Lending

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La Mesa Homes For Sale

HEADLINES

The Mercury News
Foreclosures gone wrong can haunt homeowners
July 10 - Lenders continue to make foreclosure mistakes despite extensive publicity and promises to fix problems, which include sloppy paperwork and communication breakdowns.
Read the full story
http://www.mercurynews.com/real-estate/ci_18432439

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CNBC
Fannie Mae offers investors new financing option
July 7 - Last month, Fannie Mae made a change to its rules for all-cash buyers to apply for mortgages.
Currently, Fannie Mae requires a minimum of six months to elapse between the time a
borrower purchases a home and subsequently applies for a cash-out refinance. Fannie Mae’s “Selling Guide Update” now allows a cash-out refinance within six months of a purchase
transaction when no financing was obtained for the purchase transaction.
Read the full story
http://www.cnbc.com/id/43668757

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The New York Times
Credit unions join the fray
July 7 - Credit unions, long a source for car loans and home equity lines of credit, have become a factor in first-mortgage lending too.  Read the full story http://nyti.ms/pIdIAx
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CNN SmartMoney
Secrets to getting a mortgage with so-so credit
July 5 - Getting a mortgage can be tough these days – even people with near-perfect credit have been rejected for loans. But for some lucky borrowers, things aren’t as bad as the doom-and-gloom crowd says.
Read the full story http://money.cnn.com/2011/07/05/real_estate/mortgage_underwriting/index.htm

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Bloomberg
U.S. Consumer Bureau plans to write rules for mortgage servicers
July 7 - The Consumer Financial Protection Bureau is preparing to impose rules on U.S. mortgage servicing firms, according to the bureau’s associate director.
Read the full story http://www.bloomberg.com/news/2011-07-07/u-s-consumer-bureau-plans-to-write-rules-formortgage-servicers.html

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The Wall Street Journal
Sellers brace for new mortgage caps
July 6 - The federal government is readying its first retreat from the mortgage market, with the size of loans eligible for government backing set to decline in October.
Read the full story http://online.wsj.com/article/SB10001424052702303763404576420101788878440.html?mod=WSJ_RealEstate_LeftTopNews

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New York Times
Big banks easing terms on loans deemed as risks
July 3 - Two of the nation’s biggest lenders, JPMorgan Chase and Bank of America, are quietly modifying loans for tens of thousands of borrowers who have not asked for help but whom the banks deem to be at special risk.
Read the full story
http://www.nytimes.com/2011/07/03/business/03loans.html?_r=1&ref=realestate  

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Los Angeles Times
Mortgage delinquencies level off
May 22 - The percentage of homeowners who are behind on their mortgage payments inched higher in the first quarter while the number of new foreclosures declined, a lobbying group for the homelending industry says.  Read the full story
http://latimesblogs.latimes.com/money_co/2011/05/new-mortgage-delinquencies-slow.html

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The New York Times
Dealing with higher costs of FHA loans
May 8 - The increased cost of FHA mortgages has shifted the math a bit for would-be borrowers. A home buyer with a down payment of less than 20 percent generally has to pay up in some other way to ensure that lenders are protected against default.
Read the full story
http://www.nytimes.com/2011/05/08/realestate/08mort.html?_r=1&ref=realestate  

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Los Angeles Times
FHA mortgages may still beat loans available from private-sector rivals
April 24 - Although it has raised fees, the FHA continues to offer much higher and more flexible maximum debt-to-income ratios, far more generous underwriting, and lower down payments than conventional lenders. Read the full story http://lat.ms/eJXpFl  

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MarketWatch
Mortgage payoff is a different investment
April 22 - In a world in which debt is a four-letter word, paying off the home mortgage could be a wise move for many people, providing they take the time to do the math or find a financial adviser who can help. Read the full story http://bit.ly/fEgUCN  

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The New York Times
Fallout from a poor credit score
April 21 - If you want to see how quickly you can ruin a great credit score, just skip a mortgage payment. Read the full story http://nyti.ms/jBLGsX

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Reuters
Home buyers try to beat “jumbo” loan squeeze
April 21 - Beginning Oct. 1, the government will dial back on the size of mortgages it guarantees in highcost
areas like San Francisco New York, and Washington.
Read the full story http://reut.rs/gqjB4i

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San Diego Union-Tribune
Could your mortgage broker’s pay affect your bottom line?
April 19 - New government rules meant to protect consumers have changed the way mortgage
brokers and loan officers are being paid – drawing mixed reactions from people in the
industry.
Read the full story
http://www.signonsandiego.com/news/2011/apr/19/could-your-mortgage-brokers-payaffect-your-bottom/  

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The Wall Street Journal
Fed proposes minimum standards for home loans
April 19 - During the housing boom, many lenders and mortgage brokers didn’t operate with the consumers’ best interest in mind. They enabled and sometimes encouraged borrowers to
take out loans with interest rates that shot upward after an introductory period – even ones
in which the principal balance rose over time.
Read the full story
http://blogs.wsj.com/developments/2011/04/19/fed-proposes-minimum-standards-forhome-loans/

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San Francisco Chronicle
Average rate on 15-year mortgage dips below 4 percent
Fixed mortgage rates tumbled this week and the 15-year loan dipped below 4 percent for the first time in three months.
Read the full story
http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2011/03/17/national/a070205D58.DTL

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The New York Times
A red flag on reverse mortgages
It is the saddest of paradoxes: A government-backed financial maneuver intended to free up extra money for struggling older people turns out to have left some widows and widowers on the brink of foreclosure.
Read the full story
http://www.nytimes.com/2011/03/12/your-money/12money.html?ref=realestate

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San Francisco Chronicle
Underwater mortgages rise as home prices fall
March 8 - The number of Americans who owe more on their mortgages than their homes are worth rose at the end of last year, preventing many people from selling their homes in an already weak housing market.
Read the full story
http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2011/03/08/national/w070515S66.DTL 

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The Wall Street Journal
FHA powers what’s left of the home market
March 6 - As one of the few backers of low-down-payment mortgages in time of stringent lender underwriting, the Federal Housing Administration has become a primary means of financing for U.S. home buyers.
Read the full story
http://online.wsj.com/article/SB10001424052748703867704576183003307736130.html?mod=WSJ_hpp_sections_personalfinance

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The Wall Street Journal
Mortgage practices overhaul proposed
March 5 - State and federal officials are pushing to more tightly regulate the way banks and other mortgage servicers treat struggling homeowners in a bid to stem foreclosures.
Read the full story
http://online.wsj.com/article/SB10001424052748704076804576180884064589622.html?mod=WSJ_RealEstate_LeftTopNews

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The New York Times
Without loan giants, 30-year mortgage may fade away
March 4 - How might home buying change if the federal government shuts down the housing finance giants Fannie Mae and Freddie Mac?
Read the full story
http://www.nytimes.com/2011/03/04/business/04housing.html?ref=realestate  

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Chicago Tribune
Experian adds rent payments to credit reports
February 17 - Renters who need to build their credit histories are getting a leg up from a major credit reporting agency.
Read the full story
http://chicagobreakingbusiness.com/2011/02/experian-adds-rent-payments-to-credit-reports.html   

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CNN Money

ARMs helped sink the economy – now they’re back
February 14 - After accounting for nearly 70 percent of all mortgages issued during the boom, adjustable-rate mortgages vanished during the bust, totaling just 3 percent of the market in 2009. Now, they make up 5 percent of all mortgages issued, and Freddie Mac predicts 10 percent by December.
Read the full story
http://money.cnn.com/2011/02/14/real_estate/adjustable_rate_mortgages_rise/index.htm  ___________________________________________________________________________________________

The New York Times
Calculating the annual percentage rate
February 13 - The lending industry has tried to make it easier for borrowers to understand the true cost of a mortgage by disclosing both its interest rate and its annual percentage rate, or A.P.R. But consumers may often wonder which figure they should focus on when buying or refinancing a property.
Read the full story
http://www.nytimes.com/2011/02/13/realestate/mortgages/13mortgages.html?_r=1&ref=realestate

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CNN Money
30 percent of mortgages are underwater
February 9 - Home prices dropped 2.6 percent nationwide during the last three months of 2010, pushing more borrowers underwater, according to a quarterly real estate market survey from Zillow.com.
Read the full story
http://money.cnn.com/2011/02/09/real_estate/underwater_mortgages_rising/index.htm

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San Francisco Chronicle
Bank payment policy keeps some from mortgage aid
February 8 - Some California homeowners are finding that bank policies are preventing them from participating in the new Keep Your Home California program, which provides up to $3,000 a month in mortgage payments to qualified, unemployed homeowners in California.
Read the full story http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/02/08/BU7R1HJT69.DTL&tsp=1 

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The Wall Street Journal
Survey: Mortgage process has become too confusing
February 8 - A new survey shows that Americans’ confusion over mortgage applications has become one of the most challenging aspects of buying a home today.
Read the full story http://blogs.wsj.com/developments/2011/02/08/survey-mortgage-process-has-become-too-confusing/

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The Washington Post
Housing finance changes likely to mean less government backing for some buyers
February 3 - The Obama administration is likely to recommend reducing the size of mortgages eligible for government backing, according to current and former officials, a move that could make getting a home loan in high-prices areas more expensive.
Read the full story http://www.washingtonpost.com/wp-dyn/content/article/2011/02/03/AR2011020307205.html?hpid=topnews

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USA Today
Credit scores get easier to track down and less secretive
January 11 - You may be a pillar of your community, admired by your collegues and beloved by friends and family, but if you have a mediocre credit score, you probably won't be able to get a decent interest rate on a car loan, mortgage or credit card. Read full story:

http://www.usatoday.com/money/perfi/columnist/block/2011-01-11-yourmoney11_ST_N.htm/  

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San Francisco Chronicle
CalHFA mortgage aid program for jobless begins
January 9 - On Monday, more than two months behind schedule, the California Housing Finance Agency will begin taking applications for a federally funded program that will give some unemployed homeowners up to $18,000 each over six months to pay their mortgage. Read the full story: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/01/09/BU4N1H5FOR.DTL  

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Los Angeles Times
Fannie Mae is jacking up mortgage fees
January 9 - Potential home buyers who have high credit scores and hefty down payments may be surprised that even they are being targeted for higher “risk-based” fees.
Read the full story:
http://www.latimes.com/business/realestate/la-fi-harney-20110109,0,6538732.story   

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Los Angeles Times
Changes are likely for FHA insurance refunds
January 9 - Homeowners who trade in loans insured by the Federal Housing Administration could be in for a big payday, and not just in the form of a lower interest rate and correspondingly lower payments.
Read the full story: http://www.latimes.com/business/realestate/la-fi-lew-20110109,0,6875521.story  

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The Wall Street Journal
The reverse mortgage gets a makeover
January 8 - A reverse mortgage has long been considered a loan of last resort because of its high fees. Now, a new type of reverse mortgage is attracting the attention of more-affluent borrowers eager to extract cash from their homes. But older homeowners – and adult children who advise them – need to be aware of the new trade-offs.
Read the full story: http://online.wsj.com/article/SB10001424052748703808704576061703405555630.html?mod=WSJ_RealEstate_LeftTopNews  __________________________________________________________________________________________________

Press Enterprise
Proposed lending changes alleged to harm elderly
January 3, 2011 - Changes in home lending rules proposed by the Federal Reserve Board could encourage predatory lending against the elderly, according to consumer advocacy groups. Read the full story: http://blogs.pe.com/business/2011/01/proposed-lending-changes-alleg.html

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The Wall Street Journal

House appraisals under fire

December 30 -Home appraisals, which were blamed for being too generous during the housing boom, are now being criticized by some homeowners for being too stingy, preventing them from refinancing or borrowing against their houses. Read the full story: http://online.wsj.com/article/SB10001424052970204204004576049974087536438.html?mod=WSJ_RealEstate_LeftTopNews

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CNN Money
Kiss 4 percent mortgage rates goodbye
December 30 - The era of near 4 percent mortgage rates has ended after a quick rate rise since early November. But some industry experts think that may be a good thing for the flagging housing market.
Read the full story: http://money.cnn.com/2010/12/30/real_estate/mortgage_rate_spurt/index.htm?source=cnn_bin&hpt=Sbin

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The New York Times
Mortgage rates may have hit bottom
December 23 - Mortgage rates in 2010 were the lowest in six decades, but a recent and sustained increase may indicate that consumers can expect to pay more in the new year to buy or refinance a home. Read the full story: http://www.nytimes.com/2010/12/26/realestate/26mort.html?_r=1&ref=realestate ___________________________________________________________________________________________________ 

USA Today
Homeowners use “show me the note” to fight foreclosure
December 21 - Attorneys are alleging that companies used shoddy practices at the height of the subprime lending boom when reselling mortgage loans in rapid-fire fashion, leaving questions now about mortgage ownership as foreclosures mount. Read the full story: http://www.usatoday.com/money/economy/housing/2010-12-21-mortgagenote21_CV_N.htm?loc=interstitialskip

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Bloomberg
Banks push to curb borrowers’ right to rescind mortgages
December 16 - Mortgage firms are pressing the Federal Reserve to curb homeowners’ right to invalidate loans based on flawed documents -- a right consumer groups say is one of the few weapons borrowers have to battle unfair lending.
Read the full story:
http://www.bloomberg.com/news/2010-12-16/fed-mortgage-recission-plan-sparks-fight-between-lenders-consumer-groups.html ____________________________________________________________________________________________________  

Los Angeles Times
Don’t pay a fee to enroll in a biweekly mortgage payment plan
November 28 - Biweekly mortgage payment plans are back. But there can be drawbacks. Read the full story: http://www.latimes.com/business/la-fi-perfin-20101128,0,1249518.column
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Los Angeles Times
FTC clamps down on mortgage modification scammers
November 28 - The Federal Trade Commission is cutting off the main fuel supply for mortgage modification scammers: Under new rules outlined Nov. 19, the agency plans to ban virtually all upfront payments, institute mandatory disclosure rules, and clamp new federal restrictions on lawyers who participate in mortgage modification schemes. Read the full story: http://www.latimes.com/business/realestate/la-fi-harney-20101128,0,6669805.story
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The New York Times
F.H.A. rule changes for mortgage borrowers
November 24 - Home buyers with sketchy credit who are unable to qualify for conventional mortgages may now find it more costly and difficult to obtain loans insured by the Federal Housing Administration. Read the full story: http://www.nytimes.com/2010/11/28/realestate/mortgages/28Mort.html?_r=1&ref=realestate
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San Francisco Chronicle
Paying down mortgage usually not financially wise
November 23 - While some people are worrying about how they will make their next mortgage payment, others are wondering whether it makes sense to make extra payments in advance. Read the full story: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/11/23/BU0E1GFR79.DTL&tsp=1
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The New York Times
New lending guidelines from Fannie Mae
November 21 - New lending guidelines being rolled out by Fannie Mae will make securing a mortgage a lot easier for some borrowers, but harder for others. Read the full story: http://www.nytimes.com/2010/11/21/realestate/21mort.html?_r=1&ref=realestate ____________________________________________________________________________________________________
CNN Money
Fewer homeowners behind on mortgage payments
November 18 - The number of mortgage borrowers behind in their loans dropped during the three months ended Sept. 30 to a seasonally adjusted 9.13 percent, according to a report released by the Mortgage Bankers Association. Read the full story: http://money.cnn.com/2010/11/18/real_estate/mortgage_delinquencies_decline/index.htm
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The Washington Post
States, mortgage lenders in talks over funds for borrowers in foreclosure mess
November 16 - State attorneys general and the country’s biggest lenders are negotiating to create a nationwide fund to compensate borrowers who can prove they lost their home in an improper foreclosure, state and industry officials said. Read the full story: http://www.washingtonpost.com/wp-dyn/content/article/2010/11/16/AR2010111607100.html
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The New York Times
Mortgage preapproval is harder to get
November 14 - When properly done, mortgage preapproval can speed up the purchase process by providing a rigorous assessment of the maximum amount a buyer can afford to borrow, based on a formal credit check and verification of income and assets. Read the full story: http://www.nytimes.com/2010/11/14/realestate/mortgages/14Mort.html?_r=1&ref=realestate
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CNN Money
Fed: Small banks crack down on mortgage lending
November 8 - Even with interest rates at historic lows, you might still have a hard time getting a mortgage: Small banks have tightened standards when it comes to lending to home buyers, according to a survey issued Monday. Read the full story: http://money.cnn.com/2010/11/08/news/economy/banking_lending/index.htm
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SmartMoney
Should you refinance if you’re over 50?
November 2 - With interest rates near record lows, refinancing has never looked so tempting – especially for people nearing retirement, who’d love some extra cash to pad their diminished savings. But for homeowners over 50, there’s more to consider than just a lower rate. Read the full story: http://www.smartmoney.com/personal-finance/real-estate/should-you-refi-over-50/
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CNN Money
Three ways low mortgage rates can work for you
November 2 - Just when it looked like mortgage rates couldn’t fall any further, they did. So what’s in it for you? A lot, potentially. Read the full story: http://money.cnn.com/2010/11/02/real_estate/make_low_rates_work.moneymag/index.htm
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The New York Times
More closing jitters
October 31 - The final weeks before a mortgage closing can be nerve-racking for any borrower, but new guidelines from Fannie Mae calling for an 11th-hour inspection of finances may mean even more headaches. Read the full story: http://www.nytimes.com/2010/10/31/realestate/31mort.html?_r=1&ref=realestate
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Los Angeles Times
Mortgage rates edge higher after three weeks of declines
October 21 - Fixed rates on home loans edged higher this week after three weeks of declines, Freddie Mac said in its latest survey. Read the full story: http://latimesblogs.latimes.com/money_co/2010/10/mortgage-rates-edge-higher-freddie-mac-says.html
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Los Angeles Times
Mortgage database’s murky legal status adds another wrinkle to foreclosure mess
October 21 - Major banks and mortgage lenders are coming down with another legal headache in their efforts to seize properties from homeowners in default. Read the full story: http://www.latimes.com/business/la-fi-mortgage-foreclosure-20101021,0,4933760.story
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San Francisco Chronicle
Mortgage rates hit decades-low of 4.19 percent
October 14 - Rates on 30-year mortgages fell this week to 4.19 percent, the lowest level in decades. They were pushed down by lower Treasury bond yields.
Read the full story: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2010/10/14/financial/f071201D81.DTL&tsp=1
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San Francisco Chronicle
Banks seize 288,000 homes in Q3, but challenges await
October 13 -Lenders seized more U.S. homes this summer than in any three-month stretch since the housing market began to bust in 2006. But many of the foreclosures may be challenged in court later because of allegations that banks evicted people without reading the documents.
Read the full story: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2010/10/13/financial/f210144D21.DTL
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The Wall Street Journal
HUD’s Donovan: National foreclosure moratorium risks ‘going too far’
October 12 - The Obama administration’s top housing official on Monday said that a national foreclosure moratorium to correct flawed legal filings risked exacerbating the mortgage crisis.
Read the full story: http://blogs.wsj.com/developments/2010/10/12/huds-donovan-national-foreclosure-moratorium-risks-going-too-far/
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Los Angeles Times
Fannie-Freddie add-on fees put damper on refis
October 10 - With mortgage rates at unprecedented lows, why are more people not taking advantage of them to refinance or buy houses?
Read the full story: http://www.latimes.com/business/realestate/la-fi-harney-20101010,0,5817827.story
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CNN Money
Unemployed? Get a federal loan to pay your mortgage
October 5 - Unemployed and can’t pay your mortgage? You soon can apply for a no-interest government loan for up to $50,000 to pay your mortgage and cover your arrears. The loan, which can offer assistance for up to two years, will be forgiven if the homeowner stays in the house for five years.
Read the full story: http://money.cnn.com/2010/10/05/news/economy/unemployed_mortgage_help/index.htm
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The Wall Street Journal
A new way to cut a mortgage
October 2 - Some homeowners who already have refinanced into low-interest-rate mortgages are using a little-known strategy to make their monthly payments even smaller. Called "recasting" or "re-amortizing," the strategy allows a borrower to lower the monthly payment on an existing fixed-rate home loan for a small fee without having to apply for a new loan and without having to pay reappraisal and other fees. Read the full story: http://online.wsj.com/article/SB10001424052748704791004575520313350677180.html?mod=WSJ_hpp_sections_realestate _____________________________________________________________________________________________________
New York Times
Refinancing into shorter loans
October 1, 2010 - Grim headlines about the housing market can make that final mortgage payment seem like a distant dream. But a growing number of homeowners are refinancing into shorter-term mortgages designed to make the dream become a reality sooner. Read the full story: http://www.nytimes.com/2010/10/03/realestate/03mort.html?_r=2&ref=realestate