Today’s Real Estate News 7-5-2011

05 Jul

Today’s news that may be of interest to you:

HUD to Give Away $1 billion to Struggling Homeowners
The Washington Post | July 5
The newly launched $1 billion Emergency Homeowners’ Loan Program, or EHLP, is targeting homeowners who are among the most difficult to help: those who fell behind on their payments because of job loss or unexpected medical bills. But not everyone sees the wisdom of devoting taxpayer funds to foreclosure prevention.

GSE Market Share Increases in 1Q
HousingWire | July 1, 2011
The government-sponsored enterprises’ market share of mortgage-backed securities rose in the first quarter although Ginnie Mae’s market presence fell, the Federal Housing Finance Agency said Friday.

Fearful Borrowers Take Banks to Court After Loan Modification Mishaps
The Washington Post | July 5, 2011
It seemed Maria Campusano’s financial problems were behind her when the mortgage on her Victorian home in a Massachusetts mill town was chopped by hundreds of dollars a month. She soon learned that her troubles had just begun.

HUD’s Donovan Acknowledges Home Ownership Dream Fading, Says Opportunities Must be Broadened
The Washington Post | July 3, 2011
Housing Secretary Shaun Donovan says he thinks it’s unlikely that home prices will continue to drop and calls it a good time to buy a home.

Can a Retiree Get a Mortgage?
The Wall Street Journal | July 5, 2011
As long as you pass a lender’s scrutiny in terms of income, debt-to-income, credit and all the other factors any loan applicant must meet, a retiree should be able to get a mortgage.

Investors Plead Guilty to Bid-Rigging at California Foreclosure Auctions
DSNews | July 1, 2011
Eight California real estate investors have agreed to plead guilty for conspiring to rig bids at public foreclosure auctions in Northern California.

Servicers Write Down Principal on Nearly 5,000 HAMP Modifications
HousingWire | July 1, 2011
Mortgage servicers included a principal writedown on 4,911 active workouts through the Home Affordable Modification Program since the fall of last year, the Treasury Department said Friday.

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Anthony V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA  99201
Telephone: 509.328.7171
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