Nearly a third of all borrowers who applied for a home loan last year were turned down, according to the Federal Reserve's recently released annual report on home-lending activity. Denials were higher for minorities, though. When looking at just black and Hispanic borrowers, the Fed said the rejection rate was more than twice as high as for white borrowers.
Mortgage and foreclosure scammers with their eyes set on Nevada - be wary. The state may hold the title of "riskiest" when it comes to housing-related fraud, but in an interview granted to DS News, Elisabeth Daniels, of the Nevada Department of Business and Industry and chairperson of the state's Fight Fraud Taskforce, said Nevada is committed to shedding that label.
In a rare show of solidarity, federal regulators, lenders and servicers united this week to celebrate an announcement by the Treasury and Department of Housing and Urban Development that 500,000 troubled home loans had been modified under the government's Home Affordable Modification Program. The "milestone" - disclosed along with the Treasury's and HUD's Monthly MHA Program Report, which tracked servicer performance through September 30 - was praised as a sign that the plan to mitigate foreclosures is finally gaining traction with the public, as well as with lenders and servicers.
The Federal Reserve last month secretly expressed concerns that U.S. banks are dragging their feet in an extend and pretend philosophy to avoid booking losses on their ailing commercial real estate loans, the Wall Street Journal reported this week. In a late-September report presented to financial regulators, the Fed said that because those banks are slow to acknowledge losses on rent defaults and lower property values, the government should prepare for a new avalanche of housing-related losses by banks that remain highly leveraged in the commercial sector.
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