A borrower is likely to qualify for reverse mortgage loan if he is at least 62 years of age and have a house in his name. He doesn’t have to make any monthly payments back to the lender and receives payments in the form of a one-time lump sum, a monthly distribution, a credit line or a combination of all these. In addition, he does not have to pay back the amount until he decides to leave his home and generally pays the sum back from its sale. When a borrower understands all the pros and cons carefully before applying, he won’t encounter any unlikely events in the process. [...] Continue Reading…

A 2-basis-point improvement over last week was reported for the 30-year fixed-rate mortgage by Freddie Mac. The 30-year was 28 BPS below the same week in 2010. Based on the 10-year Treasury yield, mortgage rates are likely to come in near the same levels next week.
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Several new developments have incorporated maid’s rooms into their larger apartments, some of them generously sized and with en-suite bathrooms.

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March’s new business acquisitions at Fannie Mae inched up nominally from February. But business was down 30 percent from March 2010. Fannie said February residential delinquency of at least 90 days came in a basis point better than in January.
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ProPublica Staff
United States (ProPublica) – by Minhee Cho ProPublica had the immense honor of winning the Pulitzer Prize for National Reporting for its series, “The Wall Street Money Machine.” The lead reporters, Jake Bernstein and Jesse Eisinger, take a moment to explain the series, how it all started and their reaction after reeling in ProPublica’s second Pulitzer, which was also the first ever awarded to a body of work that didn’t appear in print. Read their series: The Wall Street Money Machine and the letter addressing the award from our editor-in-chief. You can also subscribe to all of ProPublica’s podcasts on iTunes. TRANSCRIPT Mike Webb: [...] Continue Reading…

Around 400 jobs are being eliminated at CitiMortgage Inc. The impacted jobs are in loan production. But the company also plans to hire 500 servicing employees in response to a recent settlement with banking regulators.
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AHN News Staff
Cairo, Egypt (AHN) – Egypt has temporarily shut down gas supplies to Israel and Jordan after a gas pipeline was bombed near the village of Al-Sabil in the El-Arish region in Sinai. No casualties have been reported. A security official said that the bomb was activated remotely, sending flames from the ruptured pipeline as high as 20 meters. The armed forces immediately rushed to the site but could not stop the fire. According to Egypt’s MENA news agency, residents heard a huge blast and saw a massive fireball. The Israeli Ministry of National Infrastructures remained silent when asked whether the Israeli gas supply had been [...] Continue Reading…

When most New York homeowners take out a new mortgage they most often opt for a 30 year fixed rate loan. It makes sense that this is the most popular program choice for both purchases and refinancing – spreading the loan repayment over thirty years keeps the payment down, and locking in a rate for that length of time avoids the risk of a rate increase down the road. Still, a 30 year fixed rate mortgage is far from the only choice, and doesn’t make the most sense in every situation. Here are a few other NY mortgage programs you may not have considered: 20 Year Fixed Rate Loan [...] Continue Reading…

The former chief executive officer of General Electric Co., Jack Welch, is warning that the Federal Reserve’s “Quantitative Easing 2″ program will eventually cause a major economic “blowout.” He warned that the program “just puts more money into the system” with no risk to Wall Street. “With free money [...] Continue Reading…