Smart Borrower Blog

Archive for the ‘Bad Credit Home Loans’ Category

Foreclosures Take a Dive in 62 Percent of the Nation

Oct 24th, 2012 @ 9:44 PM by Amber Nelson

In another hopeful sign coming out of the housing market, foreclosure activity fell in a majority of U.S. cities in the third quarter, according to new data from foreclosure tracking company RealtyTrac. Of the 212 major metropolitan cities that RealtyTrac reports, 131 cities, or 62 percent, experienced a decline in mortgage foreclosures during the past […]

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Mortgage Lending Fell to 16-Year Low in 2011

Sep 19th, 2012 @ 10:01 AM by Amber Nelson

The number of mortgage loans made last year dropped dramatically, reaching a 16-year low, a likely result of strict lending standards, according to new information from federal bank regulators this week. In 2011, U.S. banks made a total of 7.1 million mortgage loans, a 10 percent decline from 2010. The total yearly count has not been […]

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New Mortgage Appraisals Proposed For High Risk Borrowers

Aug 15th, 2012 @ 12:11 PM by Amber Nelson

A new rule has been proposed, by joint council of financial regulators, that would require lenders to obtain new home appraisals before making any high-risk mortgage loans. As an amendment to the Truth in Lending Act, created by the Dodd-Frank Act of 2010, regulators from agencies like the Consumer Financial Protection Bureau and the Federal […]

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Obama Announces New Mortgage Refinance Aid

Feb 1st, 2012 @ 8:13 PM by Amber Nelson

On Wednesday, President Barack Obama announced some modifications to his administration’s previous foreclosure-prevention plans in hopes of extending relief to more struggling homeowners. “I am sending Congress a plan that will give every responsible homeowner in America a chance to save about $3,000 a year on their mortgage by refinancing at historically low rates,” he […]

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Refinances Fuel Spike in Mortgage Activity

Aug 10th, 2011 @ 10:18 PM by Amber Nelson

Even as more bad news on the economy came pouring in, mortgage loan applications continued to grow in number. According to the Mortgage Bankers Association, its market composite index, its measure of total loan application volume, increased 21.7 percent during the week ended August 10, from the previous week. Broken down into parts, a 30.4 […]

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Home Sales Down, NAR Blames Lending Standards

Mar 23rd, 2011 @ 1:22 PM by Amber Nelson

Sales of existing U.S. homes fell 9.6 percent in February, according to the National Association of Realtors, the first drop in three months. The NAR is pointing its finger at lenders’ strigent loan standards as the reason for the continued housing market woes. “Housing affordability conditions have been at record levels and the economy has […]

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Americans Are Getting Fiscally Fit, and It Shows

Jan 19th, 2011 @ 11:05 PM by Amber Nelson

It may have taken the Great Recession to break Americans out of their ‘pay as you go’ mentality, but they are starting to act more financially responsibly now. At least so say the latest reports from the Big Banks, according to a recent BusinessWeek article. Specifically, more American consumers are paying their bills on time, […]

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Mortgage Lenders Beg for Exemptions

Nov 10th, 2010 @ 3:20 PM by Amber Nelson

The Mortgage Bankers Association sent out a letter Tuesday to 8 different government departments urging/pleading with them to go easy on the new mortgage lending restrictions that will be put in place no later than spring of next year. The Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA) will require mortgage lenders to retain […]

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Racially Predatory Loans Had Impact On The Foreclosure Crisis

Oct 4th, 2010 @ 1:43 PM by Debbie Dragon

A new study published in the American Sociological Reviews shows race played a factor in factor in the wave of foreclosures that hit after the subprime mortgage market went into free fall. The study conducted by Professor Douglas Massey of the Woodrow Wilson School of Public and International Affairs at Princeton University and Jacob Rugh, […]

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Finally, Some Real Mortgage Help

Mar 24th, 2010 @ 12:57 PM by Amber Nelson

Bank of America has announced a dramatic change to its mortgage modification efforts that may finally offer some serious relief for the most at-risk home loans on its books. The company announced yesterday that it plans to initiate a $3 billion loan forgiveness program that could help as many as 45,000 homeowners. “The centerpiece of […]

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