Mortgage Loan

Mortgage Loan

A Mortgage Loan is the borrowing of money to purchase a home with the legal obligation or “promise” to repay the loan amount plus interest to the lender. The loan is secured by the real property being purchased and a lien is placed on the home until the debt is payed in full. There are [...]

Pennsylvania orders unlicensed mortgage company to close

April 23, 2009 Mortgage Financing

The Pennsylvania Department of Banking announced it has ordered four out-of-state companies to immediately cease and desist in mortgage modification activities.Nationwide Foreclosure Prevention Center of New Jersey and its owner, Robert P. Valentin, signed a consent agreement with the state that the company would stop doing business in Pennsylvania and pay a $2,000 fine. The [...]

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Congress to consider limits on subprime mortgages

April 7, 2009 Mortgage Financing

The chairman of the House financial services committee, representative Barney Frank, said Monday that he plans to introduce legislation to limit the number of subprime mortgages and put restrictions on the practice of bundling mortgages to sell to investors.Frank said he will seek to hold hearings and introduce legislation this month "that will stop people [...]

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Website provides tips for avoiding mortgage modification scams

June 10, 2009 Mortgage Financing

A website offered by a nonprofit organization is providing tools and resources for consumers facing foreclosure to help them avoid scams.
Loan modification, an agreement between the mortgage holder and the lender that results in a change in the repayment terms and debt consolidation, can help homeowners avoid foreclosure.
Unfortunately, the suffering economy and rising foreclosures [...]

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Citigroup reports in TARP lending

August 12, 2009 Mortgage Financing

Citigroup, the giant investment bank one-third owned by the U.S. government, published its TARP Progress Report for the second quarter of 2009, detailing the steps the company is taking to extend credit to American homeowners, businesses and communities.
Citi said it approved $6 billion in new initiatives during the quarter, bringing the aggregate value of approved [...]

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Black and Latino families more likely to face foreclosure, says study

November 18, 2009 Mortgage Financing

In the midst of the current housing crisis, black and Latino families are more likely to have their homes fall into the foreclosure process, according to a recently released report from the William C. Velasquez Institute.
The report found that in selected foreclosure regions, black and Latino homeowners had up to nine times the frequency of [...]

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Mortgage rates see sizable decline in second full week of 2010, says MBA

January 20, 2010 Mortgage Financing

Average interest rates for all mortgage types underwent significant declines during the week ending January 15 as the volume of mortgage applications continued to increase, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.
The average interest rates for 30-year fixed-rate mortgages declined 0.13 percentage points to hit 5 percent for the week. The [...]

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