Gov. Arnold Schwarzenegger approved seven new laws that provide a range of consumer protections to home-mortgage holders and may allow some to hold on to their houses.

The governor signed AB 260 by Assemblyman Ted Lieu (D-Torrance). The measure, which takes effect Jan. 1, tightens restrictions on mortgage brokers so they cannot steer borrowers to riskier, higher-interest loans when they qualify for less-expensive ones.

The new law also bans so-called negative-amortization loans, which offer the option of monthly payments so low that the loan amounts can actually grow over time. The law also limits prepayment penalties to no more than 2% of the loan balance and allows state regulators to enforce federal lending laws.

The governor banned similar legislation last year at the urging of some groups in the mortgage and real estate industries. Read more…

Do you wish to know about reverse mortgage? It is for seniors allowing them to live in their homes and have handy cash! You can get yourself up with reverse mortgage information at this blog.

This has been noticed that the mortgage rates fell again in this week. The average ratio on 30-year fixed-rate mortgages found retreating deeper below 5% and several others reaching lows, according to Freddie Mac’s weekly survey.

The 30-year fixed-rate mortgage averaged 4.87% for the week ended Thursday, the lowest since May. It compares with last week’s 4.94% average and 5.94% a year ago.

Watch the video “Fed Boss Sees No Rush to Boost Rates”

Rates on 15-year fixed-rate mortgages were 4.33%, down from 4.36% last week and 5.63% a year earlier. The latest figure is the lowest since Freddie began tracking such loans in 1991.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.35%, down from last week’s 4.42% and 5.9% a year earlier. Those loans haven’t had such low average rates in the four years Freddie has kept such data. The average rate on one-year Treasury-indexed ARMs rose to 4.53% from 4.49%. The prior-year average was 5.15%. Read more…

Do you wish to know about reverse mortgage? It is for seniors allowing them to live in their homes and have handy cash! You can get yourself up with reverse mortgage information at this blog.

Bank of America is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. Bank of America will be able to serve the majority of eligible customers – homeowners whose mortgages are serviced by Bank of America or Countrywide and who do not have mortgage insurance on their current loans. Additional borrowers will be included as systems become operational. Bank of America announced that it has completed the transfer of the servicing of about 180,000 Ginnie Mae-securitized mortgage accounts previously serviced by Taylor, Bean and Whitaker (TBW) to its home loans servicing portfolio. Letters welcoming those homeowners to Bank of America will be mailed this week and should arrive by September 4.

Michael Keating, national servicing executive of Bank of America said “Bank of America BAC Home Loans are pleased and fully prepared to welcome these homeowners to the largest and one of the most advanced servicing platforms in the mortgage industry,” also “We are striving to make this a smooth and efficient transition and to begin offering former TBW customers the full range of our world-class services as soon as possible.”

Now, that all loans have been boarded on the BAC Home Loans servicing system. The Buyer Agent Commission (BAC) that is larger than what is generally offered.  Most home sellers offer a commission of 6 percent to the agents that assist to sell their homes.  Half of the commission or 3 percent goes to the agent that listed the home for sale.  The other 3 percent goes to the agent who represents the buyer in the transaction.  By offering an inflated BAC, the listing agent is hoping that the agent representing the buyer will show and recommend their home before the home that only has a 3 percent commission. This service is providing by the Bank of America who assures homeowners that during this transition if TBW, rather than BAC Home Loans Servicing, receives a payment in timely fashion, no late fee or derogatory credit reporting will be imposed with respect to that payment and the payment will not be treated as late for any other purpose. This protection will remain in place through the October payment period.

Do you wish to know about reverse mortgage? It is for seniors allowing them to live in their homes and have handy cash! You can get yourself up with reverse mortgage information at this blog.

After some very strong and positive efforts form the President Obama and his administration, the US is now slowly gaining some rise in their economy. So, we can say that the recession in the US is going to end after a long time; however, a gauge of current conditions showed the economy steadied last month.

The US economic data such as industrial production, housing and car sales in recent weeks have indicated the economy is at a turning point and may be emerging from the recession. This turning point will help the US to lift again in the market and start gaining the economic rise! The economy in this month will probably grow at the rate of 3.2% in this quarter which is very good rise. So, this is a very positive change and might be the indication of ending the longest US recession which really rattles the US badly and gave a heavy lost to the US economy. So, even if we’re out of recession, this is not going to be so easy for a period of time, perhaps another three to six months or even more, before we move into robust growth. After this economical change it might be the indication of positive which was already given by the President Obama and this will help a lot to take US again on the top!

Watch the video “Recession Worst May Be Over”

Do you wish to know about reverse mortgage? It is for seniors allowing them to live in their homes and have handy cash! You can get yourself up with reverse mortgage information at this blog.

US is facing so many problems now a days and the Government is planning to resolve these issues but still they are unable to resolve so good. One of the most important and most discussed issues was the failure of the housing industry that has affected badly the other mortgage and reverse mortgage industries as well. Freddie and Fannie has played a key role in every financial planning with the US government and now Fed is going again with the President Obama and his administration and attempting another deal of buying mortgage assets from the mortgage giants Freddie and Fennie. So, hope this deal might help them to get rid from the financial crisis and people can live their live peacefully again. The Federal Reserve says it will buy up to $600 billion in mortgage-backed assets which will be another attempt to take out the US form the financial crisis. Fed told that it will purchase up to $100 billion in direct obligation form the giants in the Mortgage industry Freddie Mac and Fannie Mae as well as form the Federal Home Loan Banks. These two giants are the main asset of the US financial market and now a day’s they are very busy with the President Obama to resolve the financial issues. In this deal it will also purchase another $500 billion in mortgage-backed securities, pools of mortgages that are bundled together and sold to investors. This $600 billion attempt will also unveil a new program to help the marketwhich is down now and this attempt if successfully work; will also stable the country financially.

Do you wish to know about reverse mortgage? It is for seniors allowing them to live in their homes and have handy cash! You can get yourself up with reverse mortgage information at this blog.