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MortgageDaily.com - Mortgage News Headlines
Mortgage Industry News for the Mortgage Industry
- 2010 Bankruptcies Top 1 Million
Consumer bankruptcy filings during August fell 8 percent from July, the American Bankruptcy Institute reported.
The decline followed a bounce in July.
Year-to-date Aug. 31, 2010, filings totaled 1,034,843.
- Public Debate on Revisions to FHA Guidelines
The public was invited on July 15 to comment on three U.S. Department of Housing and Urban Development initiatives designed to help restore the Mutual Mortgage Insurance Fund capital reserve account.
More than 900 comments were received by the comment deadline on Aug. 16, a public filing Friday said.
The "overwhelming majority" of the comments addressed the proposed 3 percent limitation on seller concessions.
- Reverse Originations Gaining Steam
The U.S. Department of Housing and Urban Development reported last week that reverse mortgage originations climbed to 5,901 loans for a maximum claim amount of $1.5 billion in July from 5,304 loans endorsed for $1.3 billion a month earlier.
It was the second month in a row of gains.
In August, according to the Reverse Market Insight newsletter, reverse mortgage production increased 13 percent.
- Wachovia Vs. WaMu Debated by Regulators
In an appearance before the Financial Crisis Inquiry Commission, regulators testified about the why there was disparate treatment in the resolution of Washington Mutual Inc. and Wachovia Corp.
The Federal Deposit Insurance Corp.'s chairman said the FDIC had known for months that WaMu was in trouble.
But with Wachovia it didn't know until very late in the game how dire the situation was.
In addition, Wachovia was deemed systemically important.
- Surprise Increase in Mortgage Jobs
The number of mortgage jobs was up by 2,300 positions in July, according to data released Friday by the U.S. Department of Labor.
Headcount in "real estate credit" was up by nearly 3,000 jobs.
But "mortgage and nonmortgage loan brokers" saw their numbers decline by around 500 positions, the government data indicated.
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There are so many decisions to make when shopping for a home mortgage loan.
Should you choose a fixed or adjustable rate? Should you pay interest-only
for a period of time? How much money should you put down? One of the simpler,
but absolutely crucial decisions that will confront you is the choice of term.
How long a mortgage is right for you?
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