mortgage defaults - Articles

Boomerang Buyers Return to Market After Foreclosure

By Les Christie Borrowers who lost homes to foreclosure during the housing bust are starting to buy again. Since the housing bubble burst, 4.8 million borrowers have lost their homes to foreclosure, and another 2.2 million gave them up in short sales, according to RealtyTrac. While many are still struggling to recover... Continue Reading »

Late Payments on Mortgages Hit 3-Year Low

By Alex Viega LOS ANGELES -- U.S. homeowners are getting better about keeping up with their mortgage payments, driving the percentage of borrowers who have fallen behind to a three-year low, according to a new report. Still, the rate of decline remains slow, credit reporting agency TransUnion said Wednesday. The... Continue Reading »

Woman Misses Mortgage Payment, Nearly Loses House

An elderly woman is suing two banks and a law firm that tried to foreclose on her Deptford, N.J., home after she missed making her final mortgage payment of $432 when she was in the hospital, reported the Associated Press. The tragedy possibly could have been avoided had she taken some precautions, say experts who spoke to... Continue Reading »

Why Canada Doesn't Have a Foreclosure Problem

Why are Canada's homeowners less likely to face foreclosure? Fewer than 1 percent of Canadian mortgages are in arrears, compared to the 2.9 million homeowners that received foreclosure notices in the U.S. in 2010. You might think it's because there are a lot fewer Canadians, and you'd be right on that score. Canada's... Continue Reading »

More Foreclosure Filings Feed Housing Crisis

Foreclosure filings are increasing, and the housing crisis is worsening because of them. Year-end data from RealtyTrac shows that 2010 was the worst year yet -- specifically 23 percent worse than 2008, the first year of the recession. Douglas Mcintyre of our sister site, DailyFinance.com, sifts through the data to draw... Continue Reading »

Mortgage 'Vultures' Keep Defaulting Owners in Homes

You might think a vulture is the least likely creature to help you save your home. But there's a group of vultures who are doing just that -- in fact, they're being more of a friend, to many homeowners in trouble, than banks are. One of them, mortgage-bond trader Lewis Ranieri, has developed a method to keep troubled... Continue Reading »

Fannie Mae Registers $1.2 Billion Loss, Smallest Since 2007

The housing market is still ailing, but Fannie Mae is slowly recovering, another indicator that the overall picture for real estate is improving ever so slightly. For the second quarter of 2010, Fannie lost $1.2 billion, compared to the $14.8 million loss it filed in the same quarter of 2009. The prospects of Fannie and... Continue Reading »

Conventional Mortgage Applications Have High Rate of Errors

Figure you're protected from mortgage fraud because you have a conventional conforming loan? The analysts at CoreLogic say don't be so sure. According to their data, 1 in 200 mortgage applications for conforming loans include mistakes that could ultimately lead to default. The most common kinds of misrepresentations were... Continue Reading »

Mortgage Default Update: Homeowners Staying in Homes Longer

More than 7.3 million home loans are in some state of delinquency or foreclosure, and there's no end in sight. That's because the number of homeowners who are 90 days or more delinquent jumped 9.2 percent in May 2010 over May 2009, according to the Mortgage Monitor Report from Lender Processing Services (LPS). When you... Continue Reading »

Real Estate News Roundup

It's been a rocky week for residential real estate, with many leading indicators plummeting into negative territory. The big question is whether we're headed for a double dip in home prices, or if the market will slowly stabilize. HousingWatch has gathered some of the top headlines from TV and print in the past 24... Continue Reading »

Meredith Whitney Predicts Double Dip in Housing Market: Is She Right?

Could a double dip in the housing market be on the way? That's what influential banking analyst Meredith Whitney told CNBC's Squawk Box yesterday. And while the news is not all gloom and doom, Whitney -- one of Wall Street's best-known bears -- sees what she calls some "scary" behaviors by consumers that will continue to... Continue Reading »

Mortgage Mods: Most Borrowers Are Likely to Redefault Within a Year

Mortgage modifications may not be the solution to the nation's housing problems, after all. Fitch Ratings predicts that 65 percent to 75 percent of modifications on subprime mortgages will redefault in 12 months. The redefault level predicted for prime loans that have been modified is slightly lower -- 55 percent to 65... Continue Reading »

Walk Away From Your Mortgage: A Good New Beginning?

Christy Annis, who lives in a condo in the Atlanta area, got her law degree and spent 12 years in corporate America. She lost her job in June 2009 and decided it was time to reinvent her life by starting a business that packages black-eyed peas and makes jewelry. Her decision to make a major life change is not unusual. But... Continue Reading »

New Mortgage Guidelines Changed Borrower Attitudes

The evidence is in: Banks inadvertently took on more risk than they could handle during the housing bubble. Now, new research attempts to explain why. How did this fundamental shift affect the attitudes of borrowers? Pretty drastically, it seems. The new study, authored by Clifford Rossi for a research arm of the Mortgage... Continue Reading »

Do Tougher Bankruptcy Laws Increase Mortgage Defaults?

It used to be that when people got into more financial trouble than they could manage on their own, they would declare personal bankruptcy. Then, in 2005, U.S. bankruptcy laws became more stringent: The amount of home equity that was protected from creditors was subject to tougher rules and, along with additional costs,... Continue Reading »

Lose the Car, Keep Your House?

Attention lenders: pedestrians are better risks! A new study of mortgage defaults in three cities concludes that people who live in areas where they don't need a car are less likely to default on their mortgages than people who live in suburban sprawl. In fact, the likelihood of default went up with the number of cars a... Continue Reading »

What's Next for Busted Condo Projects?

Now that the owners of Stuyvesant Town have defaulted on their $3 billion mortgage, it's worth asking what happens next to all the overleveraged apartment buildings and see-through condo projects out there – the remnants of many urban developers' ambitious boom-era dreams. In a new article for The American Prospect... Continue Reading »

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