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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Calif. median home price - January 08: $430,370 
Calif. highest median home price by C.A.R. region January 08: Santa Barbara So. Coast $1,135,000
Calif. lowest median home price by C.A.R. region January 08: High Desert $234,310
Calif. First-time Buyer Affordability Index - Third Quarter 07: 33 percent
(Source: C.A.R.)  
Mortgage rates - week ending 02/28: 30-yr. fixed: 6.24%; [...]

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Fannie Mae and Freddie Mac, along with the Office of Federal Housing Enterprise Oversight (OFHEO), have agreed to form an independent organization to launch and monitor a new set of loan appraisal standards in an effort to reduce the risk of fraud, among other issues.
The "New Home Valuation Protection Code" establishes new requirements governing appraisal [...]

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Fed Chairman Ben S. Bernanke yesterday called for a more aggressive response to the nation’s housing and foreclosure crisis, suggesting that lenders do more to help struggling homeowners avoid foreclosure and, in turn, help stave off further erosion of home prices in distressed areas and the broader economy.
"This situation calls for a vigorous response," Bernanke [...]

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