Richard Suttmeier submits: Housing Remains Weak as Mortgage Rates RiseThe Mortgage Bankers Association reported that its mortgage application index fell 18.6% last week led by a decline of 24.6% for the refinance index. The sixth consecutive weekly drop has happened as the 30-Year fixed rate mortgage rose to 4.85%.Existing home sales increased 5.6% in November to an annual rate of 4.68 million units.
Steven HorwitzYou may recall that one of the Obama Administration's attempts to deal with the mortgage crisis was to create the "Home Affordable Modification Program" to help underwater mortgage holders to modify and renegotiate the terms so that they would be able to make payments and avoid foreclosure. Supporters hailed this as good policy, while critics suggested it was yet another government bureaucracy that would inevitably fail at the task. Wanna guess who was right?
ContributorNetwork - The Associated Press reported recently that nearly half of all enrollees in the Obama administration's flagship mortgage-relief program have dropped out. A CNN Money report on Monday lauds the nation's banks, suggesting that while the government Home Affordable Modification Program is failing, banks are stepping up with their own modification terms to rescue financially strapped homeowners from foreclosure.
Among the major changes made to the much-criticized Home Affordable Modification Program is a set of new incentives for lenders to reduce the principal on so-called underwater mortgages.
Obama administration officials on Friday ramped up their attempts to help struggling homeowners, announcing major changes to the government's much-criticized $75-billion program to modify mortgages to avoid foreclosures.
A high percentage of owners who take part in the Home Affordable Modification Program are unable to maintain their loan mods, data show.Financially strapped homeowners who are close to foreclosure may want to face the music now rather than continuing to struggle with their monthly payments.
In February, the number of homeowners with permanently reduced monthly payments grew to 168,708, the Obama administration reports, as 91,483 more trial modifications are approved.
The Obama administration Friday said its mortgage modification program continued to make progress, with the number of homeowners receiving permanently reduced monthly payments in February increasing by 45% to 168,708.