mortgage industry

mortgage industry

News and info on the mortgage industry, including updates on the mortgage crisis as well as information on how to protect you land and assets.

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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
Written by easyloanmod1 on
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
Written by nicheannihilation on
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
Written by pcorp2008 on
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
Written by homeloan_jack on
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
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Usloanz.com is an online Mortgage Refinance and Loan Modification company which provides services like mortgage refinancing, home loan modification, home mortgage refinance, bad credit mortgage refinance and second mortgage loans at ...  
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All About Denver Adjustable Rate Mortgages · Adjustable rate mortgage (ARM) basics · Potential Disadvantages of an Adjustable Rate Mortgage · Types Of Mortgage Rates · Home Mortgage Interest Rates – How Low Can They Go? ...  
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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...  
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Although the FHA insures these loans (meaning that if you default the government will pay the lender for any losses on the loan), the borrower still pays for a part of this insurance through FHA mortgage insurance. FHA mortgage insurance is similar ... Plus, if you lose income, you'll now have a mortgage payment you need to make! Where to Go From Here. Not all mortgage lenders offer FHA loans, so you'll need to find banks or brokers in your...  
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