Lendance.com Personal Finance Topics Archive: July 2006
Foreclosures May Rise as Overburdened Buyer’s Interest Rates Rise: Now that the interest on adjustable-rate mortgages is increasing and housing prices are starting to drop, a lot of people are trapped with payments they can’t afford. When they can’t meet their payments, the only option may be foreclosure. Foreclosure is when the lender legally repossesses the house when the owner can’t make the payments.
Added July 3rd, 2006 -- Click here to read more!
Equity Slow to Build on Long-Term Mortgages: It seems the mortgage lenders have gone the way of the car dealers and are now offering mortgages for 40, 45 or even 50 years. When interest rates are high and many people can’t qualify for a 30 year loan, long term mortgages seem to gain popularity again.
Added July 4th, 2006 -- Click here to read more!
National City to Sell Subprime Loans: National City is considering selling some of their mortgage units over the summer to remain competitive in the mortgage market. The bank, ranked 8th in the US, sites the slowing mortgage market as a reason.
Added July 5th, 2006 -- Click here to read more!
American Bank Expands Mortgage Division: It is no surprise that the mortgage market is experiencing some cooling, but at a time when some mortgage companies are downsizing, American Bank has just doubled their size.
Added July 6th, 2006 -- Click here to read more!
Mortgage Employees Still Stable in Jobs: An online source for the mortgage industry has noted that, although the mortgage market has cooled, many companies are expanding and hiring. Those that have been affected by a layoff may not be out of a job for too long.
Added July 7th, 2006 -- Click here to read more!
New Lease on Life For Mortgage Giant: After millions of dollars were found to be unaccounted for at mortgage giants Fannie Mae and Freddie Mac, the future of the companies looked dim. But new management says the discovery of the accounting failures circumvented financial ruin.
Added July 10th, 2006 -- Click here to read more!
Mortgage Fraud Battled at State Level: Cities and counties have been battling the uprising of mortgage fraud for years. On the national level, reforms are moving slowly. But now, states are taking action to battle this new white-collar crime.
Added July 11th, 2006 -- Click here to read more!
Second Week of Rising Mortgage Applications: Though fixed rate mortgages are still at a four year high, applications for mortgages rose a slight amount for the second week in a row. The increase may be a trend, or may be leading mortgage professionals to false hopes.
Added July 12th, 2006 -- Click here to read more!
Cities Offer Mortgage Assistance: Current mortgage rates, along with record high housing prices, are keeping many borrowers from buying their first home. Some cities are taking action, offering mortgage assistance to those who would like to own their own home.
Added July 13th, 2006 -- Click here to read more!
Mortgages Different in Hawaii: Some residents of the island state of Hawaii have learned to live without a mortgage. A leasehold state, one purchases their residence for 99 and ½ years from the government, but a few don’t feel the need to borrow.
Added July 14th, 2006 -- Click here to read more!
Katrina Victims Get Homeowner Checks: Thousands of victims that were affected by Hurricane Katrina are starting to get some relief. Though some say the system is open to fraud, homeowners’ checks are starting to be mailed for damages from the hurricane.
Added July 17th, 2006 -- Click here to read more!
National Meeting Held For Licensing Mortgage Officers: In response to the rise of mortgage fraud and an increase in cutthroat business practices, the National Association of Responsible Loan Officers met with government regulators to try and establish proper broker licensing.
Added July 18th, 2006 -- Click here to read more!
Credit Score Reporting Hurts Mortgage Clients: The three major credit reporting agencies are now being sued over a case of selective reporting. The practice, which can lower a credit score, has far reaching affects for those trying to obtain a mortgage.
Added July 19th, 2006 -- Click here to read more!
Investors Still Getting Mortgages: Amazingly, some investors are still looking to the mortgage market to make a dollar. With high rates and stabilizing housing values, those that chose to buy and flip are taking risks.
Added July 20th, 2006 -- Click here to read more!
Mortgage Fraud Includes Church: In a new, disturbing twist to the up rise of mortgage fraud, one woman claims that her church pastor was involved. The California woman was trying to avoid default on her mortgage, and was led astray by her spiritual leader.
Added July 21st, 2006 -- Click here to read more!
Mortgage Lenders Merge to Stay Competitive: Two lenders have joined together in an attempt to remain competitive in today’s market. One of the lenders is one of the only private investing mortgage companies in Colorado, using private funds for mortgages.
Added July 24th, 2006 -- Click here to read more!
Level Playing Field Desired in Mortgages: Brokers are hoping that as Congress is urged to enforce better lending ethics, the documents that are involved will get a makeover too. The current mortgage documents can vary from one lender to another, and are often difficult to understand.
Added July 25th, 2006 -- Click here to read more!
How the Federal Reserve Affects Mortgage Rates: In the current market, it would make sense to most to lower mortgage rates to facilitate an increase in business as home values stabilize. So why did the Federal Reserve increase rates and how does it affect the mortgage industry?
Added July 26th, 2006 -- Click here to read more!
Subprime Mortgages Can be Tricky: The mortgage market is forcing a lot of professionals to address niche regions of the business. An area that has seen an uprising is the subprime lender, although the products they provide can be treacherous.
Added July 27th, 2006 -- Click here to read more!
Alaska Mortgages Still Not Regulated: The mortgage industry has seen a revamping of regulations and discussions in the past few months. Colorado has been a hot spot, but has recently begun to initiate regulatory changes. Alaska now remains as the only state to not have mortgage regulations.
Added July 28th, 2006 -- Click here to read more!
Mortgage Life Insurance Not Always a Good Idea: After completing the rigorous trial of obtaining and closing on a mortgage, an homeowner may look forward to a little time to relax. But this is the time when insurance agents often want to target them for mortgage life insurance.
Added July 31st, 2006 -- Click here to read more!
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