Plagued by unemployment problems, U.S. mortgage borrowers set a dubious record last month, driving delinquencies to an all-time high and threatening to flood a stabilizing economy with more foreclosures and bankruptcies, data showed this week. The economy has shown strong signs that a recovery is afoot, and the mortgage industry - ground zero for the recession - has seen some positive developments, too, in terms of home sales and valuations. But foreclosure and delinquency rates continue to mount.
BlackRock chief executive Laurence Fink is adding his voice to those who find the administration's program to modify mortgages flawed because it unfairly benefits banks holding second mortgages. In an interview with _Bloomberg News_, Fink, whose firm will become the world's largest investment manager when it completes its takeover of Barclays Global Investors, said the shortcomings of the Making Home Affordable plans could slow the recovery of the market for securitizing mortgages.
Freddie Mac, the troubled mortgage giant in federal conservatorship, said on Tuesday that it was appointing Ross Karl as its chief financial officer. For the past year, Karl has been the CFO of Fifth Third Bancorp, a regional bank based in Cincinnati that was one of the first to pass a government stress test that reviewed its assets last May.
Despite a widespread turnaround in sales and loan originations, mortgage insurance companies across the country are feeling the results of government competition a capital crunch, leading to a 61 percent drop in coverage underwriting since last year, according to industry reports. The six major U.S. mortgage insurers wrote nearly $22.89 billion in coverage in the second quarter of 2009 - nearly $15 billion less than they wrote in the same time period of 2008.
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Rob Alley, Realtor
Keller Williams Realty
540-250-3275
roballeyrealtor@gmail.comhttp://www.charlottesvillevarealestate.blogspot.com http://www.robsellscharlottesville.comOh, by the way, I am never too busy to work any of your referrals.
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