| House Refinance Center |
| Mortgage Lenders In The News |
| HOME MORTGAGES BREAKING NEWS FORECLOSURES GOOD FAITH ESTIMATE HOUSING COUNSELING LOAN MODIFICATION VIDEOS SLIDESHOWS |
| Bank of America... More Layoffs August 19, 2011 Bank of America announced that it will be laying off 3,500 workers. This is in addition to the 2,500 that were already given pink slips earlier this year. Bank of America is struggling to stay afloat. It recently sold off its Canadian credit card business. And has been vigorously trying to defend itself in the wake of all the lawsuits brought on by Countrywide. It has already settled a few lawsuits. But the sharks can smell blood. There will be more litigation from investors regarding bad loans. There will be more layoffs to follow. The figure could potentially reach 10,000 by the end of the year. |
| JP Morgan Chase Donates $1million To Detroit August 19, 2011 JP Morgan Chase has donated $1 million to the city of Detroit. The money will help 70 police officers and other city workers with a down payment to buy a vacant house. These grants will encourage police officers and city workers to move back to the city. Up to 20% of the purchase price of the house will be granted. Twenty percent of the assistance will be forgiven each year the homeowner remains in the house. The objective of the program is to revitalize Detroit. |
calculators zero down mortgage second mortgage mortgage interest deduction mortgage servicing first time buyer financial reform fannie and freddie
FHA mortgage approval nonprofit brokers servicemembers stated income refinance calculator downpayment closing fees bank owned (REO)
title insurance buying a home refinance with ARM appraisal inspection community banks good faith estimate FHA streamline 203k breaking news
Home Credit Foreclosure Refinance Hard money Interest only mortgage Loan modification Shortsale Reverse mortgage Strategic default
| Wells Fargo To Test New Monthly Fees August 19, 2011 Wells Fargo will test monthly fees in five states to see if customers accept them. The five state are Georgia, Nevada, New Mexico, Oregon and Washington. The test will begin in October. New customers obtaining a debit card will be charged $3 per month and $15 a month on checking accounts. These fees are in addition to the standard fees which run from $5 a month to $30 a month. Banks are looking for new income streams. The Federal Reserve in late June put a cap on the fees that merchants were charged when a customer used a debit card. The average fee collected by the banks was 42 cents. The capped fee is 21 cents. |
Videos: The
Mortgage Minute
Tips, news and advice on mortgages
Mortgage Minute
Tips, news and advice on mortgages
| Citibank Hurt By Scandals In Indonesia August 19, 2011 A customer who owed $5,700 on his platinum credit card was found dead at a Citibank's office in Jakarta, Indonesia. Citibank has a small office which is used as an interrogation room for its deadbeat debtors. The interrogations are conducted by an outside firm contracted by Citibank. Irzen Octa, a 50 year old businessman, went to Citibank to discuss his debt. According to his wife, he left home in good spirits and good health. He arrived at the office and 2 hours later he was dead. The police are investigating the incident. They suspect Mr. Octa died of harsh interrogation. Meanwhile, the Central Bank of Indonesia has barred Citibank from issuing new credit cards for 2 years, and from using private collection agents. |
| Navy Federal Credit Union Mortgage Applications Up 50% August 22, 2011 The lowest rates in about 50 years have brought borrowers out of hiding. Low interest rates coupled with refinancing frenzy has pushed Navy Federal Credit Union up 50% over the last 10 days. Customers are current and former armed force members. Navy Federal offered an incentive program at the beginning of August of $2,500 towards closing costs. Navy Federal also offers 100% financing and will allow customers to take advantage of a lower rate after he or she had locked in the rate. Navy Federal has 3,724,421 members nationwide, and has assets totalling $44.4 billion. |
| U.S. Bank Agrees To $16M In Funding To Help Housing In Milwaukee August 22, 2011 U.S. Bank will spend $16 million to help the City of Milwaukee fix its housing problem. The bank has partnered with the Neighborhood Stabilization Program (NSP). U.S. Bank will establish $1 million to rehab houses that were once foreclosure properties. The money will be channeled through the U.S. Bank Community restoration fund. Local developers will have access to these funds at zero percent interest. The houses will be in NSP designated zones. In addition U.S. Bank will provide $15 million in mortgages for borrowers in the NSP zones over the next 4 years. One of the vehicles for this funding is American Dream Program. Borrowers have a lower down payment, and also an option for extra money for house repairs. |