U.S mortgage delinquencies, foreclosures mount: MBA
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Late payments and new foreclosures on U.S. homes rose in the third quarter and are likely to grow as a massive wave of adjustable-rate mortgages reset at higher interest rates, the Mortgage Bankers Association said on Wednesday.
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The number of Americans who may lose their homes to foreclosure reached a record in the second quarter as late payments by subprime borrowers surged to one of every seven loans.
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Home foreclosure filings surged in the largest metropolitan areas in the United States during 2007, with cities in California, Ohio, Florida and Michigan reporting among the highest rates in the country, real estate data firm RealtyTrac said on Wednesday.
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The rate of delinquencies and foreclosures rose to 4.7 percent from July through September.
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Delinquencies and foreclosures among homeowners with weak credit moved higher in the first three months of the year.
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US mortgage delinquencies rose in the second quarter of 2004 from the first quarter, but an improving US economy and strong home price appreciation should keep the downward trend in delinquencies intact, a US mortgage industry
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Investor's Business Daily - Despite rising interest rates, the Mortgage Bankers Association&#39;s seasonally adjusted index of application activity edged up 6.6% to 666.5 in the week ending June 8. Its index of purchase activity rose 7.2%, while refinancing activity climbed 5.6%. Analysts called it a scramble to head off rising borrowing costs. Mortgage rates are at their highest since mid-&#39;06.
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In New York City neighborhoods hit hard by the subprime lending crisis, most loans that ended up in foreclosure came from three companies, according to a new report.
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The Federal Bureau of Investigation, seeking to stem a rising tide of crime in home financing, said on Thursday it will warn borrowers and lenders that mortgage fraud can result in stiff fines and prison time.
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Fraud is running rampant in the nation's mortgage industry, with nearly three times as many reports of suspicious activity so far this year compared with 2001, a top FBI official said Friday.
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Complaints about potential mortgage fraud are up during the subprime mortgage crisis, and the FBI has opened criminal investigations of 14 companies related to sub-prime mortgage loans, the agency said Tuesday.
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Mortgage fraud has the potential to become a &quot;national epidemic&quot; that could expose lenders to hundreds of millions of dollars in losses, an FBI official said yesterday.
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The MBA, a Washington trade group, said on Wednesday its purchase index, a gauge of new loan requests for home purchases, rose in the week ended Aug. 13 by 6.2 percent to 467.1 from 440.0 in the previous week.
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Interest rates on U.S. 30-year and 15-year mortgages edged higher this week amid signs the economy is improving, stoking inflation concerns, mortgage finance company Freddie Mac said on Thursday.
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Investor's Business Daily - The Mortgage Bankers Assoc.&#39;s application index rose 0.9% to 631.6 in the week ended July 13, as homeowners rushed to refinance their loans due to fears that interest rates will head higher. Homebuyer applications fell. The 4-week moving average of applications fell 0.5%, down for the 8th straight week.
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Mortgage lenders submitted a record 19,487 foreclosure filings in Massachusetts last year, leaving more homeowners in danger of losing their homes than at any time since the real estate recession of the 1990s.
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The Mortgage Bankers Association reported today that mortgage holders starting the foreclosure process in the April-June quarter reached 0.65 percent.