Gov't eases paperwork for loan help program (AP)
AP
- Homeowners seeking relief under the Obama administration's mortgage
aid program will be required to provide proof of their incomes upfront,
a significant reversal for the problem-plagued effort to stem the
foreclosure crisis.
Obama admin: Make more modified home loans permanent (Reuters)
Reuters
- The Obama administration unveiled changes to its $75 billion home
loan modification program on Thursday in an effort to boost the number
of trial home loans that become permanent.
UK house prices, consumer confidence rise in Jan (AP)
AP
- U.K. house prices rose 1.2 percent during January to push them 8.6
percent higher from a year ago, a major mortgage lender said Friday,
while a separate survey showed consumer confidence picked up after a
three-month drop.
New home sales fall 7.6 pct in December (AP)
AP
- Sales of new homes fell unexpectedly in December, capping the
industry's worst year on record and fueling concern that the housing
market turnaround could falter.
Countrywide scrapped Texas pact in December (AP)
AP
- Bank of America canceled a jobs contract with Texas because the
mortgage crisis and a complex merger were preventing its Countrywide
Home Loans from adding the 7,500 jobs it promised to the state by late
2010, the company said Wednesday.
Calif. woman gets 3 years for huge mortgage fraud (AP)
AP
- A former Beverly Hills real estate appraiser has been sentenced to
three years in federal prison for her role in a massive mortgage fraud.
California default notices fall 24 percent in 4Q (AP)
AP
- Mortgage default notices for California homeowners fell 24 percent
during the fourth quarter, suggesting the worst might be over for
foreclosures in entry-level markets while problems spread to pricier
neighborhoods, a research firm said Wednesday.
3M signals rocky recovery in autos, housing (AP)
AP - 3M is signaling that a steady recovery in the U.S. autos and housing markets is far from certain in 2010.
Summary Box: New home sales sink (AP)
AP
- WHAT HAPPENED?: New home sales sank 7.6 in percent in December,
capping the industry's worst year on record. The results were the
weakest since March and were only 4 percent above the bottom last
January.
Economy - Thursday (Investor's Business Daily)
Investor's
Business Daily - The average 30-year fixed mortgage rate fell 1 basis
point 15 4.98% this week, Freddie Mac said, amid Federal Reserve
efforts to keep borrowing costs low to foster an economic recovery. The
30-year rate remains above the record-low 4.71% set in Dec. but is
below the 5.10% rate a year ago. Rates may rise after the Fed ends
purchases of mortgage securities this spring.
