The final Statement on Subprime Mortgage Lending was jointly issued by federal banking regulators. The statement clarified that not all subprime mortgages are predatory. Among the areas of concern identified in the report were teaser-rate payments and subsequent unlimited adjustments, limited or no income verification and prepayment penalties. (more…)
There was $30.2 billion in mortgage insurance policies issued during May, according to data released Friday by the Mortgage Insurance Companies of America. Volume jumped from April, Mica reported. Compared to May 2006, mortgage insurance volume soared. (more…)
According to Freddie Mac’s Primary Mortgage Market Survey for the
previous week, the market has rolled back a small portion of the large
increases in mortgage rates that were recorded over the
prior five weeks.
“Mortgage rates eased this week due to market concerns that the
housing market will be a longer drag on the economy,”
said Frank Nothaft, Freddie Mac vice president and chief economist.
“Thus far this year, the housing sector…”
A few things have happened in the last few days that may ultimately
ease what many are calling an onrushing foreclosure train
wreck.
While some attempts are more meaningful and far-reaching than others,
at least a couple of institutions which can do something to avert any
coming catastrophe appear to be moving in that direction and it is
heartening to see that the system may be capable of responding to
trouble…