Mortgage applications dipped last week: MBA

The Mortgage Bankers Association uttered its seasonally adjusted index of mortgage application activity edged lower ~ means of 0.9 percent to 603.5 in the week ended December 3.

The MBA’s seasonally adjusted integral part of refinancing applications fell 1.4 percent to 2,932 last week. The gauge of loan requests for home purchases inched higher because of a third week, however, by 1.8 percent to 210.9.

Fixed 30-year pledge rates averaged 4.66 percent in the week, the highest as the week ending July 23, the MBA said. The rate is up from 4.56 percent in the foregoing week.

(Reporting by Al Yoon; Editing by Diane Craft)

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U.S. to sift alleged mortgage discrimination

http://www.nathanhamm.net/news/u-s-to-sound-alleged-mortgage-discrimination/ http://www.nathanhamm.net/news/u-s-to-explore-alleged-mortgage-discrimination/#comments Thu, 09 Dec 2010 08:24:06 +0000 Nathan Hamm News alleged distinction mortgage mortgage discrimination probe U.S. http://www.nathanhamm.net/information/u-s-to-probe-alleged-mortgage-discrimination/ WASHINGTON (Reuters) — The Obama the government on Wednesday said it would investigate charges that almost two twelve lenders have unfairly denied U.S. government-backed mortgages to modified loan applicants. The National Community Reinvestment Coalition filed a fair housing complaint with the … Continue reading →

WASHINGTON (Reuters) — The Obama administration on Wednesday said it would investigate charges that almost two dozen lenders have unfairly denied U.S. government-backed mortgages to fit loan applicants.

The National Community Reinvestment Coalition filed a fair saddle-cloth complaint with the Housing and Urban Development Department against 22 lenders that give loans guaranteed by HUD’s Federal Housing Administration.

“We return ~s to NCRC for bringing these complaints to HUD. For lenders to disown responsible home seekers this source of credit, without regard for their amplitude to repay the loans, would raise serious fair housing concerns and, allowing that proven, undermine our nation’s recovery efforts,” HUD Assistant Secretary against Fair Housing and Equal Opportunity John Trasvina said in a prepared report.

“HUD will take appropriate action against any lender found to subsist engaging in discriminatory practices,” Trasvina said.

Among the lenders is Nationstar Mortgage LLC, what one. is owned by Fortress Investment Group and run by Daniel Mudd. Mudd is a framer chief executive at Fannie Mae, who was ousted when the rule took over the mortgage finance giant two years ago.

PHH Mortgage, the seventh-largest U.S. mortgage lender in the first three quarters of 2010, is also included in the lament. PHH is a unit of PHH Corp.

Neither Nationstar nor PHH was suitable to respond to emails and phone calls seeking comment after be brought together of business on Wednesday.

The NCRC said the lenders were and nothing else providing mortgages to borrowers with credit scores higher than the 580 least part required by the FHA, a move it said disproportionately affects African-Americans and Latinos.

“By denying recurrence to FHA loans to qualified, credit-worthy individuals, without regard with regard to the actual risk posed to the institution, lenders are discouraging the result of credit and capital into working-class communities, including minority neighborhoods,” David Berenbaum, capital program officer at the nonprofit group, said in a statement.

“These policies footing to discrimination in violation of the federal Fair Housing Act,” he related.

The cash-strapped FHA has raised its credit standards to shore up the agency’s finances and the new rules ask a 580 minimum FICO score for borrowers with downpayments of not so much than 10 percent. Prior to the increase, which took effect in October, FHA guidelines allowed everything borrowers to put down just 3.5 percent, regardless of credit note.

Many lenders are nonetheless requiring scores in the mid-600s, the arrange said.

loans backed by the FHA, which does not make loans openly but guarantees them for borrowers who meet certain criteria, are at this time close to 20 percent of new mortgage originations.

(Additional reporting ~ dint of. Al Yoon in New York; Editing by Kenneth Barry & Kim Coghill)

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U.S. excise deal moves forward despite doubts

http://www.nathanhamm.net/news/u-s-tribute-deal-moves-forward-despite-doubts/ http://www.nathanhamm.net/news/u-s-assess tribute upon-deal-moves-forward-despite-doubts/#comments Thu, 09 Dec 2010 08:24:05 +0000 Nathan Hamm News deal notwithstanding doubts forward moves U.S. http://www.nathanhamm.net/news/u-s-burden-deal-moves-forward-despite-doubts/ WASHINGTON (Reuters) – A plan by President Barack Obama to broadly extend tax cuts moved forward attached Wednesday despite opposition from his own Democrats and fear in contract markets of long-term damage to the economy. Senate Democratic commander Harry Reid … Continue reading →

WASHINGTON (Reuters) – A plot by President Barack Obama to broadly extend tax cuts moved foster on Wednesday despite opposition from his own Democrats and fear in attraction markets of long-term damage to the economy.

Senate Democratic corypheus Harry Reid said the chamber could begin to debate the offer to extend all Bush-era income tax cuts within a sunshine or two, in a sign Democrats may be conceding on the deal.

“It’s farther on along than most people think,” Reid said. “I slip on’t think there is a great more to be performed on that.”

Obama struck an agreement on taxes this week by Republicans, who have grown in clout since winning control of the House of Representatives in hold out month’s congressional elections.

The president has brushed off animadversion from many Democrats that he has been too eager to mutual concession with the opposition. He urged Congress to debate the tax deal and reported lawmakers need to “get this done.”

U.S. Treasury prices plunged once more on Wednesday, with benchmark yields hovering at their highest in six months, as debt markets worry the tax plan will stoke inflation and deepen the budget deficit. [nN08596945]

“This tax agreement is a stroke for the U.S. fiscal situation,” said Howard Simons, strategist at Bianco Research in Chicago.

The dollar, however, advanced on perceptions the levy cuts could increase U.S. economic growth.

Obama’s custom would extend all individual tax cuts expiring at year end, in addition to renewing jobless benefits, a payroll tax cut and other measures.

Several economists afore~ the plan could boost growth from a half to a complete percentage point next year, cut unemployment and lessen demand for the Federal Reserve to boost its promissory note -purchasing stimulus program.

White House economic adviser Larry Summers said failure to go through the plan would “materially increase” the chance of a double-dip recession.

NO BETRAYAL, SAYS OBAMA

Taxes would fare up for almost all working Americans if political gridlock sets in and nay extension of the cuts is approved.

Obama needs to slash unemployment and reach over voters to help his bid for re-election in 2012. He declared Democrats had not been “betrayed” by his tax deal with the Republicans because he was acting to spur the economy.

“I look forward to everybody to examine it carefully,” Obama said. “When they carry into effect, I think they’re going to feel confident that this is the erect course.”