing your credit, but are really just after your money and will only make your financial problems even worse.

It’s important to ask your property agent to spell out the different types of taxes before signing the deed to the property.

Popularity: unranked [?]

Almost 80% of home buyers start their search on the internet; it is best for you to be at the top of the list.

Rates flat, new home sales up
Despite a strong report on durable goods orders and a small rise in new home sales, mortgage rates haven’t moved much today.

Choosing the best mortgage rate for yourself, starts with choosing what type of mortgage rate (fixed or adjustable) is more suited to you.

Inventories climb, sales fall
The National Association of Realtors’ existing home sales data for July were released today, and there are more homes for sale than previously counted.

The great divide
Here’s something you don’t see often: The average rate on a 5/1 ARM is higher than the rate on a 30-year fixed.

Looks like fixed rates are falling
Yields on mortgage debt are falling. They’re even dropping faster than yields on 10-year Treasuries. Not by a lot, but still.

Up for day, down for week?
Bond yields are rising this morning, and that means that mortgage rates are probably going up, too. Not by a lot.

Real estate brokers deal with industrial and residential as well as commercial real estate.

Popularity: unranked [?]

Home price slide goes nationwide

“But it’s enough to cause them to pull back.”

The median price of American homes is expected to fall this year for the first time since federal housing agencies began keeping statistics in 1950. via Atlanta Journal-Constitution

Three Approaches Available For Real Estate Investment

Deciding which approach is the right one for you is important and will affect your return on investment. Three different methods are available: (1) passive, (2) active, and (3) advanced active. via Netgainrealestate.com

Top Stories: Home sales, factory orders up in July

“The recent squeeze on business credit could damp investment plans in the months ahead. That said, the data will help allay fears that business spending was slowing even before credit got tighter”

New-home sales and durable goods reports Realtor Bill Podley says the mortgage business is subject to the economy’s ups and downs. via Fresno Bee

Cities block bulky homes on little lots

Cities continue to rein in “teardowns” of old houses and the giant homes that replace them despite a housing slump that has slowed construction. via USA Today

Like with any product, an extensive search for and comparison for available foreclosure list will give you the best price and value for money.

The types of MLS information that you might find can be quite different - it can consist of phone lists, email list or MLS mailing list; there is a chance that it also may be a mixture of them.

Popularity: unranked [?]

Planning finances before the wedding
Dr. Don advises a reader who is getting married and wants to plan the finances to avoid problems if they later split.

Tax law overrides promises and promissory note
A promise to share residential tax breaks with a former partner has no weight with the IRS, says CPA George Saenz.

People, who are risk averse, generally treat fixed rate as the best mortgage rate.

Gas-saving devices mostly a scam
Government tests show most gadgets don’t do a thing to help improve mileage.

The number one situation where you should avoid a short term mortgage is if you are buying a property for investment purposes.

Popularity: unranked [?]

Ask some tips regarding marketing, negotiating, and convincing buyers in buying houses.

Celeb wedding on a mere mortal’s budget
Wedding planners for the stars share ways to turn your special day into something spectacular from wedding gown to wedding cake.

Comparing drug costs
A graphic shows the differences in drug costs.

8 ways to cut honeymoon costs
Don’t blow the money you frugally saved on the wedding.

Save by shopping for generic drugs
Experts say they’re just as safe as prescription drugs, and usually much cheaper.

Mortgage lenders that are not in good standing with the Better Business Bureau.

The greatest advantage of an adjustable rate mortgage is that is most often offered at a lower interest rate than a fixed rate mortgage.

Gas-saving devices mostly a scam
Government tests show most gadgets don’t do a thing to help improve mileage.

Popularity: unranked [?]

A home equity loan can be ideal if you need money for your education, paying your medical bills, or even for the renovation of your home.

Forced sale of a vacation home
Since the state is forcing a reader to sell his vacation property, he can avoid taxes on the government money by using it to buy a similar replacement house, says CPA George Saenz.

Planning finances before the wedding
Dr. Don advises a reader who is getting married and wants to plan the finances to avoid problems if they later split.

If you are contemplating taking your financial future into your own hands by investing in real estate, focus on one thing for the next 3-6 months.

Deposit safe if FDIC insured
Dr. Don advises a reader who worries that mortgage securities problems threaten his deposits.

Save by shopping for generic drugs
Experts say they’re just as safe as prescription drugs, and usually much cheaper.

Popularity: unranked [?]

If you desperately want to buy a home, just learn to let go and accept the fact that luck must go with you for you to own that dream house you have been eyeing for sometime.

Does a capitalization rate apply to single family rentals?

Whereas the capitalization rate is the single most important financial measurement for determining the market value of income property…. via Netgainrealestate.com

Crist to address Realtors on property taxes

TALLAHASSEE - With lawmakers headed into a special session to slash $1.5 billion in spending, largely the result of slumping home sales, Gov. via News Press

Marquette hits the jackpot . . . again

Coming on the heels of a $51 million gift last May, Marquette University Law School just announced another major gift : $30 million from Joseph J. Zilber, Milwaukee philanthropist, real estate developer and … via PrawfsBlawg

Commercial Real Estate Index Up Again in 2Q

“Despite some signs of slower overall economic expansion, the rise in the index means net absorption of space in the industrial and office sectors is likely to expand over the next six to nine months”

A forward-looking index for the commercial real estate market recorded its ninth consecutive improvement in the second quarter, according to the National Association of Realtors. via Floor Focus

Popularity: unranked [?]

It’ up to you if you’re going to sell your house through a real estate agent or by yourself.

Those who find themselves unable to fulfill their monthly financial obligations might turn to re-financing as a way of extending the debt which will lower the monthly payments.

Popularity: unranked [?]

Being the first to occupy a new home, with the accompanying noise, truck traffic and lack of community might not be attractive to buyers of your new construction home if they must endure a couple of years of these annoyances.

Pending Home Sales: A Little Good News In A Grim Time

We don’t usually cover the monthly report on pending home sales issued
by the National Association of Realtors (NAR), concentrating instead on
NAR and the Census Bureau’s other reports on housing permits and starts
and the completed sales of new and of existing homes. However, with good
news in such short supply lately - perhaps the understatement of the
year - it seems worth talking about the smidgen of
sunshine that accompanied the pending sales report for June.

Read More Now

Are Mortgage Applications Up or Are Applicants Hedging Their Bets?

Some interesting figures have been released by the Mortgage Bankers
Association which has announced that mortgage application
activity increased 8.1 percent on a seasonally adjusted basis
from the previous week and 7.7 percent when unadjusted. The activity is
18.0 percent higher than one year ago.

Read More Now

Mortgage Payments And Credit Cards - Two Examples Of Creative Thinking

American’s are hooked on credit card rewards and
while those that give consumers free airline miles are pretty old hat,
lenders are constantly coming up with new ways to lure the plastic
addicted to switch accounts.

Two of the newest variations involve mortgages and
both are rather creative…

Read More Now

GSE Attempts To Help Mortgage Market Squashed

…The Federal Reserve also stepped up both Thursday and Friday,
pumping billions into the system. The Fed said it stood ready to provide
emergency funds to banks and that it would do whatever was necessary to
keep markets from what Reuters called “seizing up.”

Reuters said that such statements from the Fed are
unusual, with the last having come after the September
11, 2001, terror attacks, and …

Read More Now

Countrywide Joins The Mortgage Lending Storm

As the list of mortgage lenders who have failed, are failing, or are
remaining very quiet about their status continues to grow the addition of
each new name has reached the level of “so what else is new?” This week,
however, there was a development that is certainly worth mentioning.

After nearly a week of rumors, Countrywide Financial
Corporation confirmed that…

Read More Now

Popularity: unranked [?]

Worried about Countrywide?
Countrywide is the nation’s biggest mortgage lender. When the words “Countrywide” and “bankrupt” appear in the same sentence — even as a hypothetical — people take notice.

Inflation is down, but not out
The good news is that price increases are slowing down. The bad news is that they are slowing down from rather high rates.

Rates remain steady today
The yields on 10-year Treasuries are down a bit this morning, but there’s no equivalent decline in Freddie Mac’s required net yields.

Fed cuts discount rate
Though it won’t have a direct effect on the interest rates that consumers pay, it could calm down the credit markets, including the one for mortgages.

A return to basics?
Mortgage insurance is in and piggyback loans are out. Housing and mortgage lending are going back to basics.

Personal incomes have not kept up with home prices.

Popularity: unranked [?]

A good real estate agent will analyze the needs of a home buyer/tenant and provide suggestions on what kind of home could be available to them within their budget.

Tax implications of a family loan
Most relatives don’t demand interest, but CPA George Saenz notes that Uncle Sam does. Tax law requires interest on such loans at the applicable federal rate.

Divided lot limits tax break
A couple can sell a portion of their property, but CPA George Saenz says they must sell it all to get the most tax benefit.

Newly wed and deep in debt
You need to change some of your spending habits, says the Debt Adviser.

They will also explain all the terms and conditions related to your mortgage loan.

Payment protection plan is expensive
Insurance for your credit card is very costly, says Dr. Don.

Can’t fight NSF charges
Banks will process the biggest checks first, says Dr. Don.

On the other hand, adjustable rate mortgages are very unpredictable in nature.

Popularity: unranked [?]

If this happens will you be able to afford the monthly payments on the loan?

Divided lot limits tax break
A couple can sell a portion of their property, but CPA George Saenz says they must sell it all to get the most tax benefit.

Tax implications of a family loan
Most relatives don’t demand interest, but CPA George Saenz notes that Uncle Sam does. Tax law requires interest on such loans at the applicable federal rate.

Can’t fight NSF charges
Banks will process the biggest checks first, says Dr. Don.

Newly wed and deep in debt
You need to change some of your spending habits, says the Debt Adviser.

Payment protection plan is expensive
Insurance for your credit card is very costly, says Dr. Don.

Popularity: unranked [?]

The Nation’s Mayors Take Action on Subprime Mortgage Foreclosures

The United States Conference of Mayors, under the leadership of Conference President Trenton Mayor Douglas H. Palmer, is calling on the Federal Reserve Board to use its authority under the Home Ownership and Equity Protection Act (HOEPA) to protect homeowners from abusive practices which often result in mortgage foreclosures. via Desert Local News

Google Street View raising eyebrows

“By putting these images on Google, there’s the potential for any one, frankly, in the world to view those images”

Last updated on: 8/13/2007 6:02:50 PM by Paul LaGrone FORT MYERS: The internet gives you street maps, directions, and even satellite photos of your neighborhood. via Nbc-2.com

Wyoming bucks housing slump

Wyoming’s robust economy has allowed the state to buck the national housing slump, as the state paced the nation when it came to sales of existing homes in the second quarter of this year. via Casper Star-Tribune

Is land a good real estate investment?

Someone once said, “Buy land, they don’t make anymore.” There are two reasons to buy land: personal enjoyment and investment. Too many people buy land and hope the value will increase…. via Netgainrealestate.com

A good real estate investor would evaluate the property on the basis of the developments going on in the region.

After getting required information about them select one or two finalists from them.

Popularity: unranked [?]

Alt-A Lender Crashes and Takes Stock Market With It

After two days in which trading was suspended on the basis of
information about margin calls, shares in American Home Mortgage
(AHM) were again put into active trading on Tuesday and
immediately lost over 90 percent of their value.

Stock in the company had been trading around $36 as recently as
February but had fallen to.

Read More Now

Although some home owners are successful with FSBO, according to the National Association of Realtors (NAR) home seller survey, only sixteen percent of sellers actually sell their home without exposure on the MLS.

Mortgage Payments And Credit Cards - Two Examples Of Creative Thinking

American’s are hooked on credit card rewards and
while those that give consumers free airline miles are pretty old hat,
lenders are constantly coming up with new ways to lure the plastic
addicted to switch accounts.

Two of the newest variations involve mortgages and
both are rather creative…

Read More Now

Mortgage Rates Eased By Weakening Housing Demand

Mortgage rates continued to ebb and flow within a
narrow range last week; most rates are little changed from where they
were in late July 2006.

Frank Nothaft, Freddie Mac vice president and chief
economist commented that “Mortgage rates eased this week on market
concerns that a further weakening of housing demand this spring will
delay any recovery in the sector. For example…

Read More Now

Unless you live in or are planning to relocate to a very small town, it is questionable whether or not a given agent is really familiar with your neighborhood, the schools that your kids will attend, the crime rates there, and many other considerations.

Are Mortgage Applications Up or Are Applicants Hedging Their Bets?

Some interesting figures have been released by the Mortgage Bankers
Association which has announced that mortgage application
activity increased 8.1 percent on a seasonally adjusted basis
from the previous week and 7.7 percent when unadjusted. The activity is
18.0 percent higher than one year ago.

Read More Now

Pending Home Sales: A Little Good News In A Grim Time

We don’t usually cover the monthly report on pending home sales issued
by the National Association of Realtors (NAR), concentrating instead on
NAR and the Census Bureau’s other reports on housing permits and starts
and the completed sales of new and of existing homes. However, with good
news in such short supply lately - perhaps the understatement of the
year - it seems worth talking about the smidgen of
sunshine that accompanied the pending sales report for June.

Read More Now

Popularity: unranked [?]

Protecting inheritance despite bankruptcy
It depends on factors such as where you live and how much you got, says the Bankruptcy Adviser.

Rebalancing investments in your IRA
In rebalancing your portfolio, you can still keep your retirement money in a tax-favored account, says CPA George Saenz.

Paying off a balloon loan
You can do it by making extra principal payments, says Dr. Don.

Live on one income, invest the other
Getting an early start on retirement planning is a good idea, says Dr. Don.

New-home price cuts hurt early buyers
Unless builder promised prices would stay up, there’s little recourse for those who bought early at significantly higher prices, says Real Estate Adviser Steve McLinden.

This is another factor that you should consider when you are deciding on the type of mortgage (i.

Popularity: unranked [?]

Agents find buyers for the sellers and try to maintain a good buyer-seller relationship.

Once you have found your dream home and put down an offer, you should always have a professional appraiser examine the home.

This increased interest rate means that the cost you pay for your loan is higher than if you had a down payment.

New-home price cuts hurt early buyers
Unless builder promised prices would stay up, there’s little recourse for those who bought early at significantly higher prices, says Real Estate Adviser Steve McLinden.

Popularity: unranked [?]

Whether your property is a 2-room apartment or a sprawling mansion, a log cabin in the mountains or a high-rise condo-you should get an appraisal before you put it on the market.

New-home price cuts hurt early buyers
Unless builder promised prices would stay up, there’s little recourse for those who bought early at significantly higher prices, says Real Estate Adviser Steve McLinden.

Popularity: unranked [?]

With a fixed rate mortgage, your payments are the same for the life of the loan.

Rates split directions
The average rate on the 30-year and 15-year fixed dropped this week. But jumbo loans and adjustable-rate mortgages went up.

Research by residential real estate industry sources concur that a newly constructed home can cost up to 20% more than a comparable existing home.

No hot tin roof today
As Americans slept last night, the bond and money markets in Europe were jumping like a cat on a hot tin roof, but there were few singed feet in U.S. bond markets today.

If the buyer’s agent commission is listed on the MLS, there is no additional paperwork needed to ensure that they will get paid if they represent the buyer.

Lock or not?
If your loan broker or officer calls you and advises you to lock, do it.

Popularity: unranked [?]

On the other hand, without them, you might actually get to keep the amount you pay out every month for yourself.

Housing News Turns The Stock Market To Mush

It’s been a rough week for the housing market. Homebuilder confidence
is in the gutter, existing home sales fell substantially and the bad news
emanating from the subprime debacle continues top headlines. Now we have
new home sales and builders reporting earnings.

Read More Now

The interest on the credit card will be generally higher than on a home loan because the credit card is an unsecured loan, that is, a loan with no collateral.

Alt-A Lender Crashes and Takes Stock Market With It

After two days in which trading was suspended on the basis of
information about margin calls, shares in American Home Mortgage
(AHM) were again put into active trading on Tuesday and
immediately lost over 90 percent of their value.

Stock in the company had been trading around $36 as recently as
February but had fallen to.

Read More Now

Mortgage Rates Eased By Weakening Housing Demand

Mortgage rates continued to ebb and flow within a
narrow range last week; most rates are little changed from where they
were in late July 2006.

Frank Nothaft, Freddie Mac vice president and chief
economist commented that “Mortgage rates eased this week on market
concerns that a further weakening of housing demand this spring will
delay any recovery in the sector. For example…

Read More Now

Home Prices Hold Their Own As Existing Home Sales Fall

There was mixed news on the existing housing front in last month. The
monthly survey by the National Association of Realtors (NAR) showed the
sales of existing homes, including single-family houses,
townhouses, condos, and co-ops declined 3.8 percent off of the pace in
May to a seasonally adjusted annual rate of 5.75 million units. This is a
decline of 11.4 percent from annualized June 2006 sales of 6.49 million
units.

“Home buyers have been getting mixed signals about the
housing market, which is causing some of them to hesitate,” Lawrence Yun,
NAR senior economist, said. Two bright spots in the June
report are…

Read More Now

Subprime Mess Continues To Wreak Havoc on the Mortgage Market

…on Tuesday Countrywide reported a 33 percent drop in net income for
the second quarter and announced that payments were delinquent on nearly
24 percent of its subprime mortgage loans compared to 15.33 percent at
the same time in 2006. More disquieting, there is evidence that problems
in the company’s subprime sector appear to have spread to their
higher rated prime loans, specifically home equity
products on which 4.56 percent of customers were behind in payments
compared to 1.77 percent during the same period last year.

Another lender is still alive but retrenching. Indymac Bank
announced late last week that…

Read More Now

New Study Shows Impact of Government Fees On Home Affordability

The National Association of Home Builders sponsors an economic
publication for the housing industry which publishes at
HousingEconomics.com. In mid-July it released a study on
Metropolitan Area House Prices and Affordability written by
Elliot F. Eisenberg, Ph.D.

One cannot deny that the study is self-serving, but the findings are
at least a little revealing of some of the reasons that housing prices,
particularly of new houses, continue to climb in a tough market.

Read More Now

Popularity: unranked [?]

Real estate agents would generally know the prices of various properties of different types and at various locations in the region.

Cut coupons to cut costs
Five or 10 minutes can mean a $20 difference in your grocery bill.

It is important to remember that getting a mortgage is not simply about the rates.

Help for out-of-control spenders
Readers share their stories about how they sought help for spending habits that were ruining their lives.

Still renting your phone? Why?
Some people, mostly seniors, don’t realize they can save by buying their phones.

Popularity: unranked [?]

Buy books or courses, got to real estate investing club meetings, visit websites and get on discussion groups.

The index is one of the most important considerations in choosing an adjustable rate mortgage.

Cut coupons to cut costs
Five or 10 minutes can mean a $20 difference in your grocery bill.

Help for out-of-control spenders
Readers share their stories about how they sought help for spending habits that were ruining their lives.

Celeb wedding on a mere mortal’s budget
Wedding planners for the stars share ways to turn your special day into something spectacular from wedding gown to wedding cake.

Still renting your phone? Why?
Some people, mostly seniors, don’t realize they can save by buying their phones.

Cash is king for the budget-minded
Real people who have gone cash-only share the secrets of their success.

Popularity: unranked [?]

Fear no reason to raid 401(k)
Crash concerns no reason to stop saving, says the Debt Adviser.

Before you make a purchase, you should always decide how much money you have to finish what needs to be finished.

Taxes and mortgage debt
Home acquisition debt is debt you take out to buy your home or substantially improve it, and interest on up to $1 million is deductible, says CPA George Saenz.

Going with a shorter term mortgage can lead to a significant savings on the financing of your home.

Looking at a mortgage recast
It can be used to bring down your payments by prepaying, says Dr. Don.

Will you kick back or sweat out retirement?
The news is mixed, but mostly not good. Americans, and boomers in particular, need to inject their retirement plans with steroids.

Checking short-term savings options
The best choice is probably a money market account or mutual fund, says Dr. Don.

Popularity: unranked [?]

Ugly fixer houses are the most difficult types of houses to sell, because only certain people are interested in them.

Lenders are in the business of making money and are more likely to offer favorable rates to those with good credit than they are to offer these rates to those with poor credit.

Most traditional agents offer MLS access in their local markets.

Yields tumble; rates don’t
As treasury yields continue to fall and times remain uncertain, both you and your lender have to watch your steps and manage the risks you take.

Blogger on TV
Bankrate mortgage blogger Holden Lewis makes an appearance on CNBC this afternoon in an interview with Erin Burnett. Wharton professor Susan Wachter will be featured, as well.

Jobs report disappoints
Today’s employment report is not good news. It’s not terrible news, either.

Troubles bleed into prime
The treasury yield has fallen fast in the last few days, but with all that’s going on in the subprime market, prime borrowers may be in for a shock.

Popularity: unranked [?]

Wells Fargo pulls popular subprime loan
Wells Fargo & Co., the fifth-largest U.S. bank, on Monday said it stopped offering a popular subprime mortgage product in response to market and regulatory pressure.

Toxic buildup in slumping housing market

How do you deal with excessive supply? Add more supply! Sounds like a head scratcher, but thats exactly what home builders are doing.

Housing starts up 2.3%; permits plummet
The pace of home construction rose 2.3 percent in June but building permit activity, a sign of future construction plans, sank to its lowest rate in 10 years, signaling further weakness in the listless housing market.

However, if your purpose of taking out money by means of home equity line of credit is to pay for medical bills or childrens college education, these expenses are inevitable.

California home defaults hit a 10-year high
Mortgage defaults in California soared in the second quarter to the highest level in 10 years, the result of weak home sales and sagging home prices in the nations largest state, a real estate research firm said Tuesday.

Home loan demand drops to 5-month low
Mortgage applications fell for the first time in four weeks, touching a five-month low and largely reflecting a drop in demand for home purchase loans, an industry group said on Wednesday.

Dont get burned by shoddy home inspection
Youd have to be a fool to buy a house without having it inspected first. The challenge is to find a competent home inspector who can give you an accurate picture of the property, so you know whether to go forward with the purchase. By ConsumerMan Herb Weisbaum.

Popularity: unranked [?]

Mortgage Employee Exodus
During June, less than 460,000 people worked in mortgage lending, the Bureau of Labor Statistics reported Friday. The latest figure represents a significant decline from the prior month and the prior year. Based on recently reported activity, figures expected in upcoming month will worsen even more.

First NLC Lays Off Nearly Half of Staff
First NLC Financial Services laid off more than 600 employees Thursday, a company executive told MortgageDaily.com. The move was based on a long-term strategic decision. The job cuts were made in conjunction with the closure of a number of First NLC branches.

Alt-A Programs Quickly Diminish
IndyMac has decided to step up conforming volume and cut back on nonconforming originations until the private secondary market recovers. Secondary market conditions led SunTrust to temporarily suspend its EZ Options Program, according to an e-mail sent to brokers. National City discontinued all expanded criteria programs, according to an e-mail by a National City employee to brokers.

Jumbo, HEL Performance Deteriorates
During May, the Moody’s Home Equity Index Composite indicated delinquency of at least 60 days was 12.35 percent, according to an announcement Friday. The index jumped from the prior month. The Moody’s Jumbo Mortgage Credit Indexes indicated 60-day day lates were also higher for nonconforming loan amounts.