Mortgage News Briefs
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Bank of America to alter loan practices:
Hearings on purchase of Countrywide to start |
As public hearings
begin on its proposed purchase of
Countrywide Financial Corp., Bank of America
Corp. will announce Tuesday that it will
stop making, or significantly curtail,
several types of mortgages criticized by
consumer advocates for contributing to
rising numbers of defaults and foreclosures.
"We recognize this tightening restricts the
availability of credit to some borrowers,"
...
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S.C. Foreclosure Task Force seeks to help
Pee Dee homeowners |
FLORENCE --
Florence, along with Charleston, Greenville,
Horry and Richland, are the top counties in
South Carolina with the highest foreclosures
rates. And according to the Mortgage Bankers
Association, there were more than 550 new
foreclosures in the state for 2008 by the
end of January. That's why the S.C.
Foreclosure Task Force has been established.
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Bush Picks Executive for HUD: Critics See a
Place-Holder With Little Housing Experience |
President Bush
yesterday named Steven C. Preston as his new
secretary of Housing and Urban Development,
installing a well-regarded corporate and
government administrator -- yet one with
little experience in housing issues -- as
his point person in dealing with the
consequences of the subprime mortgage
meltdown. For the past 18 months, Preston
has headed the Small Business
Administration, where ...
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Jumbo mortgages caught up in subprime
fallout |
DALLAS _ For months,
mortgage lenders have been backing away from
borrowers with spotty credit, all but
closing down the so-called subprime mortgage
market. More surprisingly, they've also been
increasingly loath to lend to high-end
borrowers who might want to finance a
high-cost home. That means doctors, lawyers,
business owners and corporate execs looking
for jumbo mortgages _ those more than ...
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Brighter prospects spark mortgage race |
| Competition in the
home mortgage segment has picked up thanks
to improved sentiment in the property
market. Improved economic growth, new
mass-transit programmes and the government's
property stimulus package last month have
all helped expand activity in the market,
according to local analysts. The property
stimulus package includes tax reductions
that took effect on March 28 reducing ... |
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