Rising mortgage interest rates are natural at this stage of the economic cycle, and the impact on homeowners with adjustable-rate mortgages -- including interest-only and payment-option ARMs -- should be "relatively small," according to Treasury Secretary John Snow.Only 5% of all mortgage debt will reset over the next 12 months, and total annual payments will increase by about $10 billion, or 0.1% of annual private consumption, the secretary told a National Association of Home Builders board of directors meeting. "I don't think [resets] are going to have a big effect," the Treasury secretary said. Mr. Snow also told the builders that housing activity will moderate but remain strong. "There is an awful lot of overdone talk about a housing bubble and a collapse of the housing industry," he declared. "It is not likely to happen. In fact, I think it is a remote possibility."
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
22m ago -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
2h ago -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
2h ago -
While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
5h ago -
The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24 -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24