Tag Archives: lenders

New Mortgage Lending Rules Take Effect

The Consumer Financial Protection Bureau recently issued new rules that were designed to create a “back to the basis” approach for mortgage lending. The new rules have been implemented to lower the risk of defaults and foreclosures. Under the new regulations, mortgage lenders are being asked to follow the Ability to Repay rule and Qualified […]

Survey Says Almost 50% of Small Businesses Received Full Funding on Credit Applications

The Federal Reserve Bank of New York recently came out with its biannual Small Business Credit Survey, which showed lenders expressing a more positive attitude towards small business financing. The survey — which received more than 800 responses from businesses from New York, New Jersey and Connecticut — showed that almost half (44%) of small […]

Report Says Almost Half of Homeowners in HAMP Default Again

Sigtarp, a report from the Troubled Asset Relief Program, showed that borrowers who had their mortgage payments reduced under the Home Affordable Modification Program (HAMP) are still having trouble keeping up with their payments, despite having their payments reduced on average by more than $400 a month. During the third quarter of 2009, forty-six percent […]

Affordable Financial Services LTD’ Weekly Finance Review

Home prices are falling in most major U.S. cities, as reported by Bloomberg BusinessWeek. At least 10 major U.S. markets, including New York, are at their lowest point since the housing boom of 2006-2007. According to The Standard & Poor’s/Case-Shiller city index, home prices fell in 19 out of the 20 major cities. The record […]

Affordable Financial Services LTD Weekly Finance Review

The Commerce Department reported this week that housing starts fell 22.5% in February to 479,000 units, from an upwardly revised January figure of 618,000 units. It was the biggest decline in 27 years and finished just above a record low set in April 2009. Building permits — a hint of future construction demand — fell […]

What Does the 2010 Tax Law Mean for Mortgage Interest Deductions?

A recent article in USA Today broke down how the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 that was signed into law by President Obama will affect employers, employees and homeowners. Under the new tax law, homeowners can still take deductions on mortgage insurance premiums, the USA Today article states. This […]

Mortgage Delinquency Rate Could Fall Below 5% By The End of Next Year

The Wall Street Journal reported today that the percentage of U.S. consumers who are delinquent on their mortgages could be less than 5% by the end of 2011. The delinquency rate is expected to be above 6% by the end of this year. TransUnion LLC predicts that mortgage delinquencies will decline to 4.98% by the […]

Moratorium Starting to Affect Foreclosure Sales

Bloomberg reported today that states that have been hardest hit by the real estate crash are seeing sales of foreclosed homes slowing down as the result of the foreclosure freeze as banks review their practices. Attorneys general in all 50 states began probing foreclosure practices after court documents revealed that employees signed off on these […]