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  2. Mortgages

Mortgages

Bankers Still Resisting Bankruptcy Cram downs

Banks are facing the inevitability of bankruptcy modification of mortgages.Banks have fought the notion of what is called a cramdown, saying that giving bankruptcy judges the ability to modify first mortgages will drive up borrowing costs for everyone.Supporters of cramdowns point out that modifications are no more costly than bankruptcies.To get the support of Citigroup, […]

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Buyers Being Lured to 100% Loan Program

More buyers in search of home loans are turning to an obscure program operated by the United States Department of Agriculture. The program allows no-money-down purchases. In fact, including a mortgage insurance policy, a borrower can seek up to 102 percent. To be eligible, buyers can’t have income that exceeds 115 percent of the median […]

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Banks: No Exceptions for Short Sales

 Increasingly, sellers seeking short sales are encountering a new twist. Lenders are agreeing to let some short sales go through, but they want the home owners to sign a note promising to pay some or all of the balance due – debts that could burden borrowers for the rest of their lives. Moody’s Economy.com estimates […]

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Fannie Mae Raises Credit Standards

Fannie Mae has tightened standards for the home mortgages it guarantees or buys. The government-sponsored provider of home loan funding told lenders Monday it will require a minimum credit score of 580 for most loans it buys on an individual basis. Credit scores range from 300 to 850. In the past, Fannie had no minimum […]

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Minorities Get Brunt of Tough Lending Rules

Tougher lending policies have unintended consequences for minorities and low- to moderate-income families, according to a survey of 1,135 combined members of the National Association of Hispanic Real Estate Professionals (NAHREP), the Asian Real Estate Association of America (AREAA) and the National Association of Real Estate Brokers (NAREB). Fannie Mae, Freddie Mac, lenders, and mortgage […]

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Mortgages Tailored to Islamic Home Buyers

A few years ago, an Islamic home buyer would have found it almost impossible to get a mortgage compliant with Islam’s sharia law, which prevents the faithful from paying interest. Today, sharia-compliant loans are a growing market. In a report last month, credit-rating agency Moody’s Investors Service said the global Islamic finance market has increased […]

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