Countrywide for Sale
January 22, 2008
In a surprising move, Bank of America recently announced its plans to buy the beleaguered mortgage lender Countrywide Financial Corporation. The deal could end up costing BofA as much as four billion dollars and might well prevent the collapse of Countrywide as a business entitiy.
Good Mortgages Still Available
January 18, 2008
It seems as if there is nothing but bad news when it comes to the housing market, but that is not exactly true. There are actually some good bargains out there for those who qualify for them.
Some Home Buyers Waiting
January 9, 2008
There is an upside to the current housing market mess and that is many homes that are on the market are much less expensive now than they were a year ago. Cheaper home prices, however, seem to be regional in nature with some areas seeing less of a decline than others. Some areas such as Las Vegas, south Florida, and central California are seeing big dips in prices, as much as twenty percent in some cases, while other areas of the nation are only experiencing moderate to small reductions in home prices.
Slight Improvement in Home Sales
January 7, 2008
Some good news in the housing market was released recently. In November, sales of previously owned homes rose slightly. This came amid record foreclosures and tightened credit standards.
New Losses on Freddie Mac
December 21, 2007
There was more bad news out of Freddie Mac recently when the chief executive of Freddie Mac estimated the mortgage finance company would probably lose an additional $5.5 billion to $7.5 billion over the next few years. This would be caused as the housing market continues to drop and home loan defaults continue to rise.
Mortgage Applications Rising
December 11, 2007
Even in the midst of what is being called a housing mortgage crisis, mortgage applications across the country are actually rising.
Wells Fargo to Curb Credit
December 4, 2007
Another huge company takes a hit as Wells Fargo & Company announced it will have to tighten its home equity lending standards. The company will also take a special fourth quarter 2007 provision of $1.4 billion (pre-tax), this due in large part to higher losses that the company currently expects.
ARM’s to Reset
December 3, 2007
Homeowners who have mortgages that are in the adjustable rate mortgage category would do well to pay close attention to the details of their loan. Over the next year and half, many of these ARM’s are due to reset to higher rates, and many homeowners may be caught off guard.
Reverse Mortgages Booming
November 29, 2007
Believe it or not, there is a segment of the housing market that is doing well. That is the reverse mortgage market. For older homeowners, reverse mortgage programs can add income by using some of their home equity, but these programs are not without some confusion.
Renters Can Face Foreclosure Problems Too
November 26, 2007
Some might say that it was only a matter time before renters would find themselves being evicted from apartments and especially homes as the owners of those properties fall into the housing market mess.