A little-known regulation sparked by the 2008 housing meltdown has the potential to fundamentally change the landscape of the housing and mortgage markets, further tightening the stranglehold on credit availability and deepening the housing market downturn. Known as the qualified residential mortgage (QRM), this draft rule currently being debated by regulators could require prospective homebuyers [...]
Jun 29 2011 | Posted in
Mortgage loans |
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Seniors will have fewer avenues to secure steady retirement income, now that the two largest lenders in the reverse-mortgage business have decided to discontinue offering the product. Wells Fargo, the nation’s top reverse-mortgage lender, announced earlier this month that it will stop originating the loans, citing inflexible government regulations and concerns that home prices could [...]
Jun 29 2011 | Posted in
Mortgage loans |
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Paying off the mortgage early is in. Refinancing to take money out of our homes is out. In this foreclosure crisis, more people are seeking the security and psychological benefits that come with owning a home free and clear. If you want to pay off your mortgage early, you’ll find plenty of experts recommending ways to [...]
Jun 8 2011 | Posted in
Mortgage loans |
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Last week’s confirmation that the gross domestic product grew only 1.8 percent in the first quarter came when economists were already busily revising their growth forecasts downward for the rest of this year. A double-dip recession remains unlikely, but this is the weakest recovery since the Great Depression and the first one not being led [...]
The average rate on the 30-year mortgage matched its lowest level since mid-January this week, according to Freddie Mac’s weekly survey released Thursday. The mortgage averaged 4.71% for the week ending May 5, down from 4.78% last week and 5% a year ago, according to the survey. Meanwhile, the 15-year fixed-rate mortgage averaged 3.89% this [...]
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