Justice Dept. Offers Bank of America a Mortgage Deal
The Justice Department, building on a multibillion-dollar mortgage settlement with JPMorgan Chase last year, is now aiming for a deal with Bank of America. In a move that raised the stakes for the government's crackdown on banks that sold the troubled ... [...]
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Expensive Surprise With Reverse Mortgage
When I applied for a reverse mortgage in May 2013, my home was appraised at $252,000. I had a mortgage balance of about $142,963. After all of the paperwork was signed, I received $9,497. The total amount of the loan was $152,460. Within six months ... [...]
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Average 30-year mortgage rate ticks up to 4.33%
WASHINGTON — Average U.S. rates on fixed mortgages rose this week with the spring home-buying season beginning. Mortgage buyer Freddie Mac says the average rate for the 30-year loan rose to 4.33 percent from 4.27 percent last week. The average for ... [...]
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Mortgage rates move higher
In Freddie Mac's weekly survey, the average rate for a 30-year, fixed-rate mortgage was 4.33 percent, compared with 4.27 percent last week. A year ago, the interest rate was 3.40 percent. The average rate on a 15-year, fixed-rate mortgage was 3.39 ... [...]
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Mortgage Applications in U.S. Fell Last Week as Rates Climbed
The Mortgage Bankers Association's index decreased 3.3 percent in the period ended April 18 from the prior week, the Washington-based trade group reported today. The 2.6 percent decline in purchases marked the measure's first drop in six weeks and ... [...]
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Average US 30-Year Mortgage Rate up to 4.33 Pct
Rising prices and higher rates have made affordability a problem for would-be buyers, while many homeowners are reluctant to list their properties for sale. Roughly a third of homeowners owe more on their mortgage than they could recoup from a sale. [...]
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Ben Bernanke's Unfortunate Intellectual Triumph
Back in the 1990s, some economists designed a computer model of a theory they referred to as the “financial accelerator.” In this, economic downturns could be made more severe by a feedback loop with the financial sector. Bank instability during a ... [...]
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Government's 69-page plan to trim mortgage paperwork
The U.S. government says it has found the solution to cut down on mortgage paperwork — and they squeezed the whole thing into a 69-page report. The Consumer Financial Protection Bureau needed a weighty tome of a report today to outline its plan for ... [...]
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New law increases protection from mortgage rescue fraud
More protection is on the way to prevent Hawaii homeowners from becoming targets of mortgage rescue fraud. Gov. Neil Abercrombie signed Wednesday House Bill 2275 (Act 26), a measure that goes after out-of-state lawyers, as well as local agents and ... [...]
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