It’s hard to believe that Bank of America is exiting the Correspondent business. The thought is almost unimaginable given their sheer size and market share however sometimes the market takes care of everything. Hopefully BOA will be successful in selling the business and the ultimate purchaser will bring a new and energetic commitment to the... Continue Reading →
Our sources tell us that Bank of America is refocusing its resources on direct-to-consumer mortgage channels. Their intent is to sell the Correspondent Lending division to another player in the market, but if a suitable deal is not identified, Bank of America will consider winding down the Correspondent Lending business. The Bank says it is... Continue Reading →
The trend continues. First BofA moves out of the Wholesale mortgage business, now they announce that they might sell or even just outright close the Correspondent mortgage channel. This is a clear trend with Banks getting out of the Mortgage business, now the nations largest in BofA. This shows that companies like Mason-McDuffie Mortgage will... Continue Reading →
Boston Herald: AP - FULL ARTICLE WASHINGTON — Spring buying pushed home prices up for a third straight month in most major U.S. cities in June. But the housing market remains shaky, and further price declines are expected this year.
Bloomberg: Dany Levy - FULL ARTICLE An increase in short sales, along with a shorter average time to sell such homes and bigger discounts relative to normal deals, indicate the market is clearing distressed properties more efficiently, Chief Executive Officer James J. Saccacio said in the statement. Total pre-foreclosure deals rose 19 percent from the... Continue Reading →
Realty Times: Carla Hill - FULL ARTICLE When it comes to home affordability, levels are at near record generational highs. The National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) indicates that in today's market "72.6 percent of all new and existing homes sold in the second quarter of the year were affordable to families... Continue Reading →
ABC News Radio: FULL ARTICLE President Obama’s economic team is actively discussing several new proposals to help struggling homeowners, including another refinancing initiative for millions of holders of government-backed mortgages and possible changes to existing refinancing programs, which have heretofore had only limited impact.
AP: By PAUL WISEMAN - FULL ARTICLE Another U.S. recession is not likely over the next 12 months. Neither is any meaningful improvement in the economy. That's the picture that emerges from an Associated Press survey of leading economists who have grown more pessimistic in recent weeks. They say high unemployment and weak consumer spending will... Continue Reading →
Fox News: By Peter Miller - FULL ARTICLE It was hard to miss events on Wall Street last week, but the attention given to the Dow and its 500-point fall on Thursday mask an equally important story: Mortgage rates hit an eight-month low and are within striking distance of the lowest rates since World War II.