Latest News in Mortgages and Home Loans- May 18, 2010

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FHA Loan Changes May Be Coming Soon
Loans backed by the Federal Housing Administration have been playing a wider role in the house market since the mortgage market crash and the recession. As mortgage lenders tightened credit requirements and raised requirements for down payments, the FHA’s more generous program gained in popularity. This is not particularly surprising, since the FHA requires a [...]

Senate Approves Measures to Limit Debit Card Fees
The financial sector continues to reel as more bad news comes in for banks and others in the financial services industry. Yesterday, several banks received subpoenas related to practices in rating mortgage backed securities. Today, the Senate has voted to curb debit fees that can be charged by payment processors like Visa and MasterCard. BusinessWeek [...]

Did Banks Misrepesent Mortgage-Backed Securities to Get Better Credit Ratings?
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Nearly three years after the first signs of trouble from the subprime lending sector began appearing, banks are being scrutinized for their representation of mortgage-backed securities. The most recent probe is being led by New York Attorney General Andrew Cuomo. The Wall Street Journal reports on the allegations:
The Cuomo probe [...]

Mortgage Loan Forgiveness: IRS Sees it as Income
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The recent recession resulting from the financial crisis has brought to light a need for options when it comes to dealing with negative equity in homes. There are a number of courses you can take if you want to avoid foreclosure, including a short sale.
What is a Short Sale?
A short [...]

Strategic Default: Should You Walk Away from Your Mortgage?
Over the weekend, the CBS News show 60 Minutes looked at homes that are underwater. However, many people can still afford to make their payments, but are still walking away. Here is a quote from the special, along with a clip:
It’s estimated that one million Americans walked away from homes “underwater” or worth less [...]

Underwater Mortgage Holders Increase in 2010 Quarter 1
Those with underwater mortgages increased during the first quarter of 2010, reports Zillow. These underwater mortgages are those in which the owner owes more on the home than it is worth. This situation is also known as having negative equity. Many people are seeing increases in negative equity since home values began falling in late [...]

The Importance of Being Financially Prepared
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Recently, we have been seeing signs that the economy is picking up. The employment situation seems to be improving, albeit slowly. April figures show that there were 290,000 additions to nonfarm payrolls. This news is encouraging, since it means that jobs might be available again soon.
However, it is important not [...]

Mortgage Rates Inch Lower
Mortgage rates continue at near record lows. This week, mortgage interest rates inched lower over last week, dropping to an average of 5% from 5.06%. MarketWatch reports on some of the factors leading to lower rates:
“Treasury bond and note yields declined this week, and rates on fixed-rate mortgages and hybrid ARMs followed suit,” said [...]

How Much Will That Home REALLY Cost?
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It can be easy to get excited about buying a home when you first get started. You look at prices and — especially in this climate — they seem rather reasonable. I know. My husband and I have been looking at homes, and some of them are as little as [...]

Pending Home Sales Increase
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March saw an increase in pending home sales, probably helped in large part by the home buyer tax credit, and by mortgage interest rates that are near record lows. The National Association of Realtors reports on the latest numbers:
Lawrence Yun, NAR chief economist, said favorable affordability conditions have [...]

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