Federal Reserve Board Chairman Alan Greenspan says he believes homeowners are financially well positioned to deal with falling housing prices when the housing market cools."Should home prices fall, we would have reason to be concerned about mortgage debt; but measures of household financial stress do not, at least to date, appear overly worrisome," Mr. Greenspan told the America's Community Bankers annual convention in Washington. The refinancing boom that ended in the fall of 2003 has improved the financial condition of the average homeowner, he pointed out. In addition, most borrowers have fixed-rate mortgages, which should moderate the impact of rising interest rates on debt-service payments. "Many of those who purchased their residence more than a year ago have equity buffers in their homes to withstand any price decline other than a very deep one," he said.
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Former Angel Oak Lending Chief Marketing Officer Steven Winokur has come back into the non-qualified mortgage business by taking a marketing role at Carrington Mortgage Services.
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The process of making changes to foreclosure prevention programs has been complicated by differences in how the Department of Veterans Affairs operates compared to an agency like the Federal Housing Administration.
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Originators increased program offerings for the fifth consecutive month, but overall credit availability remains tight, the Mortgage Bankers Association said.
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Malhotra joins the home finance giant after previously helping launch platforms to provide generative AI enterprise solutions and founding a technology research lab at the global multinational firm.
May 6 -
The reverse-mortgage lender saw a quarterly loss but expects originations to increase 10% in the second quarter, as it attempts to address high-yield debt concerns.
May 6 -
Capital Community Bank of Provo has purchased Security Home Mortgage, headquartered in nearby Orem.
May 6