Debbie Dragon

freelance writer
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Articles From This Author:

Wells Fargo Pulls Out Of The Reverse Home Loan Business

The largest reverse mortgage lender is pulling out of the business. Wells Fargo announced this week that they will no longer accept applications for reverse mortgages after the end of the month. Currently, Wells Fargo holds just over 26% of the market. They are the second big bank to exit the industry, following Bank Of America who pulled out in February. Wells Fargo does plan to accept reverse loan applications through the end of June with funding for the loans ceasing at the end of September. A Read more [...]

Foreclosure Fraud Price Tag Could Be $20 Billion

The big five mortgage companies in the country who had all hoped to escape the foreclosure fraud fiasco quickly and without having to open their pocketbooks to deeply could all be facing a bill in the tune of $20 billion dollars or even more. Bank of America, JP Morgan, CitiGroup, Ally Financial and Wells Fargo had all hoped for a $5 billion dollar settlement, but it doesn't look like that is what they are going to get. The five banks have been under investigation since last fall after they were Read more [...]

Double Dip Housing Recession

An already struggling housing industry did not get good news this week, hitting a new all time low since the housing bubble burst. Housing prices dipped to record lows with prices falling 4.2 percent during the first quarter of the year. While some cities saw prices slump to the lowest levels in eight years, others were hit even harder with prices dropping to levels not seen since 2000. Analysts have even said that the housing slump is now worse than the great depression. Attributing to the dip Read more [...]

Mortgage Applications Are Falling

Just as we see mortgage rates sink to the lowest levels seen so far this year, mortgage applications take a nose dive. According to the MBA mortgage applications fell 4% last week while refinancing applications were also down 5.7%. Why the decrease? It seems potential buyers are being more and more cautious when it comes to home ownership. With home prices still on a downward trend, many people are afraid to make an investment that is most likely going to continue to lose value. In fact the market Read more [...]

California Creates A Mortgage Task Force

California's Attorney General Kamala Harris is going to battle against the mortgage companies. A task force has been created to investigate whether or not fraudulent lending practices, scams and other fraudulent activity took place in the state. The committee consists of 17 lawyers and 8 Department of Justice special agents. California has suffered greatly from the mortgage crisis with their foreclosure rate having skyrocketed and their unemployment rate having reached all time highs. The committee Read more [...]

Fannie and Freddie Go in Opposite Directions

For the first time since 2009 Freddie Mac actually turned a profit while Fannie Mae took another nose dive with a loss of $6.5 billion during the first quarter of 2011. While Freddie will skate by without more government assistance at this time, Fannie needs another $8.5 billion just to stay in business. Fannie Mae sunk due to a whopping $11 billion worth of credit losses in the first quarter. The loan giant claims the dip in housing prices sent more of their homes into foreclosure. As more homeowners Read more [...]

Fannie Mae To Subsidize Closing Costs On Some Homes

From now until June 30, 2011 Fannie Mae has brought back a popular program in hopes of getting more foreclosed homes off of the market. For buyers who enter into contract and purchase a HomePath home (Fannie Mae owned foreclosed properties), they can save up to 3.5% on home loan closing costs. In order to qualify buyers must meet certain criteria. First, they must enter into a purchase offer between April 11, 2011 and June 30th and close on that property by the program end date of June 30, 2011. Read more [...]

Wells Fargo Cuts 1900 Jobs As Refinancing Slows

Wells Fargo recently announced that they were going to be cutting out 1900 positions in their refinance department. Jobs to be eliminated include loan processors and other staff members that assisted with home loans. Wells Fargo is the largest US home lender and during the refinancing boom they went on a hiring spree in order to be able to keep up with consumer demand. Over the last several months as a result of the refinancing demand greatly diminishing, Wells Fargo has been forced to give these Read more [...]

Regulators Propose 20% Down Payment For Home Loans

According to an article on the Washington Post website federal regulators both from the FDIC and the Federal Reserve have put a new proposal on the table. If the regulations were to go through home buyers looking to get the best interest rates on a conventional mortgage would have to come up with a 20% down payment. What does this mean in dollars? If you plan to purchase a $200,000 home, in order to secure a great interest rate you would have to bring to the closing table a minimum down payment of Read more [...]

Are Adjustable Rate Mortgages Making a Comeback?

According to an article in the New York Times, Adjustable Rate Mortgages (ARMs) are on the rise. ARMs played a big part in the housing market collapse and many are questioning their return to the market. These particular mortgages start out with what some might refer to as a "teaser" interest rate, then later on adjust up. During the housing market boom, as many as 70 percent of homes were mortgaged with an ARM, some adjusting upwards just a few months after closing. The main problem with these Read more [...]