MORTGAGE

As homeowners and real estate agents continue to whine about how long a short sale process takes, US Congressmen are planning to move a bill that would require lenders to respond within 45 days

Some elderly borrowers may benefit from a Federal government decision to reduce upfront costs of reverse mortgages in the US.

According to a recent realty report by Reuters, an unbelievable number of US homeowners lost their homes to banks. RealtyTrac, a real estate data company sees a record 1.2 million repossessions this year, up from just fewer than 1 million last year, with more than 3.2 million US homes in some stage of foreclosure.

A record number of homeowners lost houses to their banks in August as lenders worked through the backlog of distressed mortgages, real estate data company RealtyTrac said on Thursday.

Mortgage applications for home loan refinancing fell for a second straight week, dropping to its lowest level since early August, as rock-bottom interest rates failed to boost demand.

Americans applied to buy homes at the highest pace last week since May, but more than 8 of every 10 loan requests was for a refinancing, Mortgage Bankers Association data show on Wednesday.

A further downturn in the battered U.S. housing market has put the Obama administration in a tough spot with few tools to stem foreclosures ahead of congressional elections in which Democrats face big losses.

U.S. mortgage rates fell in the past week to the latest in a series of record lows as yields on government debt dropped, according to a survey released on Thursday by Freddie Mac, the second-largest U.S. mortgage finance company.

Fannie Mae, the largest provider of funding for U.S. residential mortgages, will begin demanding compensation from mortgage servicing companies that fail to properly handle troubled mortgage loans.

U.S. mortgage rates fell in the past week to the latest in a series of record lows as yields on government debt dropped, according to a survey released on Thursday by Freddie Mac, the second-largest U.S. mortgage finance company.

U.S. mortgage applications for home purchasing and refinancing increased last week as interest rates hit a new low, a glimmer of hope for a housing market that has failed to find footing in the absence of government support.

House prices fell much faster than expected last month but further declines are likely to be modest, mortgage lender Nationwide said on Thursday.

Net lending to British households unexpectedly fell to a four-month low last month after a sharp decline in mortgage lending, reinforcing economists' concerns that tight credit conditions may hamper future growth.

Mortgage approvals and consumer credit rose unexpectedly in July, but weak mortgage lending pushed total net lending to its lowest since March, Bank of England figures showed on Tuesday.

Mortgage approvals and consumer credit lending rose unexpectedly in July, but total net lending was its weakest since March, Bank of England figures showed on Tuesday.

U.S. mortgage rates fell in the latest week to the lowest on record and posted their ninth drop in the last ten weeks, Freddie Mac said on Thursday.

Loss-making U.S. mortgage insurers such as billionaire John Paulson-invested PMI Group stand to gain as their bigger federal rival, the FHA, raises its premium rates to boost its cash cushion.

Mortgage applications rose last week as record low rates lifted demand for home refinancing loans to its highest level in over 15 months, a development that could provide a much-needed jolt to the economy.

A mortgage servicing company's claims that would push responsibility for faulty mortgage loans onto Wall Street titan Morgan Stanley were dismissed by a Delaware court, according to a court filing.

Nearly half of homeowners getting help through the Obama administration's premier housing rescue program have dropped out through July as many failed to document their eligibility, the U.S. Treasury said on Friday.

The Federal Reserve's balance sheet shrank in the latest week, partly due to a decline in its holdings of mortgage-related securities, Fed data released on Thursday showed.