mortgage industry

WASHINGTON (Reuters) - Fannie Mae plans to raise minimum credit score requirements next month and limit the amount of overall debt that borrowers can carry relative to their incomes, The Washington Post reported on Thursday. Starting December 12, the automated system that the government-controlled mortgage finance company uses to approve loans will reject borrowers who have at least a 20 percent down payment but whose credit scores fall below 620 out of 850, the newspaper reported. Previously, the cut-off was 580. Also, for borrowers with a 20 percent down payment, no more than 45 percent of their gross monthly income can go toward paying ... Read Full Story

As the economy continues to paste in this slow down, folk are still trying hard to make it day by day, which is leading to an increase in the necessity for a short refi or short sell. This economy makes it particularly challenging for householders to keep current on their mortgage and stop foreclosure. In a number of cases, regardless of the best efforts, a householder could find themselves facing the chance of foreclosure. There are things a home-owner can do to help stop this from taking place and protect their investment. 2 options are a short refi or a short sell. Reduce your ... Read Full Story

Third Quarter Loss Mitigation Successes Outnumbered Foreclosures Completed By More Than 15 to one. NEW YORK, NY – Citigroup today released its eighth quarterly mortgage data report providing a fresh perspective on its U.S. mortgage servicing business, and showing continued progress in its efforts to help distressed homeowners avoid potential foreclosure. New data on Citi's consumer lending activities reveal loss mitigation successes outnumbered foreclosures completed by more than 15 to one, nearly four times the rate it reported in the third quarter of 2008. In the current quarter, Citi helped approximately 130,000 distressed homeowners with loans it owns or services remain in their homes ... Read Full Story

WASHINGTON, Nov. 26 (UPI) -- Fannie Mae, the giant mortgage finance company that helps shape lending guidelines, plans more crackdowns next month to further tighten lending practices. U.S. officials say the plan includes the raising of minimum credit score requirements and limiting the amount of overall debt that can be carried related to income. There is concern, however, that the mortgage industry may become too restrictive and impede an economic recovery in its attempts to roll back loose lending standards that led to the current crisis, The Washington Post says. Lending by U.S. banks plunged by 2.8 percent in the third quarter, the largest ... Read Full Story

Find The Right Home Loan Everything You Need To Know About Your Home Loan What exactly is a home equity loan and can I still get one with bad credit? I do own my own home but am still paying off my mortgage. My son needs more money for college and we have tapped out on student loans and my credit cards are all maxed. I was wondering what I could do and thought that a home equity loan with bad credit might be an option. I do not know if it's a good idea though Responses: Hello, i am John son from USA, ... Read Full Story