Tag Archives: debt

Younger Generation’s Attitude toward Homeownership Could Negatively Affect Housing Market

Today’s article from National Public Radio reported that the pent-up demand for homes will mean a greater resurgence in the housing market, but that might change as many young adults who have graduated from college within the past few years are saddled with hundreds of thousands of dollars of student loan debt. But what’s more […]

FHA Plans to Set New Regulations Regarding Reverse Mortgage Rules

Seniors have used reverse mortgages as a lifeline to deal with urgent financial needs, causing them to fall into a financial crisis. The National Council on Aging says one-third of its counseling clients have mortgage debt that exceeds 50% of the value of their home. When using a reverse mortgage to pay off existing mortgages […]

Will New Regulations Be Added to the CARD Act?

Federal regulators are looking into whether they should implement more regulations into the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 as a way to prevent banks from unfairly imposing more fees on consumers. Citing its success of the initial CARD Act, regulators are proposing a new CARD Act to crack down on […]

Affordable Financial Services LTD Says Elimination of Mortgage Interest Deduction Will Hurt Mortgage Lending Industry

(Huntington, NY) — Brian Leibowitz, CEO and Owner of Affordable Financial Services LTD, says the government’s proposal to do away with the mortgage interest deduction (MID) will negatively impact the mortgage lending industry as prospective homeowners will hold off on buying a home and fewer purchase applications are filed. U.S. Congressman Dave Camp of Michigan, […]

Fannie Mae: 2013 Will Be a Year of “Transition to Normal”

Economists at Fannie Mae recently released their first economic forecast of 2013. The survey, titled “Transition to Normal,” describes where the direction the housing market is going will be affected by economic policy decisions being made and yet to be made by the federal government. The forecast states that the Federal Reserve will not raise […]

Feds Will Keep Mortgage Cancellation Relief Through 2013

With all the talk about the “fiscal cliff” and which tax cuts and other benefits will be eliminated, the federal government has announced that homeowners will continue to write off their mortgage debt for the rest of the year. Yesterday, Congress passed compromise legislation that would extend the American Taxpayer Relief Act of 2012, in […]

Realtors Rush to Complete Short Sales Before Possible Tax Hike

With the Mortgage Debt Forgiveness Act about expire at the end of 2012, real estate professionals have limited time to conclude short sale closings. According to RealtyTrac, short sales from borrowers who had overdue payments in the third quarter of 2012 increased by 22 percent year-over-year, while short sales from borrowers who made their payments […]

Congress is Advised to Save Expiring Tax Break on Mortgage Debt

With a $1.3 billion tax break on write-offs of mortgage debt set to expire at the end of the year, homeowners’ and mortgage industry advocates are urging Congress to the tax break, even as lenders continue to cut loan principal in order to aid borrowers who continue to struggle making payments. The Mortgage Debt Relief […]

Organizations Announce Collaboration in Collecting Housing Market and Mortgage Data

The Federal Housing Finance Agency (FHFA) and Consumer Financial Protection Bureau (CFPB) have decided to generate a national mortgage database in order to produce a more organized, more thorough compilation of mortgage and general housing market information. The accumulated data will provide agencies with more information and allow them to create better, more educated policies. […]

Low Interest Rates Mean Jump in Mortgage Prepayments

Homeowners have taken advantage of record-low interest rates to refinance their homes. According to Lender Processing Services Inc., mortgage prepayment rates in August were up to its highest levels in seven years. The Florida-based mortgage data provider also showed that home loans were repaid in August at a pace that would erase 25% of the […]