CALIFORNIA | LOCAL
October 10, 2013 |
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.
August 2, 2013 |
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.
July 15, 2013 |
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.
July 11, 2013 |
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.
June 14, 2013 |
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 |
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.