The FBI is currently investigating 17 firms involved in the mortgage lending industry, bureau officials told Reuters News in an exclusive interview. The bureau had previously acknowledged it was investigating 16 firms. Officials say the criminal probe could take years to complete.
The FBI has assigned 100 agents to investigate corporate fraud aspects of the housing […]

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According to Freddie Mac’s data, mortgage rates have dropped back below 6 percent after spending more than a month above that threshold. Thanks to the Federal Reserve’s aggressive moves to insulate the U.S. economy by slashing borrowing costs, 30-year fixed home loans averaged 5.87 in the latest numbers.
That compares to 6.13 percent this time last […]

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The housing slowdown isn’t being felt in some of the most desirable areas of the country.
For instance, in Ross, Calif., about 18 miles north of San Francisco, real estate practitioner Tracy McLaughlin says, “It’s supply constrained.”
Other metropolitan areas that continued to post gains in home prices nearly every month are Seattle, Portland, Ore., and Charlotte, […]

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A new company, named Mortgage Help Now, has been formed to provide assistance to homeowners facing foreclosure due to problems in the mortgage industry. The company, affiliated with The Liput Group, is comprised of mortgage industry executives and lawyers. Many of the participants are professional mortgage consultants who were formerly mortgage industry executives and lawyers […]

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An activity agenda for the year has been announced by the National Association of Mortgage Brokers. It’s a plan that strongly targets abusive lending practices, addresses the need for mortgage reform and continues their commitment to financial literacy for consumers.
The group’s key policy positions for the year include (1) a call for an independent, government […]

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The VA Home Loan Guarantee Program, designed to provide favorable loan terms for veterans who are unable to qualify for a conventional loan, may soon be revised to offer more veteran benefits. Congress is considering the changes.
"The VA program offers unique and important benefits for helping our military families achieve their dream of homeownership," said […]

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The Foreclosure Prevention Act of 2008 (S. 2636) may not be signed into law. The White House indicates it’s headed for a veto. The bill would change bankruptcy laws by giving judges the latitude to reduce interest rates and the amount that is owed on mortgages of at-risk homeowners.
"We appreciate the Senators’ efforts to try […]

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The maximum mortgage limits (caps) placed on Fannie Mae and Freddie Mac, the two giant government-sponsored buyers of existing mortgages have been lifted, effective March 1, it was announced by the Office of Federal Housing Enterprise Oversight (OFHEO). The caps had been instituted several years ago when the enterprises encountered problems resulting from their "creative […]

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• Interest rates on home equity lines of credit are far below the rates of most credit cards, so homeowners who are able to tap those lines for emergencies accumulate less debt than renters forced to charge expenses at higher rates. A $30,000 home equity loan is running at about 5.75 percent this week, according […]

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Mortgage rates are rising as we’ve moved into March. This will probably motivate more prospective home buyers and other borrowers to lift themselves off their fence-sitting position and take action before rates rise further. The rate for a 30-year fixed-rate mortgage now average 6.24 percent, with 0.5 point (fees), according to Freddie Mac, a major […]

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