Friday, October 15, 2010

6 real estate headlines: 10-15

A daily dose of headlines for real estate agents, mortgage lenders and consumers.

Banks ignored signs of trouble on foreclosures
The New York Times
: As the furor grows over lenders' efforts to sidestep legal rules, these and other banks insist that they have been overwhelmed by the housing collapse.
Trying to chart the long road back
The New York Times
: Perhaps it should come as no surprise that after enduring the most brutal recession since the Great Depression, the US economy has emerged with a pronounced limp.
Mortgage bonds steady despite foreclosure flap�
Reuters: For now, however, investors are still buying the riskiest mortgage bonds that were issued by Wall Street firms through the height of the housing boom.
The short sale alternative
Wall Street Journal
: Short sales have become the norm in many hard-hit markets, representing roughly a third of properties for sale in Nevada, California and Florida, according to estimates.
Key Dem accuses banks of 'fraud' in home foreclosures
The Hill: Rep. Maxine Waters, a senior member of the House Financial Services Committee, suggested the recent epidemic of foreclosures are a result of collusion in the banking industry.
Mortgage refinancing requests climb 21 percent
Forbes: Overall applications rose 14.6 percent from a week earlier, driven by a 21 percent increase in applications to refinance home loans, the Mortgage Bankers Association said.

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