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FTC Submits Comments on Proposed Guidance to Help Consumers Avoid Reverse Mortgage Deception
March 19, 2010 Posted by FTC
March 19, 2010 - (RealEstateRama) — Federal Trade Commission staff has filed comments with the Federal Financial Institutions Examination Council (FFIEC) supporting a measure designed to protect consumers from deceptive claims and to help them make better-informed decisions about whether to obtain a reverse mortgage. Reverse mortgages, typically available only to borrowers age 62 or older, allow them to “spend down” the equity in their home while they live there. A reverse mortgage is a home-secured loan that becomes due when the homeowner moves, sells the home, dies, or fails to meet loan terms such as paying property tax or homeowners insurance. Although reverse mortgages have assisted many elderly consumers in drawing on the equity in their homes, some consumers may not fully understand these complex products or may be deceived by advertising claims made about them
Fixed-Rates Flat This Week
March 18, 2010 Posted by Freddie Mac
McLean, VA - March 18, 2010 - (RealEstateRama) — Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.96 percent with an average 0.7 point for the week ending March 18, 2010, up slightly from last week when it averaged 4.95 percent. Last year at this time, the 30-year FRM averaged 4.98 percent.
MBA Analysis: Commercial and Multifamily Mortgage Debt Outstanding Declined 2.8 Percent in 2009
March 18, 2010 Posted by MBA
Washington, DC - March 18, 2010 - (RealEstateRama) — The level of commercial/multifamily mortgage debt outstanding decreased by 1.7 percent in the fourth quarter, to $3.4 trillion, according to the Mortgage Bankers Association (MBA) analysis of the Federal Reserve Board Flow of Funds data. On a year-over-year basis, the amount of mortgage debt outstanding at the end of 2009 was $99 billion lower than at the end of 2008, a decline of 2.8 percent.
ICBA Mortgage is Developing a New Fulfillment Platform
March 17, 2010 Posted by ICBA
Washington, D.C. - March 17, 2010 - (RealEstateRama) — ICBA Mortgage is developing a new mortgage fulfillment platform that will serve the needs of ICBA Member Banks.
Mortgage Applications Decrease in Latest MBA Weekly Survey
March 17, 2010 Posted by MBA
WASHINGTON, D.C. - March 17, 2010 - (RealEstateRama) — The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending March 12, 2010. The Market Composite Index, a measure of mortgage loan application volume, decreased 1.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1.7 percent compared with the previous week.The Refinance Index decreased 1.7 percent from the previous week and the seasonally adjusted Purchase Index decreased 2.3 percent from one week earlier. The unadjusted Purchase Index decreased 1.8 percent compared with the previous week and was 13.9 percent lower than the same week one year ago
MBA: Dodd Bill Needs More Explicit Risk Retention Exemptions for Mortgages
March 16, 2010 Posted by MBA
WASHINGTON, D.C. - March 16, 2010 - (RealEstateRama) — Robert E. Story, Jr., CMB, Chairman of the Mortgage Bankers Association, issued the following statement in reaction to proposed legislation to modernize regulation of the financial services industry.
Bank of America Reports 21,000 Permanent Home Affordable Modifications Completed
March 12, 2010 Posted by Bank of America
More Than 500,000 Other Modifications Have Been Completed Since January 2008. CALABASAS, CA - March 12, 2010 - (RealEstateRama) — Bank of America has completed nearly 21,000 mortgage modifications under the federal government’s Home Affordable Modification Program (HAMP), according to the bank’s latest monthly progress report to the Department of Treasury.
Mortgage Rates Drop Slightly in Freddie Mac Weekly Survey
March 11, 2010 Posted by Freddie Mac
McLean, VA - March 11, 2010 - (RealEstateRama) — Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.95 percent with an average 0.7 point for the week ending March 11, 2010, down from last week when it averaged 4.97 percent. Last year at this time, the 30-year FRM averaged 5.03 percent.
MBA’s Courson Testifies on FHA Reform Act
March 11, 2010 Posted by MBA
WASHINGTON, D.C. - March 11, 2010 - (RealEstateRama) — John A. Courson, President and CEO of the Mortgage Bankers Association, testified today before the House Financial Services Subcommittee on Housing and Community Opportunity at a hearing on the FHA Reform Act of 2010.
MBA Report Shows Economic Fallout Continues to Impact Commercial Real Estate Markets/Delinquencies in 4th Quarter 2009
March 11, 2010 Posted by MBA
Washington, DC - March 11, 2010 - (RealEstateRama) — Delinquency rates continued to increase in the fourth quarter for most commercial/multifamily mortgage investor groups, according to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report
