According to the 2013 year-end Trepp report, about $1.4 trillion in commercial mortgages are anticipated to mature between 2014 and 2017. This, coupled with higher taxes and uncertain economic conditions, may result in fewer lenders willing to refinance. The northeast states (including New York, New Jersey and Connecticut), represent 30% of all maturing commercial mortgage […]
Rates for fixed mortgages increased this week, which has indicated that buying a home will be less affordable in upcoming months. The average rate on a 30-year loan jumped from 4.29% to 4.46% this week, according to Freddie Mac. Regarding 15-year loans, rates also increased from 3.30% to 3.47%. Since May, when the Federal Reserve […]
(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, […]
Equifax recently released its March National Consumer Credit Trends Report, which showed that there were $43.1 billion in home finance balances written off during the first quarter of 2013, down 23% year over year from $55.4 billion in Q1 2012. Last quarter’s figure is at a five-year low. Write-offs (or severe derogatories) include loans that […]
In order to cover their losses on the bad loans they took in the past quarter, Freddie Mac is asking for $1.8 billion in additional federal aid, the Associated Press reported today. Between April and June, Freddie Mac lost $6 billion which could be attributed to the $1.3 billion in dividends paid to the Treasury […]