Real Estate Investing News
Real Estate Investing News
Citigroup Considering Merger, Reports Say
Citigroup is reportedly considering a merger with financial institutions Goldman Sachs or Morgan Stanley , according to a CNBC report. Citigroup's stock is rising in after hours trading, up $0.26 to $4.97, but earlier today the stock closed down sharply…( [Link]
Fannie and Freddie suspend foreclosures
Mortgage giants Fannie Mae and Freddie Mac have directed their network of servicers to halt all foreclosure and eviction proceedings between Nov. 26 2008 and Jan. 9, 2009, meant to give a recently announced rescue plan time to work. [Link]
Freddie Mac and Fannie Mae Announce Ban on Foreclosures Until Jan. 2009
Mortgage finance giants Fannie Mae and Freddie Mac revealed Thursday afternoon they will work to keep Americans in their homes, announcing a suspension on foreclosures starting Nov. 26, 2008 until Jan. 9, 2009. The two companies said no evictions will…( [Link]
Freddie, Fannie suspend foreclosure actions
Mortgage finance companies Fannie Mae and Freddie Mac are suspending foreclosures for about 16,000 U.S. households during the holiday season. [Link]
Treasury's Paulson Urges Bipartisan Effort to Restore Market Stability
Treasury Secretary Henry Paulson said on Thursday the Treasury's priority is restoring stability and repairing capital markets, but that market recovery will take some time. He urged further efforts to find solutions that aren't reckless. "Clearly…( [Link]
HUD Modifies HOPE Program to Assist More Borrowers
On Wednesday the Department of Housing and Urban Development (HUD) announced changes to the HOPE for Homeowners Program (H4H) to help more distressed homeowners refinance into affordable, government-backed mortgages. HUD hopes that the changes will enable…( [Link]
Mortgage Rates Ease Lower
Mortgage rates drifted downward for the third consecutive week according to the results of Freddie Mac's Primary Mortgage Market Survey for the week ended November 20. All of the rates tracked by the survey are now below the averages of one year ago…( [Link]
No job, bad mortgage - out of luck
All the foreclosure prevention plans announced to date will do little to help the next wave of delinquent homeowners, who can't make their monthly payments because they've lost their jobs. [Link]
NAR Commercial Leading Indicator Weakens, Projecting Further Declines
A leading indicator for the U.S. commercial real estate market continued decelerating for the fifth consecutive quarter on Thursday, with all components of the index lower in the third quarter, according to the National Association of Realtors (NAR)….( [Link]
S&P 500 Falls to Lowest Since 2003
Economic worries and concern about an automaker bailout hammered equity markets on Wednesday, sending the S&P 500 to its lowest since 2003 . The bulk of the selloff came after the Federal Reserve released pessimistic growth forecasts and expressed…( [Link]
U.S. tries new tack on housing
The Bush administration said Wednesday that it was changing its nearly-moribund mortgage rescue plan in an effort to spark more lenders and homeowners to participate. [Link]
Treasury's Kashkari Says ABS Market Looks Promising for TARP
The asset-backed securities market appears to be promising for the TARP program, said TARP co-ordinator Neel Kashkari in a speech on Wednesday. Targeting the ABS market will help bring down interest rates on automobile purchases, student loans and credit…( [Link]
Mortgage rescue or rip off?
If mortgage lending was the Wild West during the boom years, foreclosure-prevention counseling is the lucrative new frontier of the bust. [Link]
Housing Starts and Permits at All-Time Lows
U.S. housing starts and building permits each fell to record lows in October, which economists say is bad news in the short term. However, the quicker housing activity declines, the quicker excess inventory will be cleared off the market and the housing…( [Link]
The Last of the Treasury Candidates
It would be a real voyage back to the future if President-elect Obama were to pick the next candidate as his new Secretary of the Treasury. However, Paul Volcker is a fearless man who took on another looming financial crisis some 25 years ago and beat…( [Link]
MBA Mortgage Applications Move Lower in Week Ending November 14
Weekly mortgage applications in the United States decreased in the week ending Nov. 14, according to data released from the Mortgage Bankers' Association (MBA) on Thursday, which reported an 6.2% week-over-week fall in applications. In the previous…( [Link]
Housing Starts Fall 4.5% in October, Permits Down 12%
Housing starts fell less than expected in October to 791k, representing a month-over-month decrease of 6.3%, according to data released from the U.S. Department of Commerce on Wednesday morning. The drop pushes the number of starts to its lowest level…( [Link]
