Traditional 30-year fixed-rate mortgages have survived "the so-called 'mortgage meltdown'," and homebuyers are flocking to them, according to Susan M. Wachter, professor of real estate and finance at the University of Pennsylvania's Wharton School.With support from Genworth Financial Inc., Professor Wachter released her third-quarter 2007 U.S. Mortgage Payment Index, which evaluates mortgage products to see which ones offer the best value. The index shows that borrowers and lenders opted for safer mortgages in the first half, with adjustable-rate mortgage applications dropping 46.9% from September 2006 to September 2007 while applications for fixed-rate loans rose 30.2%. "It's encouraging to see that consumers have not been scared off by the 'credit crunch' and 'mortgage meltdown' talk, and are returning to secure, tried-and-true home financing," Ms. Wachter said. "This trend emerged in the first half of 2007, and I expect it to continue as homebuyers become more informed about their mortgage options and lenders rein in risky products." The index can be found online at http://www.genworth.com/mortgageinfo.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18