The Obama Administration recently announced additional support to help homeowners struggling with unemployment through two targeted foreclosure-prevention programs–the existing Housing Finance Agency (HFA) Innovation Fund for the Hardest Hit Housing Markets and the soon-to-be-launched U.S. Dept. of Housing and Urban Development (HUD) Emergency Homeowners Loan Program. Through the Hardest Hit program, California will receive an [...]

A coalition of the U.S. Dept. of the Treasury, the U.S. Dept. of Housing and Urban Development (HUD), and the Advertising Council recently launched a national public service advertising (PSA) campaign to raise awareness among struggling homeowners of the Making Home Affordable Program. The campaign encourages qualified homeowners struggling to make mortgage payments to seek [...]

Commercial and multifamily mortgage loan originations rose 1 percent in the second quarter of 2010 compared with the second quarter of 2009 and 35 percent on a quarter-to-quarter basis, according to a survey by the Mortgage Bankers Association (MBA). The one percent overall increase in commercial/multifamily lending activity during the second quarter was driven by [...]

Part of the financial reform bill signed into law by President Obama includes the creation of a Consumer Financial Protection Bureau, which will write new rules and monitor problems and abuses in areas such as residential real estate settlements, credit scores, “truth in lending,” and equal credit opportunity. Before the Bureau can begin implementing new [...]

Calif. median home price: February 2010: $279,840 (Source: C.A.R.) Calif. highest median home price by C.A.R. region February 2010: Santa Barbara So. Coast $795,000(Source: C.A.R.) Calif. lowest median home price by C.A.R. region February 2010: High Desert $122,580 (Source: C.A.R.) Calif. First-time Buyer Affordability Index - Fourth Quarter 2009: 64 percent (Source: C.A.R.) Mortgage rates – week ending 3/18/10 [...]

Sales in new-home communities of 10 units or more in California declined 12 percent in January compared with a year ago, according to the monthly California Building Industry Association (CBIA)/HanleyWood Market Intelligence report (HWMI).  Though still at a lackluster pace, the decline was less steep than the 15 percent year-over-year decrease experienced in December, according [...]

Attorney General Edmund G. Brown this week closed two fraudulent foreclosure-assistance companies–U.S. Foreclosure Relief Corp. and H.E. Servicing, Inc.–and secured a court judgment of more than $1 million in restitution for homeowners who paid upfront fees for nonexistent loan-modification services. Under the judgment, a court-appointed independent receiver will oversee the repayment program, which will be [...]

Over the last few months, the Federal Reserve has reduced its key interest rate, the overnight LIBOR, to as low as 1 percent.  However, mortgage rates have not declined as dramatically.  One of the most commonly-followed indicators to determine where mortgage rates are headed is the yield on the 10-year United States Treasury note.  During [...]

Due to the large number of foreclosures, many financial institutions have created mortgage modification programs to help homeowners in default modify their existing mortgage loans into fixed-rate, more affordable loans. Many banks are overwhelmed with borrowers applying for mortgage modifications, resulting in some private companies, real estate brokers, nonprofit organizations, and attorneys offering to serve [...]

Fannie Mae and Freddie Mac recently announced they will postpone foreclosure sales and evictions on occupied single-family residences that were scheduled to occur between Nov. 26, 2008 and Jan. 9, 2009.  During this time, the companies will streamline their mortgage modification programs, scheduled to launch Dec. 15.  Foreclosure attorneys and loan servicers will continue to [...]