‘Savvy managers of credit’ walking away from loans
FICO, the Minneapolis-based company that generates consumer credit scores, reported that strategic defaulters display a different type of credit behavior than distressed consumers who miss payments. According to the FICO website, strategic defaulters tend to be more savvy managers of their credit than the general population, with higher FICO scores, lower revolving balances, fewer instances […]16 years ago
Seniors have fewer reverse mortgage options
It’s curious how companies promote the launch of a new product or program but do little to inform consumers when it is no longer available. Financial Freedom Senior Funding Corporation was founded in 1996 in Irvine, California and grew to be of the biggest players in the national reverse mortgage industry. It also became the […]16 years ago
Credit fraud, repair are different challenges
An old friend not only was a victim of credit fraud this past year but his family’s passports also were stolen just two weeks before a long-awaited vacation. Stuart, 60, took all the right steps to report the fraud and notified the police, credit card companies, his local bank and the postmaster. Just when he […]16 years ago
New second home? A local look at fractional ownership
The whole is greater than the sum of its parts? Not so when it comes to fractional ownership of recreation property, especially for families sharing a place they could not afford – or find the time to occupy – by themselves. Michael Burns, who grew up in the timeshare industry, formed Private Residents Resorts in […]16 years ago
New federal home index gauges prices at 2004 levels
The Federal Housing Finance Agency House Price Index (FHFA HPI) released today shows continued easing on housing prices, which declined 1.6 percent from January to February on a seasonally adjusted basis. The year-over-year change in February shows 5.7 percent decline. The FHFA Index is 18.6 percent lower than its peak in April 2007 and currently […]16 years ago
Interest rates dip in weekly mortgage survey
Mortgage interest rates dipped the past week with 30-year, fixed-rate loans sitting at 4.80 percent, according to Freddie Mac’s weekly survey. Last year at this time, the 30-year fixed-rate loans averaged 5.07 percent. “Low inflation is keeping mortgage rates at bay,” said Frank Nothaft, vice president and chief economist at Freddie Mac. “The core consumer […]16 years ago
Wells Fargo reports huge decline in new mortgage loans
NEW YORK (AP) – Wells Fargo’s income jumped 51 percent in the first quarter as more people opened accounts with the bank and business customers took out more loans. Higher interest rates, however, resulted in a sharp decline in new mortgages. The amount of soured loans that Wells wrote off declined by $629 million from […]16 years ago
Investors help push existing home sales up 3.7 percent
Sales of existing-home sales rose 3.7 percent in March, continuing an uneven recovery that began after sales bottomed last July, according to the National Association of Realtors. Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, were pushed along by investors who accounted for 22 percent of all transactions. The March […]16 years ago
Commentary: Ginnie and the new down payment proposal
BY LAWRENCE YUN CHIEF ECONOMIST, NATIONAL ASSOCIATION OF REALTORS Ginnie Mae turned over $1 billion in internal profit to the U.S. Treasury, according to its latest annual report. Okay, great. But who is Ginnie, and who cares? First, Ginnie Mae is not Fannie Mae or Freddie Mac. Ginnie Mae securitizes only FHA and VA mortgages […]16 years ago
A little sunshine: Residential construction rose in March
Nationwide housing starts, an important component in the nation’s economy, rose 7.2 percent in March, the U.S. Commerce Department reported today. Coming on the heels of disappointing declines in February, this gain was represented in both the single- and multifamily sectors, and was mirrored by substantial improvements in building permit issued for the same period. […]16 years ago
Mortgage woes continue to plague Bank of America
By PALLAVI GOGOI AP Business Writer NEW YORK (AP) – Bank of America Corp. is still trying to shake off troubles arising from mortgages written during the housing bubble. Higher fees from battling lawsuits and costs related to its mortgage business led to a 39 percent decline in BofA’s first-quarter earnings, the bank announced. It […]16 years ago
