News

2010

September

02

• Communities get first shot at foreclosed homes. Major mortgage lenders will now give state and local governments the right to buy foreclosed properties before they go on the market, giving them "a leg up" on speculators who have often thwarted local redevelopment…

01

• Home prices rise in June, but a drop may be looming. A closely watched national index showed Tuesday that home prices rose in June, the last month that a federal tax credit probably boosted sales. Many experts predict a drop in values in coming months without…

August

31

• Time to refinance? Rates hit record lows. For anyone under the age of 57, mortgage rates are at the lowest point ever in their lifetime. This fact isn't lost on a growing number of homeowners who have started a new wave of…

• Thinking of raiding your 401(k)? Don't. It's no secret that millions of Americans haven't saved enough to finance a comfortable retirement. Now comes even more worrisome news: Thousands of workers are raiding their retirement-savings plans to pay their bills. In the…

• Survey: Mortgage closing costs 37% higher. A new federal rule this year requiring mortgage lenders to give borrowers reliable estimates of closing costs appears to be working — whether it's also costing borrowers more money is uncertain. A recent survey by…

30

• Banks help more homeowners than Obama. Remember how everyone complained that banks weren't doing enough to help troubled borrowers? Well ... Banks have realized that foreclosing on home after home after home may not be in anyone's best interest -- least…

27

• Remodeling your home? Get online. Home improvement is one of the fastest-growing segments of e-commerce. But the consequences of a bad decision when it comes to finding a contractor or remodeling products online are far worse than buying the wrong…

• Foreclosures fall, but early delinquencies rise. The foreclosure crisis might have finally peaked in the first half of this year, but with the continued weakness in the economy and the recent deterioration of the housing market, the gains may prove fleeting.…

26

• Quest for the perfect credit score. A major league pitcher dreams of throwing a perfect game. High schoolers eyeing the Ivy League study furiously in hopes of earning 2400 on the SAT. Meanwhile, Chris Peplinski is pursuing his own brand of…

• Equity in your home doesn't translate to net worth. I have my own spin to put on the news that sales of existing homes plunged 27 percent in July: Stop thinking of your home as your cash cow. In the past few decades, borrowers…

24

• The customer always comes last. The credit card industry is working hard to subvert the Credit Card Act of 2009, which banned many of the industry’s most predatory practices. The Federal Reserve Board, which oversees and coddles this industry, needs…

21

• US mortgage relief effort falling short. The Obama administration’s mortgage relief program, originally intended to shield three million households from foreclosure, now looks as if it will permanently help as few as one-sixth of that number. While millions say they need…

• Consumers clamoring for a leader in Warren. So it turns out that the Elizabeth Warren rap video that went “viral” this week is actually a made-in-Hollywood production. You know the video, don’t you? The one in which a struggling comedian named Ryan…

• Ban on private transfer fees could cost homeowners. A federal agency is moving to prohibit controversial "private transfer fees" on all mortgages funded by Fannie Mae and Freddie Mac. But its proposed ban might extend to transfer fees routinely collected by community associations…

18

• U.S. role at heart of housing debate. Top Obama administration officials opened a conference on the future of housing by making clear Tuesday they are considering a limited range of options that would reduce but not eliminate the government's role as a…

17

• Fed adopts rules meant to protect homebuyers. The Federal Reserve on Monday moved to end a controversial lending practice that had helped propel the housing boom to unsustainable heights and then accelerated its collapse. The Fed announced that it was adopting new…

16

• Second credit report not required for mortgages. Mortgage giant Fannie Mae said Friday that lenders who sell mortgages to the company are not required to run a second credit report before a borrower closes a home loan application. The government-controlled company earlier…

• Shorter-term mortgages gain favor for refinancing. More homeowners are refinancing into shorter-term loans, saving a bundle by taking advantage of the lowest mortgage rates in decades. Nearly a third of borrowers refinancing fixed 30-year loans in April through June picked loans…

15

• In this play, one role is enough. Meet Brad Miller, a Democratic representative from North Carolina who was elected to Congress in 2002, talks straight and understands how big banks can put consumers at peril. He is worth getting to know, not…

14

• Beware of 'virtual staging' makeovers. Try to picture this real estate scenario -- virtually. Like most shoppers searching for a home, you start on the Web, checking out listings and locations. You find a house that appears to be what…