Advertisement
YOU ARE HERE: LAT HomeCollectionsRefinancing
IN THE NEWS

Refinancing

FEATURED ARTICLES
BUSINESS
August 2, 2013 | By Lew Sichelman
Thinking about refinancing? A second lien may affect whether you can. If you've taken out a second lien on your home, it is subordinate to your primary mortgage and must be dealt with. It can't be ignored, and it doesn't matter whether it's a home equity line of credit, a home equity installment loan or any other kind of loan. "You have one of two options" when dealing with subordinate financing on your house, says Scott Stein, president of Xetus, a technology company that helps mortgage originators manage second liens.
ARTICLES BY DATE
CALIFORNIA | LOCAL
December 12, 2013 | By Dan Weikel
Orange County's largest toll road network on Thursday sold $2.3 billion in bonds to shore up the finances of several highways that have failed to meet revenue and ridership projections. The Irvine-based Transportation Corridor Agencies will use the borrowing to refinance the Foothill-Eastern system, which includes the 133 tollway in central Orange County as well as the 241 and 261 that run from Yorba Linda to Rancho Santa Margarita. The bond issue will extend the time that motorists must pay tolls on the Foothill-Eastern's highways by 13 years - from 2040 to 2053 - and add upward of $1.75 billion to the corridor's total interest payments by the time the bonds mature in 2053.
Advertisement
CALIFORNIA | LOCAL
June 13, 2013 | By Dan Weikel
The leaders of Orange County's largest toll road network on Thursday approved a $2.4-billion bond sale to refinance one of its highway corridors -- a move that will probably extend the number of years drivers will be forced to pay to use the tollway. The restructuring could shore up the operation's sagging finances but would add 13 additional years of toll-paying -- meaning the Foothill-Eastern system would not become a free road until 2053. The corridor includes the 241 and 261. The Foothill-Eastern, which slices through the hills of Orange County, have been battered by poor ridership just as its debt payments have been increasing.
BUSINESS
October 24, 2013 | By Andrew Tangel and E. Scott Reckard
NEW YORK - Bank of America Corp. is slashing 1,200 jobs in its mortgage division as the company's refinancing business slows amid rising interest rates. The Charlotte, N.C.-based bank made the cuts this week, a BofA representative said. The jobs are scattered around the country, including some in California, but the bank declined to elaborate. The nation's banks have experienced a sharp slowdown in once-booming profits from refinancing as mortgage rates rose from their historic lows while the housing market healed.
NEWS
May 11, 2012 | By Michael A. Memoli
RENO -- Although the announcement on same-sex marriage became the focus the week after President Obama officially kicked off his reelection campaign, his trip to Nevada was a reminder of the pocketbook issues that are more likely to swing voter attitudes.  And so Obama visited with a middle-class family in one of the battlegrounds that will determine his fate to highlight what his administration sees as a success in its attempts to subdue a...
BUSINESS
May 1, 2003 | From Bloomberg News
More Americans raised cash by refinancing their home loans in the first quarter, helping to bolster consumer spending, according to a survey by Freddie Mac. In the first three months of the year, 43% of refinanced loans were for amounts 105% or higher than the original mortgage, compared with 60% a year earlier, said Freddie Mac.
BUSINESS
April 7, 1992 | DENISE GELLENE, TIMES STAFF WRITER
A handful of banks are starting to refinance auto loans, potentially saving consumers some money while boosting banks' slipping auto lending business. Though riskier for lenders than new-car loans, auto refinancings are expected to catch on among bankers as they attempt to regain business lost to credit unions and car dealers. For consumers, auto refinancing could offer modest savings. Karen Chura of the Washington-based Consumer Bankers Assn.
BUSINESS
September 6, 2007 | From Times Wire Services
Mortgage applications in the U.S. rose from a one-month low last week, led by a gain in refinancing. The Mortgage Bankers Assn.'s index of applications to buy a home or refinance a loan rose 1.3% last week to 622.9 from 615.2. The group's purchase index also rose. Economists see little prospect for sustained improvement this year as falling home prices and less access to credit will cause Americans to shy away from buying or refinancing.
BUSINESS
February 1, 2012 | By Jim Puzzanghera, Los Angeles Times
Distancing himself from Republicans on housing issues, President Obama pitched a $5-billion to $10-billion plan to help a key segment of struggling homeowners — those still making monthly payments, but on underwater mortgages. Obama proposed Wednesday to help about 3.5 million people with good credit who are unable to refinance at historically low rates because their homes are worth less than their mortgages. He argued that those homeowners — and the country — couldn't afford to let the housing market bottom out, as many Republicans, including presidential candidate Mitt Romney, have advocated.
NEWS
February 19, 1992 | ROBERT A. JONES
You may have noticed that the Bank of America has decided to slap a new, multi-thousand-dollar fee on all those who walk through its doors hoping to refinance their homes. This may or may not surprise you, according to your view of banks, but this particular fee tells us something about business in modern America. All across the land, everyone wants to re-fi. Interest rates have not been so low since Eisenhower crossed the Rhine.
CALIFORNIA | LOCAL
October 10, 2013 | By Dan Weikel
The leaders of Orange County's largest tollway system cleared the way Thursday for a $2.4-billion bond sale designed to shore up the sagging finances of one of its highway networks. Proceeds from the bonds will be used to refinance the Foothill-Eastern system, where the Transportation Corridor Agencies operates the 241 and 261 tollways. The roads, which course through the hills of east Orange County, have been performing below their ridership and revenue projections. Studies indicate that without a refinancing, the Foothill-Eastern highways would default on their debt payments.
BUSINESS
August 2, 2013 | By Lew Sichelman
Thinking about refinancing? A second lien may affect whether you can. If you've taken out a second lien on your home, it is subordinate to your primary mortgage and must be dealt with. It can't be ignored, and it doesn't matter whether it's a home equity line of credit, a home equity installment loan or any other kind of loan. "You have one of two options" when dealing with subordinate financing on your house, says Scott Stein, president of Xetus, a technology company that helps mortgage originators manage second liens.
BUSINESS
July 15, 2013 | By Andrew Tangel
NEW YORK -- Like other major banks, Citigroup sees a slowdown in its mortgage-refinancing business amid a rise in long-term interest rates. “Although the housing market is gaining strength, lower volume of mortgage refinancing will impact our consumer business,” Chief Executive Michael Corbat told analysts during a conference call Monday. “We're already taking steps to make sure the mortgage business is sized correctly,” he said. Federal Reserve Chairman Ben S. Bernanke roiled financial markets last month by fueling speculation that the central bank was poised to scale back monetary stimulus later this year.
BUSINESS
July 11, 2013 | By Alejandro Lazo
Fixed mortgage rates this week resumed their recent upward trend, with lenders offering 30-year home loans to solid borrowers at an average of 4.51%, according to Freddie Mac. The average rate, up from 4.29% last week and 3.56% a year ago, is more than a percentage point above last fall's record low of 3.31%. Rising rates could send more prospective buyers into the housing market in the short term while also making it harder to afford a home. Rising rates also are likely to cut into mortgage refinancing activity.
BUSINESS
June 14, 2013 | By Kenneth R. Harney
WASHINGTON - The refinancing boom may be cooling down, but the move to shorter mortgages - especially 10-year loans among pre-retirees - appears to be accelerating. Some community banks say 10-year mortgages, once an insignificant niche option, are accounting for increasingly large chunks of their business. For example, Rockville Bank in South Windsor, Conn., reports that 10-year loans represented a surprising one-fifth of its total residential mortgage originations in dollar terms last year.
CALIFORNIA | LOCAL
June 13, 2013 | By Dan Weikel
The leaders of Orange County's largest toll road network on Thursday approved a $2.4-billion bond sale to refinance one of its highway corridors -- a move that will probably extend the number of years drivers will be forced to pay to use the tollway. The restructuring could shore up the operation's sagging finances but would add 13 additional years of toll-paying -- meaning the Foothill-Eastern system would not become a free road until 2053. The corridor includes the 241 and 261. The Foothill-Eastern, which slices through the hills of Orange County, have been battered by poor ridership just as its debt payments have been increasing.
BUSINESS
July 11, 2010 | By Lew Sichelman
Homeowners who owe so much on their mortgages that they can't refinance may want to consider bringing some money to the table to take advantage of today's near record-low interest rates. That's what Frank Nothaft did. And he isn't alone. Millions of people in recent months have become part of a phenomenon known as "cash-in" refinancing. "It's picked up dramatically," says Nothaft, chief economist at mortgage giant Freddie Mac, the government-chartered enterprise that purchases mortgages from lenders.
BUSINESS
February 5, 2004 | From Bloomberg News
The amount of money raised by turning home equity into cash fell by half in the last three months of 2003 from a record in the third quarter as refinancing dropped to an 18-month low. A decline in refinancing prompted by higher mortgage rates put the dollar volume of the so-called cash-out loans at $135.6 billion, down from $277.2 billion, according to a report from mortgage financier Freddie Mac in McLean, Va.
CALIFORNIA | LOCAL
June 13, 2013 | By Dan Weikel, Los Angeles Times
The leaders of Orange County's toll road network on Thursday approved a $2.4-billion bond sale to refinance one of its highway corridors - a move that would probably extend the number of years drivers must pay to use the system. The planned restructuring could shore up the operation's sagging finances but add 13 more years of tolls, meaning that the Foothill-Eastern system would not become free to motorists until 2053. The corridor includes the 133 tollway in central Orange County and the 241 and 261 tollways, which slice through the hills from Yorba Linda to Rancho Santa Margarita.
BUSINESS
April 26, 2013 | By E. Scott Reckard, Los Angeles Times
The Obama administration's Home Affordable Refinance Program is at last helping legions of American homeowners with upside-down mortgages. Nearly 1.1 million homeowners with little or no equity were able to refinance last year under HARP, which assists borrowers who are current on their monthly payments. That's nearly as many as in the three previous years combined, and the latest figures show that early this year, the pace of these refis abated only slightly. The program has become a success story after a stumbling start with slack lender participation.
Los Angeles Times Articles
|