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by Moe Bedard on October 16, 2009 · 0 commentsin Mortgage Servicers Banks will push the Obama administration to expand its mortgage-modification program to allow interest-only periods on reworked loans, seeking to bring more homeowners into the initiative while recognizing concern that it may only postpone defaults, according to JPMorgan Chase Co.“We’re working with our peers to develop a proposal to present,” Douglas Potolsky, a senior vice president at JPMorgan’s Chase home-loan unit, said

Paul Craig RobertsPrisonplanet.comFriday, Oct 16th, 2009Bloomberg reports that Treasury Secretary Timothy Geithner’s closest aides earned millions of dollars a year working for Goldman Sachs, Citigroup and other Wall Street firms. Bloomberg reports that none of these aides faced Senate confirmation. Yet, they are overseeing the handout of hundreds of billions of dollars of taxpayer funds to their former employers.The gifts of billions of dollars of taxpayers’ money provided the banks with an

First time home buyers are in the dark on many basic areas of the home buying transaction. To keep from making mistakes and possibly losing money, get to know the glossary of terms used. It is imperative to understand the five areas of the buying process. There was a time when 100 or more different programs existed and everyone could fit into a home loan. Not anymore. The FHA is the most popular since you only need 3.5% down and it can be gifted by a family member. Generally 10-20% down is best, if possible.

The average rate on a 30-year fixed-rate home loan edged back above 5% last week as mortgage applications fell, the Mortgage Bankers Assn. said Wednesday. The average rate on a 30-year fixed-rate loan, assuming a 20% down payment, increased to 5.02% from 4.89%. But upfront points paid to lenders, including the origination fee, averaged 1.11% of the loan balance, down from 1.13%, the trade association said. The average 15-year rate rose to 4.44% from a record low of 4.32%, with average points paid unchanged at 1.04% of the loan amount.

Wells Fargo Co., the biggest U.S. home lender, is boosting profits by selling plain-vanilla mortgages after competitors offering exotic products failed or scaled back, the division head of wholesale lending said. “There was a lot of cross subsidizing, so if your subprime or option ARMs were making 100 basis points you could plow that into your more generic products,” Kathleen Vaughan, who runs Wells Fargo Home Mortgage’s network of independent brokers, said Tuesday in an interview at a Mortgage Bankers Association conference in San Diego.

Congress is currently debating two bills that would extend the life of the $8,000 tax credit for first-time home buyers, which expires December 1. Is this a good idea? The answer recalls the joke about putting two economists in a room with a problem and getting three answers. There’s no question that housing remains a terrible weakness, with tens of thousands of foreclosed homes dragging home prices down in most areas of the country.

NEW YORK (CNNMoney.com) — Despite concerted government-led and lender-supported efforts to prevent foreclosures, the number of filings hit a record high in the third quarter, according to a report issued Thursday.Related Posts:Reuters, Mortgage Bankers Association: 12 percent of U.S. homeowners late paying or foreclosedCNN Money: CIT may be saved – but now what?Why Mortgage Modifications Aren’t Working — Mark CalabriaWPRI TV: Massachussetts is housing homeless in motels at cost of $2 million a

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We’re having a major earthquake drill here in California today, and coincidentally, last night I dreamt I was in an earthquake, so I’m feeling a bit shaky. Thus, the earthquake analogy. Foreclosures are still rippling through the housing market like a solid 6.5. Is the big one still to come? RealtyTrac reported today that the third quarter was the worst three months of all time for foreclosures.

Foreclosed properties for sale have been pulling down the prices of second homes in vacation destinations which were out of reach for many over the past years. In upscale vacation locations, posh vacation homes are now being sold at deep discounts as their wealthy owners lose big portions of their investment portfolios. In vacation communities that have suffered record foreclosures, such as those in Florida, California, Arizona and Nevada, beautiful second homes or third homes are being sold off at nearly 30 percent below their original asking prices.

Listings of foreclosure homes throughout the country are now including more and more high-end homes, based on data from an online real estate research firm. Approximately 30 percent of all foreclosures in June were expensive homes that belong to the top third in graphs of local home values. This percentage marked a substantial increase from 16 percent in 2006. Currently, the bottom third in home values account for 35 percent of all foreclosures, a drop from the 55 percent share in 2006.

The Market Composite Index, a measure of mortgage loan application volume, decreased 1.8 percent on a seasonally adjusted basis for the week ending Oct. 9 compared with one week earlier, according to the Mortgage Bankers Association (MBA) Weekly Mortgage Applications Survey. On an unadjusted basis, the Index decreased 1.7 percent for the week ending Oct. 9 compared with the previous week. The Refinance Index decreased 0.1 percent and the seasonally adjusted Purchase Index decreased 5.0 percent for the week ending Oct.