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Mortgage

The Brian Lehrer Show

30-Year Fixed Rate: Yea or Nay

Wednesday, April 13, 2011

David Min, associate director for financial markets policy at the Center for American Progress, and Michael Lea, director of the Corky McMillin Center for Real Estate College of Business Administration San Diego State University and the former chief economist at Freddie Mac, debate whether the 30-year fixed rate mortgage should be preserved or become a thing of the past.

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It's A Free Blog

New York Banks Get a Citizen Audit

Tuesday, March 08, 2011

WNYC

When New York City Council Member Jumaane Williams visited a branch of Chase bank recently, it wasn’t business as usual. The bank locked its doors and refused to let him in. Then again, Council Member Williams did have a crowd of protesters with him and had just called JP Morgan Chase a group of "bloodsuckers."

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WNYC News

Cash Is King as Home Sales Rise

Wednesday, February 23, 2011

Sales of existing homes rose unexpectedly in January, but the increase came largely from investors and all-cash buyers snagging deals on foreclosed homes rather than first-time homebuyers.

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The Takeaway

How to Fight Mortgage Discrimination

Wednesday, February 23, 2011

A recent report examining Federal Reserve data found that African Americans and Hispanics were able to borrow 62 percent less to buy or refinance homes in 2009 than in 2004 (pre-crash). Mortgage dollars going to white borrowers also declined, but only by 17 percent. Other research, including a powerful study of foreclosure rates and segregation by two Princeton scholars, suggests that black and Hispanic potential homeowners face discrimination and difficulty at every stage of the home-buying process. In effect, after decades of being denied loans at all and being neglected by traditional financial institutions, suddenly minorities were sold the worst loans out there. “Obviously it’s impossible to prove an individual institution is prejudiced, but collectively they were,” said the study’s co-author Jacob Rugh. “Communities were left out to dry.”

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The Takeaway

Home Loans to Minority Applicants Plunge

Wednesday, February 23, 2011

In the 1980s and 1990s banks avoided lending in minority neighborhoods and Blacks and Latinos were denied mortgages at disproportionately higher rates than equally credit-worthy whites. Redlining and mortgage discrimination was the norm. It seemed those days came to an end in the 2000s, when mortgage lenders began lending eagerly to anyone they could, and instead of being accused of avoiding minority borrowers, faced accusations of predatory lending in minority communities. However, now the tide has turned once again.

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The Takeaway

Wall Street's Curious Money Trail During the Mortgage Crisis

Thursday, February 10, 2011

Wall Street bankers allegedly profited from the many mortgage loans that began to sour back in 2008, in some cases possibly pocketing money that was collected on the mortgages. Louise Story, Wall Street and finance reporter for  The New York Times, examines this theory, which surfaced in a recently unsealed lawsuit against a mortgage unit at Bear Stearns. She follows a money trail that seems to lead back to some shady action on Wall Street.

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The Takeaway

Specter of Housing Market Double Dip Looms

Wednesday, January 26, 2011

A dip in housing prices is causing concerns that we might be headed for a double-dip in the market this spring. Louise Story, Wall Street and Finance Reporter for The New York Times, says the latest housing numbers out by the Case-Shiller Index raises more questions than answers about the housing market in the near term.

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The Takeaway

Major Mortgage Shift on the Horizon?

Friday, January 21, 2011

The Obama administration is weighing a decision that could fundamentally change the way Americans buy houses. Wells Fargo, JPMorgan Chase and other large banks are pressing the Treasury Department to allow private companies to bundle individual mortgages into securities, which the government would guarantee. Should this very public role be given to big banks? Should tax-payers be on the hook for guaranteeing mortgages?

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The Takeaway

New Foreclosure Problem: Lawyers Filing Faulty Documents

Tuesday, January 11, 2011

Big banks and over-committed mortgage-holders have been under the foreclosure microscope for a long time. Foreclosure lawyers are next up for scrutiny; according to an article from The New York Times, an increasing number of judges are accusing lawyers of processing inaccurate and even fabricated documents in foreclosure actions when representing banks. Are these accusations accurate, and if so, what is the source of the problem? 

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The Takeaway

Bank of America Settles with Freddie and Fannie Over Mortgage Dispute

Tuesday, January 04, 2011

Bank of America announced a $2.8 billion settlement with Freddie Mac and Fannie Mae on Monday. The American-owned firms demanded that Bank of America buy back mortgages whose quality was misrepresented by Countrywide, which is owned by Bank of America. Louise Story, Wall Street and finance reporter for The New York Times analyzes the implications of the settlement.

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WNYC News

Home Lending Rose in NYC for Low and Moderate Income Buyers, Despite Overall Decline

Friday, November 12, 2010

WNYC

Overall home lending fell last year in New York City, but not for low and moderate income buyers, according to a new report by New York University's Furman Center for Real Estate and Urban Policy.

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It's A Free Blog

Stucknation: Economic Mess Continues after Midterms

Monday, November 08, 2010

Last Tuesday most Americans stayed home. It was a slight majority of the minority that turned out to redirect the nation's course.

Republicans bragged about winning. Democrats whined about losing. Meanwhile, more and more Americans worried about just surviving.

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The Takeaway

A Possible Moratorium on Foreclosures

Wednesday, October 13, 2010

At least 40 states' attorneys general across the country will launch an investigation into the mortgage servicing industry today, which will possibly result in a push for a national moratorium on foreclosures. If they do, it comes as a response to recent announcements by several major banks, who admitted submitting fraudulent or erroneous documents in their foreclosure programs as they worked through massive amounts of foreclosure paperwork.

 

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The Takeaway

When Did You Stand Up to Your Bank, Phone Company, Landlord?

Tuesday, October 12, 2010

Some home owners are putting a halt to their foreclosures by pointing to flaws in the bank's paperwork. It's even leading to some backs putting a moratorium on all their foreclosure proceedings. We're asking about the times you stood up to institutions like this. When have you faced off with your bank, your phone company, your cable provider? What happened?

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The Takeaway

JPMorgan Chase Suspends Thousands of Foreclosures

Friday, October 01, 2010

JP Morgan Chase has suspended the legal proceedings around 50,000 foreclosures because the documents involved may have been processed incorrectly.

Overwhelmed by the housing crisis, mortgage companies hired employees to process foreclosure documents as quickly as possible, without ever reading, reviewing or verifying the cases before them. The process is called "robo-signing," and it accounts for an alarming number of seized homes. By some reports, these hired clerks were approving ten thousand foreclosures a month—some of them in error.

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The Takeaway

Government Considers Next Moves for Fannie and Freddie

Tuesday, August 17, 2010

Treasury Secretary Tim Geithner convenes a meeting of mortgage analysts and economists today to discuss the future of mortgage financing. There will be a lot of nitty-gritty details, including the amount of debt the federal government should back and the proper role of securitization. However, there’s a bigger question that gets at the heart of American culture:  Is home ownership still a social good in and of itself? And how much should the government put on the line to encourage it?

We discuss the implications of the government's next moves, and we want your input: Should the government encourage people to buy their homes? Is property ownership a social good in America today? 

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The Takeaway

Fannie Mae Penalizes Homeowners Who Walk Away From Their Mortgage

Friday, June 25, 2010

Mortgage giant Fannie Mae announced plans this week to institute a new rule penalizing homeowners who walk away from their mortgages. If homeowners are able to afford home payments, Fannie Mae says they will pursue them in court and restrict their access to future home loans for seven years. The decision will affect many home-owning Americans since the mortgage market is nearly completely controlled by Fannie Mae, and its sister company Freddie Mac, as well as the Federal Housing Administration.

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The Takeaway

Do It Yourself Bailout: Demystifying Your Credit Score

Wednesday, April 07, 2010

Each week in our "Do-It-Yourself Bailout" series, we talk about how we can all get into better financial shape and bail ourselves out of debt. This week: credit scores.

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The Takeaway

Takeouts: No Fix Yet for Struggling Homeowners, Republicans' 'Vote-A-Rama'

Thursday, March 25, 2010

  • BUSINESS TAKEOUT: A year into the government's loan modification program, the Treasury's internal watchdog says the federal program might fail to prevent foreclosures. Meanwhile, private lender Bank of America announces major changes in how they will treat struggling homeowners. New York Times finance reporter Louise Story discusses whether the public or private sector is in the best position to heal the housing market.
  • WASHINGTON TAKEOUT: Sure it's officially law, but that doesn't mean the Senate is going to give health care a rest. Our Washington Correspondent Todd Zwillich sat in on last night's 'vote-a-rama' where Republicans offered amendment after amendment in nine hours of non-stop voting designed to derail the final version of health care reform. He brings us the highlights and the final tally of votes.

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    The Takeaway

    Choosing Foreclosure as Home Values Dip

    Monday, February 08, 2010

    As home values fall, more and more homeowners are walking away from their mortgage payments and foreclosing on their properties. And some say this is the right decision.

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