Home Mortgage News and Information

Q: I recently read where the federal government may be looking to reduce or someday even eliminate the mortgage tax deduction. What’s your take on this? If this ever happens, what would it do to homeowners and the housing market? — Amy M., Las Vegas
A: To me, any such proposal to reduce the tax deduction homeowners currently receive for paying interest on their home mortgage would be a terrible idea.
With our housing market here in Southern Nevada still bouncing along the bottom and trying to right itself, this idea couldn’t …

The Obama administration on Tuesday will launch its most ambitious effort at reducing mortgage balances for homeowners who owe more than their homes are worth.
Officials say between 500,000 and 1.5 million so-called underwater loans could be modified through the program, the first initiative to target homeowners who are current on their mortgage payments but are at risk of default because they have no equity in their homes. Some experts are warning, however, that the same knots that tied up prior initiatives could do so again.
Under the new “short refinance” program, …

The stock price of Capstead Mortgage Corp. crossed below the 50-day moving average on lighter than usual volume. The crossing of the stock price below the 50-day moving average may signal the beginning of a bearish trend.
It is also important to note that shares of CMO declined $0.25(-2.13%) to $11.48 in today’s trading session. CMO traded between the range of $11.46 – $11.79. Today’s trading activities for Capstead Mortgage Corp. stock may be a sign that the shares will continue to head lower in the foreseeable future assuming the moving …

“Take responsibility.” “Go on the attack to defend your future.” “Take back control.” “Losing your home is going to be a train wreck, but it’s not the end of your life.”
That was some of the advice and encouragement given during a forum for homeowners facing foreclosure held on a rainy Thursday evening at the Port St. Lucie Civic Center.
Organized by Exit Realty owner Lennox Davidson, the meeting attracted a sparse crowd of about 50 homeowners who listened to a panel of Realtors, loan modification lawyers, a foreclosure defense attorney and …

Mortgage rates fell to the lowest level in decades for the ninth time in 10 weeks. Mortgage buyer Freddie Mac said Thursday that the average rate for a 30-year fixed loan was 4.36 percent this week, down from 4.42 percent last week. That’s the lowest since Freddie Mac began tracking rates in 1971. The average rate on 15-year fixed loan dropped to 3.86 percent from 3.90 percent the previous week. That’s the lowest on records starting in 1991.

In just seven months, Todd Grantham’s impact on the Georgia defense is undeniable.In just seven months, he has gained the trust of his players.
In just seven months, he has earned the ultimate title from his players.
“He’s like a father figure,” safety Bacarri Rambo said. “I feel like I can go to him and talk to him about stuff that’s not related to football. Like if I’m having a family problem or school problem, I can go to his office and he always talks to me and [tells] me to come …

The mortgage market has slumped again in this summer with a sharp fall in the number of house loans approved by the High Street banks of UK.
According to the British Bankers’ Association (BBA), the number of mortgages approved for home purchases have fallen down by 877 in the month of July as compared to the previous month and stood at 33,698.
This was the second consecutive monthly fall in the figures and was in its highest point of 45,415 in the December of 2009.
According to the report of BBA, the personal …

What we said: “The California Legislature has one last chance this legislative session to do something for struggling homeowners. SB1275, authored by Mark Leno, D-San Francisco, would require mortgage servicers to decide whether a borrower who applies for a loan modification qualifies to receive that modification – before they foreclose on a house.” – Editorial, Aug. 19, 2010
What happened: SB1275 was defeated in the Assembly on Tuesday, 27-38. The mortgage industry has been lobbying hard to kill every bill that might help homeowners, and it’s close to winning. We were …

Low mortgage rates an economic boost?axThe lowest mortgage rates in nearly 40 years could give the economy the boost it needs to get back on track for solid growth in the next year, Wells Fargo Bank’s chief financial officer said today.Many experts think the dramatic drop in 30-year fixed-rate mortgages to 4.36% this week — the lowest since Freddie Mac started tracking them in 1971 — reflect fears of a weakening economy.But Howard Atkins, Wells Fargo’s CFO, thinks the low rates will spur a massive wave of refinancing that will …

On Long Island, one out of every 10 home loan borrowers was at least 90 days behind or in the foreclosure process in June, according to the latest breakdown from CoreLogic, a leading real estate data provider. The delinquency-foreclosure rate has been hovering at or slightly under 10 percent all this year, but June’s 10.03 percent was up from a year ago, when it was 7.12 percent, the firm…