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Home >> Author Archives: Scott Morgan

Author Archives: Scott Morgan

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Housing Starts Show Modest Gains

Housing Starts Show Modest Gains

Though the gains in starts and permits are modest‒‒not to mention multi-faceted‒‒the upturn is certainly more welcome news to industry pundits than the numbers that came from February. That month, the U.S. Census Bureau and U.S. Department of Housing and Urban Development reported that privately-owned housing starts had hit their lowest rate in years. Housing starts were down 17 percent from January and 3.3 percent below the February prior.

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Top Single-Family Homes Markets Follow Job Growth

Top Single-Family Homes Markets Follow Job Growth

Auction.com today released its latest look at the top 49 markets for single-family homes and found that Denver, San Antonio, Nashville, Fort Lauderdale, and Dallas lead the pack in terms of rising home prices, affordability, demand, and economic and demographic conditions that pave the way for future demand.

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Many Borrowers Face Higher Payments When HELOCs Reset

Many Borrowers Face Higher Payments When HELOCs Reset

In raw dollars and cents, take this example from Bankrate: A $30,000 balance at 3.25 percent interest (the current prime rate) equals a minimum payment of $81.25. But after the 10-year mark, that balance resets to a 20-year repayment schedule and the minimum due each month bloats to $170.16.

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Ocwen Financial Announces $564 Million Loss for 2014

Ocwen Financial Announces $564 Million Loss for 2014

Despite the recent turmoil, Ocwen’s president and CEO, Ron Faris, said he expects his company to have a profitable 2015. "I am encouraged by the progress Ocwen has made so far,” Faris said. “We currently expect to … meet all of our ongoing financial and servicing obligations.”

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Reverse Mortgages Will Soon be Tougher to Get

Reverse Mortgages Will Soon be Tougher to Get

By 2013, the FHA‒‒the nation’s largest insurer of reverse mortgages‒‒received it’s first-ever bailout of $1.7 billion. At the same time, HECM defaults started to rise. By the middle of 2013, more than a half-million HECMs remained outstanding and the default rate hovered around 10 percent.

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Fed Seeks Input on Proposed Regulatory Changes

Fed Seeks Input on Proposed Regulatory Changes

The Fed wants to permit interest payments on certain balances to be based on a daily rate, rather than on a maintenance period average rate, as it has existed for years. It is proposing to rewrite rules defining interest on reserve-balance (IORR) and interest on excessive-balance (IOER) rates.

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