With the shakeout in the mortgage industry, federally backed FHA loans have dramatically increased in volume.
These mortgages provide consumers with long-term, fixed-rate financing insured by the government.
FHA market share has jumped from about 3 percent in 2005 to about 12 percent.
“Our volume in Texas for the first quarter of calendar year 2008 was up almost [...]
Reverse mortgages are being held out as an excellent way for house-rich but cash-poor seniors to tap into their equity without having to sell and move. And they may well be a good choice for some people. But there are other options those homeowners might want to consider.
A reverse loan is intended to enable persons [...]
Within 15 months of his last purchase in January 2007, he lost all 38 homes, including his own residence, through foreclosure because he’d stopped making mortgage payments. The foreclosures saddled his lenders — which were all out-of-state institutions — with more than $3.5 million in unpaid mortgage debt, according to Kalamazoo County records.
Hixon, 48, says [...]
The credit crunch is set to force the banking industry to overhaul the way it calculates a key benchmark lending rate that is used to price financial products worth some $350 trillion.
Today’s proposal to reform the way the key ‘Libor’ inter-bank lending rate is calculated follows mounting concern about the extent to which the benchmark [...]
The world’s central banks are halting interest rate cuts as inflation picks up from Indonesia to Canada.
“There’s a very clear concerted change in tone from just about every central bank you can think of,” said Kevin Gaynor, head of economics and rate strategy at Royal Bank of Scotland Plc in London. “They’re really very keen [...]
The European Central Bank kept interest rates at a six-year high today to fight inflation even as the euro-region economy cools.
ECB policy makers meeting in Frankfurt left the benchmark lending rate at 4 percent, as predicted by all 59 economists in a Bloomberg News survey. The bank will wait until at least February to lower [...]
India’s inflation accelerated at the fastest pace in more than 3 1/2 years, maintaining pressure on the government to do more to tame prices which threatens economic growth. Bonds fell.
Wholesale prices jumped 8.1 percent in the week ended May 17 from a year earlier, Finance Minister Palaniappan Chidambaram told reporters in New Delhi today. Economists [...]
The U.S. mortgage market will recover slowly from a wave of bad loans that threw financial markets into crisis and the lending system will need repairs, Federal Reserve Governor Randall Kroszner said on Thursday.
“Recovery in the mortgage market will take time and will require more market and regulatory discipline,” Kroszner said in remarks to the [...]
Colombia’s peso bonds rose the most in three weeks after central bankers signaled they’re concerned about an economic slowdown, fueling speculation they may hold off from raising interest rates in coming months.
The central bank left the benchmark overnight rate at a six-year high of 9.75 percent today and said in a statement after the meeting [...]
The risk of Australian companies defaulting on their debt will stop a record plunge this year as the nation’s rising interest rates and slowing U.S. economy stoke concern that company profits will fall, UBS AG said.
Australia’s benchmark credit-default swap index, which comprises 25 companies including Qantas Airways Ltd. and Macquarie Group Ltd., has decreased as [...]
