Current mortgage rates at the nation's top lenders are mostly mixed. This week is ending with mortgage rates remaining mostly stable with a slight upward trend on some loan programs.
Freddie reported yesterday that rates for the 30-year mortgage were down a bit to 3.84%, compared with 3.85% a week ago. The 15-year fixed mortgage averaged at 3.05%, down from 3.07% the previous week. The average for the 5-year ARM declined to 2.88% from 2.89%. The 1 year ARM rose to 2.51% from 2.48%. (more…)
Foreclosure Starts Down 22 Percent; Slight Seasonal Increase in Delinquencies
- Foreclosure starts drop by 22 percent in April; down 7 percent from one year ago
- Slight seasonal increase in April delinquencies pushes national rate up to 4.77 percent
- Prepayment rates up 60 percent from the same time last year
- Florida leads nation with 17.4 percent reduction in non-current inventory over the past six months
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Complaint Charges That Defendants Acting Through An Organization That Advertised Help To Those Seeking Home Loan Modifications To Avoid Foreclosure, Obtained Millions Of Dollars By Deceiving Homeowners Into Selling Their Homes
(Source: SIGTARP) WASHINGTON, DC - Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP); Preet Bharara, United States Attorney for the Southern District of New York; Diego Rodriguez, Assistant Director in Charge of the Federal Bureau of Investigation (FBI), today announced that Mario Alvarenga, Rajesh Maddiwar, and Amir Meiri were arrested on May 21, 2015, for allegedly participating in a scheme to fraudulently induce distressed homeowners into selling their homes to a company associated with the defendants. Alvarenga, Maddiwar, and Meiri were presented yesterday in Manhattan federal court before U.S. Magistrate Judge Kevin Fox. (more…)
(Source: SIGTARP) WASHINGTON, DC - Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP); Zachary T. Fardon, United States Attorney for the Northern District of Illinois; and Robert J. Holley, Special Agent in Charge of the Federal Bureau of Investigation (FBI) Chicago Office, today announced that on May 20, 2015, a former Sandwich, Ill., business owner was sentenced in federal court by U.S. District Judge Frederick J. Kapala for making a false statement to TARP recipient Old Second National Bank. (more…)
(Source: FBI) CAMDEN, NJ—An Essex County, New Jersey, man was sentenced today to 84 months in prison for conspiring to defraud financial institutions and launder stolen funds as part of a $15 million mortgage fraud scam that used phony documents and “straw buyers” to make illegal profits on overbuilt condos, U.S. Attorney Paul J. Fishman announced. (more…)
Here is another sad story reported by NBC Washington about homeowners in Maryland who were scammed by a loan modification fraud ring. (more…)
The nation's top lenders are reporting mortgage rates are mostly mixed. Freddie Mac issued their weekly rate report today showing the average rate for 30-year mortgage was 3.84%, compared with 3.85% a week ago. The 15-year fixed mortgage averaged at 3.05%, down from 3.07% the previous week. (more…)
(Source: FBI) - A Georgia real estate investor pleaded guilty today for his role in conspiracies to rig bids and commit mail fraud at public real estate foreclosure auctions in Georgia, the Department of Justice announced.
Felony charges against Eric Hulsman were filed on March 27, 2015, in the U.S. District Court of the Northern District of Georgia in Atlanta. According to court documents, from at least as early March 6, 2007, and continuing at least until Dec. 6, 2011, in Fulton County, Georgia, and from at least as early as Jan. 2, 2007, and continuing at least until Jan. 1, 2008, in DeKalb County, Georgia, Hulsman conspired with others not to bid against one another, but instead designated a winning bidder to obtain selected properties at public real estate foreclosure auctions. (more…)
(Source: NAMB) Washington, D.C. -NAMB - The Association of Mortgage Professionals - joined other mortgage industry leaders this past week in calling for a good faith grace period for compliance with the massive TILA-RESPA Integrated Disclosure requirements that are scheduled to go into effect August 1, 2015. (more…)
(Source: NAR) WASHINGTON — Despite properties typically selling faster than at any time since July 2013, existing–home sales slowed in April but remained above an annual sales pace of five million for the second straight month, according to the National Association of Realtors®. All major regions except for the Midwest experienced sales declines in April. (more…)
(Source: Freddie Mac) MCLEAN, VA - Freddie Mac (OTCQB: FMCC) today released the results of itsPrimary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving just slightly lower following three consecutive weeks of increases. (more…)
(Source: NAHB) WASHINGTON, May 19 - The National Association of Home Builders (NAHB) today urged the Senate to pass pending legislation that would require the Environmental Protection Agency to go back to the drawing board and withdraw its proposed "waters of the United States" rule that would needlessly raise housing costs, trample states' rights and add more regulatory burdens to small businesses. (more…)
The nation's top lenders are reporting mortgage rates have mostly went up slightly for this Wednesday morning. The national average for conforming and ARM loan rates are still looking really good.
The current 30 year fixed mortgage is 3.875%, and the 15-year fixed mortgage is 3.07%. The average for the 5-year ARM is 2.89% and the 1 year ARM is the same at 2.48%. (more…)
(Source: Transunion) CHICAGO, IL- The latest TransUnion Industry Insights Report found that the credit card delinquency rate (the ratio of borrowers 90 days or more delinquent on their general purpose credit cards) remained steady at 1.37% in Q1 2015, unchanged year over year. Average credit card balance per borrower declined from $5,168 in Q1 2014 to $5,142 in Q1 2015. (more…)
Six of the world's largest banks have agreed to settle with the USDOJ and various government agencies for $5.7 billion over criminal charges that the banks had acted in collusion to manipulate international interest and foreign currency exchange markets.
The six banks were Bank of America, JPMorgan Chase, Citigroup, Barclays, UBS and Royal Bank of Scotland. (more…)