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Monday, December 13, 2010
Friday, December 10, 2010
Bank Of America to Restart Some Foreclosures
By DAN FITZPATRICK
Bank of America Corp. said it restarted about 16,000 foreclosure cases across the U.S. on Monday, but it may be weeks before it is known whether the bank's submission of new documents will pass muster with local judges.
The bank instructed its foreclosure attorneys this week to prepare new affidavits in 7,800 cases where court approval is required to foreclose on a home, out of a total of 102,000 frozen by the bank amid documentation concerns. In states where no court approval is required, attorneys were asked to lift the hold on 8,000 delayed foreclosure sales out of 30,000.
The nation's largest bank as measured by assets is scrambling to get its foreclosure engine restarted amid widespread scrutiny of its mortgage practices. It and several U.S. banks halted foreclosures following allegations employees signed hundreds of foreclosure documents a day without carefully reviewing their contents.
Bank of America officials previously said they would resubmit affidavits on pending foreclosures starting Oct. 25, with foreclosure sales resuming in November. But those efforts hit several snags, including the hiring of new law firms to handle new foreclosure paperwork, as the bank refiled just a "handful" of cases as part of an initial pilot test of the process. "We are taking a deliberate and phased approach," said bank spokesman Dan Frahm.
Other banks said they too are reviving foreclosures following internal reviews. Wells Fargo & Co. said it has prepared 46,000 supplemental affidavits in cases where court approval is required, and 94% have been sent to outside counsel for submission to the courts. The bank hasn't uncovered any instances where "a foreclosure should not have otherwise occurred," a spokeswoman said. J.P. Morgan Chase & Co. also said it has started refilling foreclosure affidavits on a "state-by-state basis."
The 16,000 foreclosure cases reopened by Bank of America involve vacant properties or homes that were rented to other occupants, both of which present fewer risks of legal challenges. The majority are in Florida, California, Texas, Georgia and Michigan. It will take Bank of America six days to review and approve each newly prepared affidavit, a spokesman said. But it may take some courts several weeks to schedule a hearing. Bank of America expects to file the remaining replacement affidavits "early next year."
Write to Dan Fitzpatrick at dan.fitzpatrick@wsj.com
Bank of America Corp. said it restarted about 16,000 foreclosure cases across the U.S. on Monday, but it may be weeks before it is known whether the bank's submission of new documents will pass muster with local judges.
The bank instructed its foreclosure attorneys this week to prepare new affidavits in 7,800 cases where court approval is required to foreclose on a home, out of a total of 102,000 frozen by the bank amid documentation concerns. In states where no court approval is required, attorneys were asked to lift the hold on 8,000 delayed foreclosure sales out of 30,000.
The nation's largest bank as measured by assets is scrambling to get its foreclosure engine restarted amid widespread scrutiny of its mortgage practices. It and several U.S. banks halted foreclosures following allegations employees signed hundreds of foreclosure documents a day without carefully reviewing their contents.
Bank of America officials previously said they would resubmit affidavits on pending foreclosures starting Oct. 25, with foreclosure sales resuming in November. But those efforts hit several snags, including the hiring of new law firms to handle new foreclosure paperwork, as the bank refiled just a "handful" of cases as part of an initial pilot test of the process. "We are taking a deliberate and phased approach," said bank spokesman Dan Frahm.
Other banks said they too are reviving foreclosures following internal reviews. Wells Fargo & Co. said it has prepared 46,000 supplemental affidavits in cases where court approval is required, and 94% have been sent to outside counsel for submission to the courts. The bank hasn't uncovered any instances where "a foreclosure should not have otherwise occurred," a spokeswoman said. J.P. Morgan Chase & Co. also said it has started refilling foreclosure affidavits on a "state-by-state basis."
The 16,000 foreclosure cases reopened by Bank of America involve vacant properties or homes that were rented to other occupants, both of which present fewer risks of legal challenges. The majority are in Florida, California, Texas, Georgia and Michigan. It will take Bank of America six days to review and approve each newly prepared affidavit, a spokesman said. But it may take some courts several weeks to schedule a hearing. Bank of America expects to file the remaining replacement affidavits "early next year."
Write to Dan Fitzpatrick at dan.fitzpatrick@wsj.com
Thursday, December 9, 2010
Mortgage Rates on the rise and hit 4.61
Mortgage rate for 30-year fixed loans hits 4.61 percent
By Janna Herron
Associated Press
Posted: 12/09/2010 08:21:45 AM PST
Updated: 12/09/2010 08:21:47 AM PST
NEW YORK -- Rates on fixed mortgages rose for the fourth straight week this week, hitting 4.61 percent. The surge could slow refinancings and further hamper the housing market.
Freddie Mac said Thursday that the average rate on a 30-year fixed loan increased sharply from last week's rate. And it is well above the 4.17 percent rate hit a month ago -- the lowest level on records dating back to 1971.
The average rate on a 15-year fixed loan rose to 3.96 percent. Rates hit 3.57 percent last month -- the lowest level since 1991.
Rates are rising after plummeting for seven months. Investors are selling Treasury bonds in anticipation of an extension of tax cuts and unemployment benefits that could boost the economy next year. Investors are also dumping the bonds because they believe budget deficits will grow over the long term because of the deal. The sell-off is raising the yield on Treasury bonds. Mortgage rates tend to track those yields.
The increase in rates already is discouraging homeowners interested in refinancing their homes. Refinance activity fell for the fourth straight week last week, according to the Mortgage Bankers Association.
However, the increase in rates may have convinced some homebuyers who were waffling to go ahead and make a move. Purchase application volume was up for the third consecutive week and is at its highest point since the beginning of May. Mortgage brokers and real estate agents agree that a
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sustained rise in mortgage rates eventually will sideline potential buyers.
To calculate average mortgage rates, Freddie Mac collects rates from lenders across the country on Monday through Wednesday of each week. Rates often fluctuate significantly, even within a single day.
Rates on five-year adjustable-rate mortgages averaged 3.60 percent, up from 3.49 percent. The five-year hit 3.25 percent last month, the lowest rate on records dating back to January 2005.
Rates on one-year adjustable-rate home loans slipped to 3.27 percent from 3.25 percent.
The rates do not include add-on fees, known as points. One point is equal to 1 percent of the total loan amount.
The average fee for 30-year and 15-year mortgages in Freddie Mac's survey was 0.7 point. It was 0.6 point for five-year and one-year mortgages.
By Janna Herron
Associated Press
Posted: 12/09/2010 08:21:45 AM PST
Updated: 12/09/2010 08:21:47 AM PST
NEW YORK -- Rates on fixed mortgages rose for the fourth straight week this week, hitting 4.61 percent. The surge could slow refinancings and further hamper the housing market.
Freddie Mac said Thursday that the average rate on a 30-year fixed loan increased sharply from last week's rate. And it is well above the 4.17 percent rate hit a month ago -- the lowest level on records dating back to 1971.
The average rate on a 15-year fixed loan rose to 3.96 percent. Rates hit 3.57 percent last month -- the lowest level since 1991.
Rates are rising after plummeting for seven months. Investors are selling Treasury bonds in anticipation of an extension of tax cuts and unemployment benefits that could boost the economy next year. Investors are also dumping the bonds because they believe budget deficits will grow over the long term because of the deal. The sell-off is raising the yield on Treasury bonds. Mortgage rates tend to track those yields.
The increase in rates already is discouraging homeowners interested in refinancing their homes. Refinance activity fell for the fourth straight week last week, according to the Mortgage Bankers Association.
However, the increase in rates may have convinced some homebuyers who were waffling to go ahead and make a move. Purchase application volume was up for the third consecutive week and is at its highest point since the beginning of May. Mortgage brokers and real estate agents agree that a
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sustained rise in mortgage rates eventually will sideline potential buyers.
To calculate average mortgage rates, Freddie Mac collects rates from lenders across the country on Monday through Wednesday of each week. Rates often fluctuate significantly, even within a single day.
Rates on five-year adjustable-rate mortgages averaged 3.60 percent, up from 3.49 percent. The five-year hit 3.25 percent last month, the lowest rate on records dating back to January 2005.
Rates on one-year adjustable-rate home loans slipped to 3.27 percent from 3.25 percent.
The rates do not include add-on fees, known as points. One point is equal to 1 percent of the total loan amount.
The average fee for 30-year and 15-year mortgages in Freddie Mac's survey was 0.7 point. It was 0.6 point for five-year and one-year mortgages.
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