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Rising mortgage rates, home prices “a double hit” for prospective Denver homeowners
Relatively small interest rate increases boost mortgage payments by nearly 10 percent and curb millennial's borrowing power.
104 points by The Denver Post | Real estate Mortgage loan Debt Loan Interest rate Money Interest Real estate pricing
Quicken, feds square off in court over home loans
The government alleges Quicken ignored “red flags” in dicey home loans that didn’t meet federal standards        
-2 points by The Detroit News | Loan Debt Federal government of the United States United States Department of Justice Default U.S. state President of the United States Mortgage loan
Quicken Loans names new CEO amid executive changes
Jay Farner to replace Quicken Loans CEO Bill Emerson, who will become vice chairman of parent company Rock Holdings        
-2 points by The Detroit News | Detroit President Team Lake Erie Monsters Management occupations Leadership Speaker Mortgage loan
Quicken Loans gets new CEO in management reassignments
Quickens Loans announced today changes to its top management, including a new CEO.        
-2 points by Detroit Free Press | President Detroit Management occupations Speaker Lake Erie Monsters Chairman Board of directors Mortgage loan
Quicken Loans gets new CEO under management shake-up
Quickens Loans announced today changes to its top management, including a new CEO.        
-2 points by Detroit Free Press | President Detroit Management occupations Speaker Lake Erie Monsters Chairman Board of directors Mortgage loan
Single women a growing force in the real estate market
Gender, marital status and mortgages don't get a lot of research attention in real estate, but two new reports examine the exceptional role of single women in the home purchase marketplace and the challenges they face in getting a loan. A couple of highlights: • Single women are statistically better...
-1 points by Chicago Tribune | Debt Loan Marriage Mortgage Real estate Mortgage loan Default Visual markers of marital status
30-year mortgage rate jumps up to almost 4%
The average for a 30-year fixed-rate mortgage jumped to 3.94% from 3.57% last week.         
11361 points by Arizona Republic | Mortgage loan Mortgage Interest Loan Federal Reserve System Debt Federal government of the United States Monetary policy
Mortgage rates surge, but homebuyers advised to be patient
With mortgage rates surging following the election win of Donald Trump, homebuyers may feel compelled to snap up loans before rates rocket even higher. But housing experts say consumers shouldn't get carried away by the post-election wave.
88 points by The Denver Post | Mortgage Mortgage loan Loan Debt Interest rate Monetary policy Interest Real estate
U.S. home construction jumps the most in 34 years
Builders broke ground on the most new homes in nine years last month, a response to strong demand that should lift the economy. Home construction soared 25.5% to a seasonally adjusted 1.3 million in October, the Commerce Department said Thursday. That is the biggest percentage gain since July 1982....
68 points by Los Angeles Times | Mortgage loan Subprime mortgage crisis Late-2000s recession Mortgage Great Depression Money Economics terminology Unemployment
US home construction jumps by largest amount in 34 years
WASHINGTON — Builders broke ground on the most new homes in nine years last month, a response to strong demand that should lift the economy.Home construction soared 25.5 percent to a seasonally adjusted 1.3 million in October, the Commerce Department said Thursday. That is the biggest gain since July 1982. New construction is also at the highest level since August 2007, months before the Great Recession began.
7 points by Boston Herald | Mortgage loan Subprime mortgage crisis Late-2000s recession Mortgage Interest rate Great Depression Money Economics terminology
County Boost Fund awards $1.65 million in small business loans
An East Towson lacrosse equipment and products company is one of the latest Baltimore County small businesses to win funding from the county's Boost Fund, a two-year-old loan program. "We know that small businesses have to be nimble, creative and dedicated to staying competitive," County Executive...
-2 points by Baltimore Sun | Debt Loan Business Baltimore County Maryland Default Interest Mortgage loan Baltimore
Mortgage rates spike in one week by biggest margin in 3-1/2 years
The rates for 30-year and 15-year loans have increased by about one-third of a point since Nov. 9, when the stock market started soaring, pushing bond prices down and bond yields up. Mortgage rates in the last week have skyrocketed, increasing by the largest seven-day margin in nearly 3-1/2 years. The rates for 30-year and 15-year loans have increased by about one-third of a point since Nov. 9, when the stock market started soaring post-election, pushing bond prices down and bond yields up. The one-week increase means a $50 increase in a person's monthly payment on a $200,000 loan. Experts say the increase may startle home buyers a bit but shouldn't dampen their plans. The bigger impact may be pushing homeowners who want to refinance into quicker action. Rates on 30-year mortgages are inching up to 4 percent -- the highest level in 10 months. Fifteen-year rates are back above 3 percent. "We've been talking with our buyers and sellers about this," said Laura Dembowski, principal broker and team leader for Keller-Williams Realty in Northeast Ohio. "We've been warning them." The Mortgage Bankers Association in Washington D.C. said Wednesday that, since the presidential election, investors are anticipating faster growth and higher inflation under Donald Trump. The major stock market indexes have increased by 2 to 3 percent in the last week, causing some investors to flee bonds and opt for stocks instead. "We are seeing irrational markets," said Bill Emerson, CEO of Quicken Loans in Detroit. That's good for investors but not so much for homeowners' wallets. In many communities around Northeast Ohio, home sellers are seeing bidding wars that won't be tempered by an uptick in rates, said Myra White, vice president at Howard Hanna. "Some of our suburbs are so in demand that it would take a tidal wave to derail them," she said, noting that Solon, for example, has as many homes already sold waiting for title transfer as there are for sale. "That's amazingly strong buyer demand and will not be affected by a bump of a third of a point," White said. "In fact, a third of a point really makes a minimal  difference regard affordability." Emerson of Quicken Loans agreed, saying the increase "isn't going to prevent anybody from qualifying for a home." But, the sudden spike could light a fire under some homeowners who've been thinking about refinancing, he said. Rates for refinance loans have increased even more than purchase loans -- by 0.40 percent in one week. Even before the election, mortgage rates were creeping up, tempering demand for bonds. That is pushing bond prices down, which then pushes yields up to make them more attractive. Mortgage rates are based on yields paid on 10-year Treasury bonds. Dembowski, a 22-year real estate veteran who leads a team of 200 agents, said rates below 4 percent -- or even below 5 percent, which we may see next year -- are fantastic. But the uptick that started months ago is causing some buyers to ratchet down how much they're willing to spend. Instead of targeting a $200,000 home, many are looking in the $180,000 to $190,000 range. Or they throw out lower bids to sellers and hope the bids are accepted. In some communities, such as the Strongsville-Brunswick area, "buyers are not willing to pay top dollar anymore." Dembowski said that buyers never want to purchase a home they're not happy with just because of interest rates. But she said the rising rates may motivate prospective buyers to stop being so casual. "Some people may think, 'Wow, we'd better do it now.' " White of Howard Hanna agreed. "If this is part of a projected correction of rates in an upward direction, it's actually a good time to grab a loan while it's only up one-third of a point. "The reality is it's only a bump up, it's not dramatic," she said. "So it's largely  about perception."
6 points by The Plain Dealer | Mortgage Mortgage loan Stock market index Money Refinancing Real estate Bond Foreclosure
OneWest Bank shut out nonwhite borrowers, advocates say
Two California advocacy groups have asked federal housing regulators to investigate Pasadena’s OneWest Bank over allegations that it discriminated against or failed to serve minority communities. The allegations lodged with the U.S. Department of Housing and Urban Development build on a multitude of...
1021 points by Los Angeles Times | Bank regulation Pleading Mortgage loan Loan Bank run Federal Deposit Insurance Corporation Cause of action Debt
Bank tied to Trump adviser accused of redlining
Complaint filed with HUD targets CIT Group, whose directors include Steven Mnuchin         
6037 points by Arizona Republic | Mortgage Deposit insurance Mortgage loan Goldman Sachs Foreclosure Federal government of the United States Hedge fund United States
Critics say HUD sales of delinquent mortgages are hurting, not helping
The federal government has sold thousands of delinquent Maryland mortgages to private investors through a controversial program that critics argue hurts homeowners and contributes to Baltimore's vacancy problem.Now they're mounting a campaign to try to change the program established by the U.S....
78 points by Baltimore Sun | Foreclosure Loan Debt Mortgage Federal Housing Administration Mortgage loan Default The Wire
Homebuilder sentiment up in September as sales improve
The builder sentiment index released Monday climbed six points this month to 65       
-1 points by The Detroit News | Mortgage loan Mortgage Real estate Copyright All rights reserved Subprime mortgage crisis Fixed rate mortgage Index
EDITORIAL: Super liens
What about property rights?
8 points by Las Vegas Review-Journal | Law Mortgage Foreclosure Lien State supreme court Property Supreme Court of the United States Mortgage loan
Mortgage: Reverse mortgages: How do they work?
Reverse mortgages often are considered a last-resort source of income, but they have become a planning tool for cash-strapped homeowners. [...] loans enable seniors age 62 and older to access a portion of their home equity without having to move. Steven Sass, program director at the Center for Retirement Research at Boston College, said a reverse mortgage makes sense for people who: Some people even use a reverse mortgage to eliminate their existing mortgage and improve their monthly cash flow, said Peter Bell, president and CEO of the National Reverse Mortgage Lenders Association. "In some cases, people may have an immediate need to pay off debt, or they may have had some unexpected expenses like a home repair or health care situation," Bell said. Retirees typically use cash to supplement income, pay for health care expenses, pay off debt or finance home improvement jobs. According to the National Reverse Mortgage Lenders Association, several factors determine the amount of funds you are eligible to receive through a reverse mortgage: Retirees with an adjustable-rate mortgage can collect their payments on a reverse mortgage as a lump sum, fixed monthly payment, line of credit or some combination.
21 points by The Houston Chronicle | Mortgage loan Mortgage Reverse mortgage Loan Real estate Money Debt Interest