June 17, 2011 |
Mortgage rates leveled off this week after falling for eight weeks in a row, according to a Freddie Mac survey of lenders. The average interest rate on 30-year home loans edged up to 4.5% from 4.49% last week, Freddie Mac said Thursday. The rate is down from 4.91% in mid-April. The average for a 15-year fixed loan fell a notch to 3.67% from 3.68%. For both term lengths, upfront fees averaged 0.7% of the amount being borrowed. Freddie Mac's survey asks lenders the rates they are offering to people with good credit and a down payment of at least 20%, or at least that much home equity for a loan refinancing.
January 21, 2010 |
Some banks are finding ways to make money from mortgages despite the continuing difficulties many homeowners are having in making their home payments. The country's two biggest home lenders, Bank of America Corp. and Wells Fargo & Co., posted fourth-quarter earnings Wednesday that were bolstered by better-than-expected profits in their mortgage operations. These profits, however, had little to do with the health of the companies' mortgage portfolios, which are still generating a wave of defaults and losses for the banking giants.
December 4, 2012 |
Sales of government-backed mortgage securities rose in November to the highest level in more than three years, stoked by a refinance boom and a rush by banks to avoid a fee increase from Fannie Mae and Freddie Mac. Nearly $176 billion in bonds backed by fixed-rate home loans were issued in November, up from $132 billion in October and the most since $229 billion in June 2009, MortgageDaily.com reported Monday, citing the data firm eMBS Inc. ...
August 9, 2011 |
Bank of America Corp. lost a fifth of its stock value in a general market rout amid heightened concerns about its ability to get ahead of the bad mortgages it holds, as well as the billions of dollars committed to resolving soured securities and home loans. Unease about the bank's continued malaise from the mortgage meltdown have grown in recent weeks, and some industry analysts pondered the possibility that the nation's largest consumer bank would have to seek additional capital to shore up its finances — especially if the nation heads into another recession.
February 12, 2011 |
The Obama administration is moving to dramatically downsize the government's role in the mortgage business, saying taxpayers can no longer afford the cost and the risk of subsidizing home loans on a grand scale. The administration's plan calls for gradually shutting down Fannie Mae and Freddie Mac, which now control nearly half of the $11-trillion mortgage market. The two companies have cost taxpayers $150 billion since they were seized by federal regulators in 2008. Real estate industry groups attacked the proposal, saying it would make it tougher for average Americans to get home loans and thereby weaken the housing market.
October 21, 2010 |
Major banks and mortgage lenders are coming down with another legal headache in their efforts to seize properties from homeowners in default. A little-known electronic database formed by them 15 years ago to track ownership changes on millions of mortgages is being challenged in court by desperate borrowers alleging it wrongly filed foreclosure actions against them. The cases against Mortgage Electronic Registration Systems Inc., known in the industry as MERS, highlight the shortcuts taken by the financial industry during the housing bubble.
CALIFORNIA | LOCAL
October 19, 2002 |
A Studio City man who had been a fugitive for nine years has pleaded guilty to orchestrating a scheme to obtain more than $20 million in fraudulent home loans, the U.S. attorney's office said Friday. William Lee Cranston, 34, had been on the run since 1993, living under assumed names in Mexico, Florida and Las Vegas. Apparently confident that he had successfully eluded investigators, Cranston returned to Los Angeles about two years ago.
August 27, 2010 |
Adding to worries about the economy's direction, the number of newly delinquent home loans has risen for two straight quarters in what could foreshadow another surge in unemployment-related foreclosures. The consequences of the increase in fresh delinquencies are uncertain. But the rise presents a troubling counterpoint to positive trends in severely delinquent loans and foreclosures, which, although still at very high levels, have begun to decline, the Mortgage Bankers Assn. said Thursday.
October 25, 2012 |
Bank of America thought it was laying claim to a crown jewel of American mortgage lending when it scooped up Countrywide Financial Corp. at the depths of the housing crisis in 2008. With a name reflecting its ambition, Countrywide transformed itself from a regional lender in Calabasas to a burgeoning powerhouse. It seemed to have perfected the elusive art of making home loans to borrowers with scuffed credit. But the deal quickly became a millstone for Bank of America, U.S. taxpayers and the American economy when Countrywide dissolved in a heap of bad loans and shoddy bookkeeping.
May 3, 2012 |
Wells Fargo & Co. has become so dominant in the mortgage business that major investors and federal regulators are worried that a financial hiccup at the giant bank could roil the already beleaguered real estate market. Wells originates 34% of all home loans - more than the combined total of the next seven biggest mortgage lenders. That's why regulators are closely watching the San Francisco bank, Paul J. Miller, a former Federal Reserve bank examiner, said Thursday. "The problem is there's a lot of systemic risk when one company has that much of the market," said Miller, an analyst specializing in mortgages at FBR Capital Markets & Co. Wells Fargo's balance sheet is viewed by analysts as being among the strongest of the nation's banks, and a major distress in its mortgage business is seen as unlikely.