Posted To: MND NewsWireFitch Ratings is warning that the expiring homebuyer tax credits, the end of the Fed's MBS Purchase Program , and the growing maturity of various government loan modifications programs are likely to increase loss severities on distressed mortgage loans later this year. The report says that these factors as well as low interest rates and the Federal Reserve's $1.25 trillion mortgage-backed securities purchase program have led to an improvement in both home prices and loss severities since the second quarter of 2009, but this is unlikely to continue. The $8,000 tax credit for first-time homebuyers and $6,500 credit for move-up buyers will be effectively expiring with the deadline for signed sales contracts on April 30. Buyers must complete the sale by June 30 so any drop off in sales...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Posted To: MND NewsWireUSDA Section 502 loans are primarily used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities. There is no required down payment. The lender must determine repayment feasibility, using ratios of repayment (gross) income to PITI and to total family debt. John Rodgers called my attention to the following bulletin released by the USDA: This message is to notify you that program funding for the Single Family Housing Guaranteed Loan Program will likely be exhausted by the end of April, 2010 . Once funding is exhausted, the Agency will not issue Conditional Commitments “subject to receipt of appropriated funds. ” This...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Posted To: MND NewsWireAs reported on February 26 , Freddie Mac has decided to stop purchasing and securitizating loans utilizing the interest only payment option. Freddie's deadline for PURCHASING these loans was set as September 2010, however no application/LP approval date cut-off was provided in the bulletin. This deadline was announced yesterday in Bulletin 2010-7 Here is the verbiage from the release: Effective for mortgages with application dates on or after June 13, 2010 , and for mortgages with Freddie Mac settlements on or after September 1, 2010 we are: Retiring our Initial InterestSM Mortgage offering. Beginning June 13, Initial Interest Mortgages will not be eligible for submission or resubmission to Loan Prospector® . Plain and Simple : if you want to sell Freddie Mac an interest only loan,...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

You know, hearing stories about corruption come out of Washington used to get me really mad. I’d hear about all these people trying get rich using the most underhanded things you can imagine. But then I realized something. By the time it gets to the news, or comes out in court, the story is [...]

I woke up this morning and just about jumped out of bed. Okay, I actually did jump out of bed. And do you know why?Because this is the first week with NO OLYMPICS!I mean, come on, I’m all for international competition, but it’s all anyone’s been talking about for so long. Finally, we’ve got [...]

Don’t expect housing prices to decline again any time soon, according to Barclays. They claim that the stabilization that has begun to creep in is here to stay. However, we should expect a small drop up ahead based on the current supply of foreclosures.Can the current housing market handle these new foreclosures? What sort of [...]

Foreclosure filings were reported on 308,524 U.S. properties in February, a decrease of 2 percent from the previous month but still 6 percent above the level reported in February 2009.

Specialized Asset Management LLC recently announced that it has partnered with RealtyTrac, the leading online foreclosure marketplace.

RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today announced a strategic agreement with RealtyJoin™ (www.realtyjoin.com), a new and exciting social networking site.

Foreclosure activity in the Miami metro area fell in January to 15,067 properties with foreclosure filings, down 11 percent from the previous month.

Foreclosure activity in the Atlanta metro area fell in January to 8,098 properties with foreclosure filings, down 13 percent from the previous month.

Foreclosure activity in the Seattle metro area foreclosure activity fell in January to 2,081 properties with foreclosure filings, down 18 percent from the previous month.