Mortgage News
Bankruptcy Activity Mixed
During 2008, consumer bankruptcy filings were one-third higher than in 2007, the American Bankruptcy Institute reported. Fourth-quarter 2008 filings were up around 4 percent from the third quarter. But December filings fell 15 percent from November.
The Modification President
A stimulus plan was proposed to Congress by President-elect Barack Obama. The upcoming administration is calling for existing cabinet members to use their existing authority to step up loan modifications. He is recommending clarification of servicers' legal liability when they modify loans. Obama is also advocating bankruptcy-code reform that would enable bankruptcy judges to modify mortgages.
GreenPoint Brokers Targeted by New York
An investigation by New York's attorney general into discriminatory lending practices at GreenPoint Mortgage Funding Inc. prompted the state to launch an investigation into mortgage brokers. So far, two mortgage brokers have settled with the state, while a third has been sued. "The office is continuing its investigation into potential discriminatory pricing by other mortgage brokers," an announcement from the attorney general said.
MTA Descends Deeper
The monthly Treasury average was down nearly one-quarter percent from November to December, according to data published by the Federal Reserve Board. MTA was down 270 basis points from December 2007. MTA has fallen each month since April 2007.
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Real Estate News
Play NAR?s Member-Supported Television and Radio Ads
The ads highlight the importance of choosing a REALTORŪ when buying or selling a home, cover the honesty and integrity REALTORSŪ bring to the process, and illustrate why it's better to use a REALTORŪ than try to sell yourself.
Guide to Buying vs. Renting
The guide contains statistics and studies on home owners and renters as well as financing options and tips.
NAR Defends the Mortgage Interest Deduction
NAR stands in opposition to the President's Advisory Panel on Federal Tax Reform, which may recommend converting this century-long deduction into a tax credit. Reducing the tax benefits of homeownership could endanger property values.
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