Foreclosures Spawn Investor-Subsidized Rental Push
U.S. Mortgage Rates Fall to 8-Month Low
By Ashwin Seshagiri, Bloomberg News, August 4, 2011
U.S. mortgage rates for 30-year loans plunged to the lowest level in more than eight months as the nation’s economic recovery showed signs of faltering. The average rate for a 30-year fixed loan dropped to 4.39 percent in the week ended today from 4.55 percent, according to Freddie Mac. The average 15-year fixed-loan rate decreased to a record 3.54 percent from 3.66 percent, the McLean, Virginia- based mortgage-finance company said in a statement.
Five Star Institute and Fannie Mae Partner for Short Sale Program
By Krista Franks, DSNews, August 3, 2011
The Five Star Institute, a mortgage industry group based in Dallas, Texas, announced a partnership with Fannie Mae to educate real estate agents on Fannie Mae’s Short Sale Assistance Desk (SSAD). Fannie Mae’s SSAD helps expedite the process by allowing real estate agents to reach out to Fannie Mae directly for short sale approval of first-lien, Fannie Mae-backed loans. Agents can access the appropriate forms through multiple listing services (MLS).
Foreclosures Spawn Investor-Subsidized Rental Push
By Leslie Berkman, Press-Enterprise, August 3, 2011
Despite a longtime policy of fostering home-ownership, the federal government in its struggle to cope with a mountain of foreclosures is evaluating various proposals to encourage lenders or investors to convert foreclosed homes to rentals.
Former Home of McCains Up for Foreclosure Auction
By Catherine Reagor, Arizona Republic, July 28, 2011
The former home of Sen. John McCain and his wife, Cindy, on Phoenix's Central Avenue is facing foreclosure. Before McCain's 2008 presidential run, the couple sold the home for $3.2 million and moved to a penthouse in a new condominium project near the Arizona Biltmore. Their former house, situated on almost 3 acres, was Cindy's childhood home. The couple raised their children in the house and sold it during the peak of the Phoenix's housing market in 2006.
What About Us? Responsible Homeowners Left Out in the Cold
By CNNMoney.com, August 3, 2011
Consider it yet another cruel irony of the housing bust: While hundreds of thousands of mortgage borrowers have been able to squat in their homes without making a single mortgage payment in months or even years, many responsible homeowners who have good credit and consistently meet their monthly obligations haven't been able to refinance in order to avoid losing their homes.