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The U.S. mortgage delinquency rate declined in the first quarter to the lowest level since 2008 as an improving job market helped more borrowers pay their bills and tighter lending standards resulted in fewer defaults.
The share of home loans at least 30 days late dropped to 7.4 percent from 7.58 percent in the previous three months, according to a report today from the Mortgage Bankers Association. The rate peaked at 10.1 percent in the first quarter of 2010 and was last lower in the third quarter of 2008, when it was 6.99 percent.
Read more on Bloomberg.com…
The percentage of U.S. homeowners behind on their mortgage payments dropped in the first three months of this year to the lowest level since 2009, according to a new report.
Some 5.78 percent of the nation’s mortgage holders were behind on their payments by 60 days or more in the January-to-March quarter, credit reporting agency TransUnion said Wednesday.
That’s down from 6.19 percent in the same period last year, and below the 6.01 percent delinquency rate for the last three months of 2011.
Read more at NPR.org.
As California pushes to get more homeowners into a $2-billion foreclosure prevention program, some Fannie Mae and Freddie Mac borrowers may see their mortgages shrunk through principal reduction.
State officials are making a significant change to the Keep Your Home California program. They are dropping a requirement that banks match taxpayers funds when homeowners receive mortgage reductions through the program.
The initiative, which uses federal funds from the 2008 Wall Street bailout to help borrowers at risk of foreclosure, has faced lackluster participation and lender resistance since it was rolled out last year. By eliminating the requirement that banks provide matching funds, state officials hope to make it easier for homeowners to get principal reductions.
Read the full article on the Los Angeles Times website.
The housing and mortgage markets have seen their fair share of ups and downs this year, making it difficult to predict what the next month holds in store much less the rest of the year.
Still there are a few themes experts say are likely to surface as the year goes on. Here’s what to look out for in mortgage financing this spring…
Read more at USNews.com
Recent modifications to HAMP (Home Affordable Modification Program) made Fannie Mae and Freddie Mac eligible to receive incentives for providing homeowners with principal reductions. However, there has not been a commitment by the Federal Housing Finance Agency, which oversees Fannie and Freddie, to offer such reductions.
Read the full article here on Huffington Post.