Posts about Mortgage Market Report as of October 1, 2009

The number of San Jose foreclosure homes for sale in California has been one of the highest. Just like other cities across the state and the country, the first wave of foreclosure problem in the area was attributed to bad loans taken out by borrowers who could not afford to own a house. But this year, more foreclosures were reported involving borrowers of prime rate loans. Many of these borrowers are creditworthy and were forced only to default on their mortgage payments because of mitigating circumstances such as unemployment, medical emergency or divorce.

A series of foreclosure help workshops are being held across the country to help distressed borrowers meet and talk personally with investors and mortgage servicers of Hope Now alliance. The government-sponsored enterprise, Federal Home Loan Mortgage Corp. of Freddie Mac has gone even farther in its effort to alleviate the effects of foreclosure by hiring Titanium Solutions Inc.

home loans WASHINGTON – Nearly one in three borrowers who applied for a mortgage last year was denied as lenders kept their standards tight as the mortgage crisis accelerated, the government reported Wednesday. In its annual look at mortgage practices among lending institutions, Federal Reserve said the denial rate for all home loans was about 32 percent last year — about the same as in 2007, but up from 29 percent in 2006. The denial rates for blacks and Hispanics were more than twice as high as the rate for white borrowers.

WASHINGTON — Nearly one in three borrowers who applied for a mortgage last year was denied as lenders kept their standards tight as the mortgage crisis accelerated, the government reported Wednesday. In its annual look at mortgage practices among lending institutions, Federal Reserve said the denial rate for all home loans was about 32 percent last year — about the same as in 2007, but up from 29 percent in 2006. The denial rates for blacks and Hispanics were more than twice as high as the rate for white borrowers.

Customers of the Big Four banking groups have expressed the lowest customer satisfaction levels in Australia, with most account holders being too ambivalent to switch to a different service provider, the results of a new survey reveal. After taking into consideration fees, interest rates and customer service amongst other things, the Big Four banking groups, which include Westpac, CBA, ANZ and NAB ranked at the bottom of a list containing 14 different lenders.

October 1, 2009 | By Asem Eltaher In Finance | by Asem EltaherAmong the top ten hot topics of 2008-2009 is the relief for homeowner’s high mortgage payments. Foreclosures at an all-time high and many are getting further behind each month creating a large market for mortgage refinance with bad credit. The newest data from the Mortgage Bankers Association reveals fewer foreclosures are being reported. Unless there are new strategies for relief the rise could be higher than now by the year 2011.

by Asem Eltaher Among the top ten hot topics of 2008-2009 is the relief for homeowner’s high mortgage payments. Foreclosures at an all-time high and many are getting further behind each month creating a large market for mortgage refinance with bad credit. The Mortgage Banker’s Association states the newest information on foreclosures shows the decline is still pacing downward. The percentage of homeowners facing default can rise higher by 2011, if relief is not available.

FHFA Refinance Report Underscores Impact of Interest Rates on Refinance Volumes (PDF; 670 KB) Source: Federal Housing Finance Agency Fannie Mae and Freddie Mac refinanced more than 3.2 million mortgage loans in 2009 through August of this year. In the month of August alone, nearly 360,000 mortgages were refinanced. The numbers were announced today by Edward J. DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA), in its monthly report on Enterprises’ refinance volumes and the Administration’s Making Home Affordable Refinance Program (HARP).

by Jeffrey Austin When the government enacted some new rules about who is entitled to hire an appraiser to complete a market analysis on a property, there were many ramifications that were not initially considered. Now Fannie Mae and Freddie Mac have some mandatory guidelines, which again will have some positive and negative impact on the real estate housing market. One of the new requirements is banks, mortgage companies or lenders are required to receive a copy of a real estate purchase contract and all addendums associated with the contract prior to completing an appraisal report.

  Political activities Balls has played a prominent role in the Fabian Society   Fabian Society The Fabian Society is a United Kingdom intellectual socialist movement, whose purpose is to advance the principles of Social democracy via gradualist and reformist, rather than revolutionary means…. , the think tank and political society founded in 1884 which helped to found the Labour Party in 1900.

Customers of the Big Four banking groups have expressed the lowest customer satisfaction levels in Australia, with most account holders being too ambivalent to switch to a different service provider, the results of a new survey reveal. After taking into consideration fees, interest rates and customer service amongst other things, the Big Four banking groups, which include Westpac, CBA, ANZ and NAB ranked at the bottom of a list containing 14 different lenders.

Imagine eating in an expensive restaurant. The food and wine is very good and you and your party have eaten and drunk far more than you need, and in some cases far more than you enjoyed. You are sipping your final drinks but the waiter is about to present the bill. You were not careful about what you consumed and imagined that you could afford to pay it. The bill comes, and it is far more money than you imagined. It is even more money than you have.

Over 12 months ago I wrote this article regarding bank fees that they were too high for all these bail outs. The News Media yahoo.com abcnews today did a report on bank fee’s and the report was something similar to what happened to me with B of A. I find that the News channels are late on information that I had already investigated and pointed out. The information was out there over a year ago before the bail outs were occurring.

Here is a copy of ACORN’s so-called People’s Platform , via the Internet Archive’s Wayback Machine, which we first posted back on October 16, 2008 . As is noted below, this platform was updated in 1990 in Chicago, which was just two years before Mr. Obama began to work for the organization via Project Vote and as a trainer for their “power” seminars. Note how many of ACORN’s demands are being accomplished by Mr. Obama since he has assumed office.

The Daily Reckoning Houses bounce too… Not much happened yesterday. The Dow fell 47 points. The newspapers attributed the reversal to surprisingly low consumer confidence numbers. Apparently, consumers aren’t so sure this crisis is over. As we reported yesterday, they’re saving money…maybe even at an 8% rate. Oil didn’t move yesterday. Neither did gold. The Wall Street Journal reported that markets were reacting to “mixed data.” That is to say, some reports were encouraging.

Successful investing is all about a contrarian perspective. It is my personal challenge to stay contrary at all times. I am naturally that way, so it is somewhat easy for me. Still, there are times, like June or October 2007, when my contrary warning bells were going off, but I did not listen and I stayed long, much too long. But just as too much positive talk should trigger a contrary response leading to the action of “Sell”, so too the same is true when there is too much negative sentiment, like right now.

John Lounsbury submits: The IMF has issued its semi-annual report on the world economy this morning. There is some good news and some bad news. There is not a lot of headline news here, but the report is a good compilation of where the world is more than halfway through 2009. I start with lists of some summary items, followed by reviews of items of interesting data in the report. Good News 1. Banking systems have stepped back from the brink of disaster; 2.

In the past couple of months there has been a tremendous uptick in new home sales and home prices in the national housing market. The latest Case Shiller index report showed that national home prices increased for the first time in three years as the NHPI index rose 1.4%. This is good indication that the housing market has bottomed and will start to stabilize in the oncoming months. Many believe that the housing market’s recent recovery is largely attributed to the popularity of the first-time home buyer tax credit program.

by John Browne – Senior Market Strategist, Euro Pacific Capital As a part-time member of the press corps, I had the good fortune to attend many of the public sessions at last week’s G-20 meeting in Pittsburgh. As impressive as it was to closely witness the gathering of countries representing some 85 percent of the world’s GDP (along with the governors of the World Bank, the IMF and the European Central Bank), it was equally remarkable to witness the immense security forces deployed to restrain those who feel the gathering harbored the forces most responsible for the world’s economic and financial problems.

Houses bounce too… Not much happened yesterday. The Dow fell 47 points. The newspapers attributed the reversal to surprisingly low consumer confidence numbers. Apparently, consumers aren’t so sure this crisis is over. As we reported yesterday, they’re saving money…maybe even at an 8% rate. Oil didn’t move yesterday. Neither did gold. The Wall Street Journal reported that markets were reacting to “mixed data.” That is to say, some reports were encouraging. Others were not.

Mortgage Market and the Jobs Report Technorati Tags: Mortgage Rates , Jobs Report Related Posts September 4, 2009 — Jobs Report – did I call it wrong? September 30, 2009 — There’s something weird going on with mortgage rates September 25, 2009 — The Fed and how long is “substantial length of time?” September 25, 2009 — Searching for Direction – in Mortgage Rates…. September 25, 2009 — Inflation? Higher Mortgage Rates? ShareThis

by Don McGowan If house prices fall, professions within the conveyancing industry are hit hard as well as the people selling the properties. The country’s conveyancing solicitors are being forced to tighten their proverbial belts, with a recent decline in house prices, particularly in the North West of England. Property asking prices dipped by 5,000 in the last month, as a recent report showed, and the summer lull has divided homeowners into those who have the luxury of retaining their asking prices, or even increasing them, and those forced to make the drop.

Note: We are re-issuing this post after correcting a mistake in the original post that ran yesterday. As a result of another sign of dwindling confidence about MBIA Incorporated’s ( MBI ) business prospects, Standard & Poor’s (S&P;) has downgraded its ratings on the parent company as well as its structured finance insurance arm, MBIA Insurance Corporation. Rating of the parent company has been slashed to “BB-“ from “BB” and its subsidiary MBIA Insurance Corporation’s rating has been slashed to “BB+” from “BBB”.

There has been a lot of conversation here at Maggie’s Notebook about Mark Turner, a man living in the Pensacola, Florida area. At the bottom of this post, you will find links to the background of Mark Turner’s case. Today, I want to focus on complaints Mr. Turner made to the Florida Bar. When a citizen feels they have been unjustly treated by the justice system, they can file a “Bar Complaint” with the State’s Bar – the organization that generally registers and tracks lawyers in the area.

(AP) – 26 minutes ago Economic growth seen slowing by year’s end WASHINGTON (AP) — The unfolding economic recovery will probably lose some momentum in the final three months of the year as rising unemployment and still hard-to-get credit weigh on consumers. The economy will grow at a pace of around 2.5 percent in the just-started October-December quarter, according to projections made by analysts at Wells Fargo, IHS Global Insight and Moody’s Economy.com .

by Ann Whittaker Have you ever wondered what exactly is up with simple loan calculators? This informative report can give you an insight into everything you’ve ever wanted to know about loan calculators. Financing your dream car and keeping bad credit at bay is as simple as 1-2-3. Financial institutions are increasingly becoming flexible about bad credit personal loan applications. The Obama administration is pitching its plan as an effort to help responsible homeowners ensnared in the historic housing slump and painful recession-not speculators.

GM to shut down saturn after Penske walks away. General Motors says it’s shutting down the Saturn brand after an agreement with Penske Automotive Group to acquire the unit fell apart. Penske, citing concerns about whether GM could continue to supply vehicles after a manufacturing contract with the automaker ran out, ended talks with GM Wednesday to acquire the brand. GM CEO Fritz Henderson said in statement that Saturn and its dealership network will be phased out. Homeowners fall behind even after loan modifications.

ADP employment report -254,000; weaker than expected Q2 US GDP revised higher to -0.7% versus -1.0% expected Chicago PMI drops to 46.1 in September versus expected 52.0 US mortgage delinquencies rise to 8.5% of mortgages outstanding from 7.7% in Q1 Fed’s Lockhart, Kohn remain in “lower for longer ” camp USD share of global reserves falls to 62.8% in Q2 from 65.0% in Q1: IMF ECB’s: Liikenan and Orphanides –prepare, but don’t implement exit strategies yet S&P 500 ends 0.3%

Two of the main banking regulators, the OCC and the OTS, jointly released data on mortgage performance in the second quarter today, and the news was not good. The report covers 34 million individual first mortgages totaling about $6 Trillion. All types of delinquencies were up, but most distressing was the information about serious delinquencies, or mortgages that are more than 60 days past due. They reached 5.3% of all mortgages, up from 4.7% in the first quarter, an increase of 11.5%.

30 September 2009 – The monthly ADP Report, which gives us a look at the private sector job market showed private employers cut 254,000 jobs in September, worse than the 200,000 which was expected. This release, as I have mentioned in the past, does not always match up with the Labor Department’s official Jobs Report, but this news doesn’t fair well for this Friday’s important Job’s number. Right now economists are estimating a loss of 180,000 jobs for the month of September.

Another mixed bag of housing data was released over the past week starting with last Thursday’s report from the National Association of Realtors that showed an unexpectedly drop in existing home sales. NAR reported that sales of existing homes in August fell by 2.7% form the prior month. This broke a four month trend of consecutive increases but still reflected a 3.4% increase form the same month a year ago. The report caught many economists off guard as extremely low interest rates, low prices and the government’s $8,000 tax credit were expected by most to boost sales for the month.

Not much happened yesterday. The Dow fell 47 points. The newspapers attributed the reversal to surprisingly low consumer confidence numbers. Apparently, consumers aren’t so sure this crisis is over. As we reported yesterday, they’re saving money… maybe even at an 8% rate. Oil didn’t move yesterday. Neither did gold. The Wall Street Journal reported that markets were reacting to “ mixed data ”. That is to say, some reports were encouraging. Others were not. It was as if one weather forecaster called for a blizzard.

Not much happened yesterday. The Dow fell 47 points. The newspapers attributed the reversal to surprisingly low consumer confidence numbers. Apparently, consumers aren’t so sure this crisis is over. As we reported yesterday, they’re saving money… maybe even at an 8% rate. Oil didn’t move yesterday. Neither did gold. The Wall Street Journal reported that markets were reacting to “ mixed data ”. That is to say, some reports were encouraging. Others were not. It was as if one weather forecaster called for a blizzard.

1. Guy Carpenter Addresses the Return of Capital to the Reinsurance Industry at Monte Carlo Rendez-Vous: Guy Carpenter & Company, LLC hosted a press briefing at Rendez-Vous in Monte-Carlo on September 5, 2009, focusing on the return of capital to the reinsurance market. Brian Duperreault, President and Chief Executive Officer of Marsh & McLennan Companies, Inc., opened the briefing.

Houses bounce too… Not much happened yesterday. The Dow fell 47 points. The newspapers attributed the reversal to surprisingly low consumer confidence numbers. Apparently, consumers aren’t so sure this crisis is over. As we reported yesterday, they’re saving money…maybe even at an 8% rate. Oil didn’t move yesterday. Neither did gold. The Wall Street Journal reported that markets were reacting to “mixed data.” That is to say, some reports were encouraging. Others were not.

Essentials –» Jose Hernandez tweeting from space bilingually – follow him – cool! :: from twitter.com Dispelling bias against Latinos – Complicating and confounding efforts to reform the country’s immigration laws are widespread portrayals of Mexican immigrants as a threat to national culture and unity :: from www.recordnet.com The foreclosure crisis has brought a particular set of issues to Latino immigrants in the Kansas City area.

Comment: I have four picks for you today. 1) In this WSJ Op-Ed piece, M. Boskin and J. Cogan discuss the proposed tax changes for the state of California. The changes are drastic, and could they be a precursor for things to come for this nation, too? 2) I liked J. H. Kunstler’s writing this week. His sarcasm is always over the top. The truth hurts. 3) Blodget, for Business Insider, writes of a new report done by Amherst Securities, where they find a shadow housing inventory of 7 million houses, as opposed to the usually accepted number of 2.5 to 3 million.

The right wing media and pundits – Fox News, Glenn Beck, Sean Hannity, Limbaugh, etc ad nauseum – have taken to stoking irrational fears among the public which they base on false claims. From death panels to killing granny for abortion money – there seems to be no end to the lies and propaganda they will push. The latest Glenn Beck nuttery is his promotion of a video of kids singing a song about Barack Obama. This is being compared to the indoctrination of Hitler’s German Youth squads.

(RTTNews) – Mortgage application volume fell in the week ended September 25, despite another decrease in interest rates. In a report released Wednesday, the Morgan Bankers Association reported that its market composite index, which measures mortgage … View original story…

It is interesting to see new data being published regarding Option ARMs in the new OCC and OTS report.  According to the recently released report, there were 900,000 active Payment Option ARMs in the United States.  What is troubling about the current report is the performance of these loans.  Many of these loans are located in the depressed states of California and Florida that have dealt with record breaking budget problems .  These loans have the potential to once again destabilize the housing markets in these regions.

Acxiom Corporation ( ACXM ) recently announced that it has acquired DMS (Direct Marketing Services), a premier provider of direct marketing services in the Middle East-North Africa (MENA) market.  This acquisition will enable Acxiom to enter the markets of Saudi Arabia and United Arab Emirates. The company plans to service its current global partners who plan to expand in the Middle East as well as regional marketers in that region.  The new Acxiom MENA organization will serve global and regional clientele from offices in Jeddah and Dubai.

Fiserv, Inc ( FISV ) has decided to sell its financial services technology solutions business. The company announced today that it has signed a definitive agreement to sell its Loan Fulfillment Solutions (LFS) business to ISGN Solutions Inc., a subsidiary of ISGN Corporation.  Fiserv assists financial institutions and health plan administrators in managing their information systems so that they can efficiently deliver services to their customers. The company is one of the leading providers of e-commerce solutions to financial institutions.

  Is it the last day of September already? Wasn’t it just Memorial Day? Things are getting a little tight here around the Chrisman household. Yesterday my son came to me and told me that “management” knew that I had taken a stapler from my home office. “From now on”, he continued, “If you plan on continuing to work here, you’ll have to obtain an updated photo ID, and furnish your own salary.” It must be that econ class he’s taking… This morning we had our final revision to the 2 nd quarter’s GDP number.