FDIC's Bair warns of government exposure in mortgages (Reuters)
Reuters - A key U.S. banking regulator raised concern on Wednesday about the risk of exposure the government is taking on in the mortgage market and urged more stringent standards for underwriting mortgages.
SEC defends $75 million deal with Citigroup (AP)
AP - The government is defending as fair and adequate its $75 million settlement with Citigroup Inc. over charges it misled investors about billions in potential losses from subprime mortgages.
Detroit gets rare assist from suburbs for fires (AP)
AP - As exhausted Detroit firefighters battled wind-fed blazes burning wild in some neighborhoods and threatening to char much of the city, a half-dozen departments from surrounding communities brought in sorely needed — and gladly accepted — help.
Bankers urge government to pull plug on Fannie, Freddie (Reuters)
Reuters - The federal government should take mortgage finance giants Fannie Mae and Freddie Mac off life support sooner rather than later, the Mortgage Bankers Association urged on Wednesday.
Freddie Mac to issue new 5-year note due 2015 (AP)
AP - Government sponsored mortgage buyer Freddie Mac said Wednesday it plans to issue new five-year notes due on Sept. 10, 2015.
Summary Box: Mortgage lending falls 1.5 pct (AP)
AP - MORTGAGE APPLICATIONS SLIP: Applications for home loans dipped last week as mortgage rates ticked up slightly from the lowest level in decades, according to the Mortgage Bankers Association.
Economists further scale back U.S. growth outlook (Reuters)
Reuters - Stubbornly high unemployment and signs of persistent weakness in the housing market have prompted economists to further cut their outlook for U.S. growth in the second half of the year, a Reuters poll showed on Wednesday.
Mortgage lending down 1.5 pct as rates inch up (AP)
AP - Applications for home loans dipped last week as mortgage rates ticked up slightly from the lowest level in decades.
Home buying up in week, but down 40 percent in year (Reuters)
Reuters - Americans applied to buy homes at the highest pace last week since May, but more than 8 of every 10 loan requests was for a refinancing, Mortgage Bankers Association data show on Wednesday.
Gov't launches plan to help underwater borrowers (AP)
AP - The Obama administration is trying to jump-start its sputtering attempts to tackle the foreclosure crisis with an effort to assist homeowners who owe more on their properties than their homes are worth.
Summary Box: Plan to help underwater borrowers (AP)
AP - NEW FORECLOSURE PLAN: The Obama administration is trying to revive its attempts to tackle the foreclosure crisis with a new effort to assist homeowners who owe more on their properties than their homes are worth.
MGIC added $1.2B in mortgage coverage in August (AP)
AP - Private mortgage insurer Mortgage Guaranty Insurance Corp. said Friday it added $1.2 billion in new primary insurance coverage in August and the number of delinquent loans it insures declined.
Mo. drops appeal of real estate ballot measure (AP)
AP - An initiative barring taxes on home and land sales is clear to appear on Missouri's ballot after the state dropped an appeal Friday of a judge's decision ordering the election.
Con man could get life under Calif. 3-strikes law (AP)
AP - A man accused of bilking elderly South Los Angeles residents out of their homes in a foreclosure scam is facing a potential life sentence in a rare use of California's three-strikes law for a white-collar crime.
Oil prices rise after mixed economic news (AP)
AP - Oil prices ended higher Thursday after an initial retreat as investors put a positive spin on reports about jobs, manufacturing and home sales.
Summary Box: Mortgage rates hit low of 4.32 pct. (AP)
AP - RECORD LOWS: Mortgage rates fell to the lowest levels in decades for the tenth time in 11 weeks, mortgage buyer Freddie Mac said Thursday. The average rate for a 30-year fixed loan was 4.32 percent. The 15-year fixed loan hit 3.83 percent.
How to Get a Government-Backed, Zero-Down-Payment Mortgage (U.S. News & World Report)
U.S. News & World Report - More than four years after real estate values peaked, the historic plunge in home prices remains fresh in the minds of mortgage lenders. After taking painful losses on delinquent home loans, banks have imposed tougher standards--such as increased credit scores and higher down payment requirements--on applicants of all stripes. And as investors fled for the hills, the exotic mortgage products that helped fuel the real estate boom have largely disappeared from the private market. But that doesn't mean all buyers need a big pile of cash to snag a home loan. ...
Pending home sales rise 5.2 percent in July (AP)
AP - The number of buyers who signed contracts to purchase previously occupied homes increased in July but remained well below last year's levels, a sign that demand for housing remains weak.
Summary Box: Pending home sales up 5.2 pct in July (AP)
AP - PENDING HOME SALES RISE: The number of buyers who signed contracts to purchase previously occupied homes increased by 5.2 percent in July from June.
Mortgage rates hit record low: Freddie Mac (Reuters)
Reuters - U.S. mortgage rates fell in the past week to the latest in a series of record lows as yields on government debt dropped, according to a survey released on Thursday by Freddie Mac, the second-largest U.S. mortgage finance company.