Mortgages and Banking

Mortgages and Banking

• Foreclosures and Loan Delinquencies Hit Record Levels in Q2

  California and Florida remain biggest trouble spots, but most states fell below the national delinquency average, says latest Mortgage Bankers Association survey.

   

• 30-year mortgages dip slightly to 6.35 percent

  WASHINGTON - Rates on 30-year mortgages fell for a third straight week, dropping to the lowest level since mid-July.

   

• Foreclosure Relief Not Reaching Everyone

  Although Contra Costa County's foreclosure rate slowed in June, some areas of the county hardest hit by the crisis continue to see the rate hold steady or increase.

   
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  Banker Backlash: A California Builder Sues After His Lender Pulls the Plug

  What happens when the lender pulls the plug on a project? Some builders are fighting back.

   

• FBI Looks at Builder Incentives

  Wall Street Journal reports that public and private builders alike provided extremely generous incentives to new-home buyers.

   

• Feeling the Heat

  As the credit crunch deepens, the noose around AD&C lending is tightening.

   
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  Credit Concerns

  The tightening of AD&C credit has put an extra burden on builders.

   

• Banks Repossess More Homes in July

  Latest foreclosure numbers from RealtyTrac show spike in bank repossessions.

   

• Toll Brothers Sees Market's Downside and Upside

  Bob Toll: Buyer traffic remains "dismal," but land prices have dropped far enough to warrant evaluating deals again.

   

• Lending Standards Continue to Tighten

  Builders and home buyers better brace themselves: the credit crunch isn’t going away.

   

• Fannie Reports Fourth Straight Quarterly Loss

  GSE loses $2.3 billion in 2Q, warns of more losses in 2008.

   

• Freddie Mac Posts $821 Million Loss

  Results represent Freddie's fourth straight quarterly loss.

   

• Freddie Mac Fights Back

  GSE challenges New York Times story that says CEO ignored warnings about bad loans.

   

• Builders Bid Reluctant Goodbye to Seller-Funded DPA

  Ledford: 'This will be an impact because it's grown to be such a large program.'

   

• Housing Bill’s $4 Billion Question

  McIlwain: Block grants for foreclosed properties ‘may stop the sickness from spreading but not necessarily cure the cancer.’

   

• 'Extreme Makeover' Home Enters Foreclosure

  Beazer Homes built the suburban Atlanta home in 2005.

   

• Foreclosures Climb in Second Quarter

  The number of filings jumped 121% compared to last year.

   

• Another Foreclosure Site to Go Nationwide

  Foreclosure Trackers, which specializes in purchasing defaulted mortgages from banks, will provide a broad menu of online information and services for potential investors.

   

• Experts: New Lending Rules Will Have Little Short-Term Impact on Builders

  Many lenders have already tightened standards because of the housing slump and rising foreclosures.

   

• Starts, Permits Fall For Single-Family Homes

  A change in New York City construction codes leads to total starts and permits increases, but single-family numbers are still decreasing.