More Americans were keeping up with their mortgages at the beginning of 2017 but the number of foreclosures is also on the rise, a government report said on Thursday. The Office of the Comptroller of the Currency said that 95.6 percent of first-lien mortgages were current or performing in the first quarter, up from 94.7 percent in the last three months of 2016.
Prepayments, apparently spurred by the recent retreat in interest rates, soared in May. Black Knight Financial Services, in its “first look” at the month's mortgage performance data, said there was a 23 percent increase in prepayments, historically a good indicator of refinancing activity , from April to May, bringing the incidence to the highest so…
Alan Goldhammer directed me to a very interesting article on the Texas housing market : A cash-out refinance is a mortgage taken out for a higher balance than the one on an existing loan, net of fees. Across the nation, cash-outs became ubiquitous during the mortgage boom, as skyrocketing house prices made it possible for…
The Michigan Homeowner Assistance Nonprofit Housing Corporation and Detroit Land Bank Authority have reached a settlement concerning invoices that were improperly submitted for repayment by the city's demolition program. MHA, the entity created by the Michigan State Housing Development Authority to administer funds from the U.S. Department of the Treasury under its Hardest Hit Fund…
Almost a decade after quantitative easing began in 2008 – where the U.S. Federal Reserve expanded its U.S. Treasuries holdings by over $ 1.9 trillion and acquired another $ 1.8 trillion of mortgage-backed securities, and then kept purchasing more as the bonds matured starting in 2014 – is finally coming to an end. Foreclosure News
Taxi drivers protest foreclosures of taxi medallions July 18, 2017, in Chicago's West Loop. They were protesting in front of the offices of Frank Andreou, an attorney representing Lomto Federal Credit Union, a New York-based lender. Foreclosure News
New York's biggest-ever foreclosure auction, for a penthouse at the One57 luxury tower near Central Park, has been halted after a new creditor emerged saying it's owed money – for about $ 83 million worth of gasoline and jet fuel – by the owner of the apartment. Unit 79 at the Billionaires' Row tower –…
