Mortgage News
LoanCare Servicer Ratings Downgraded Again
Moody's Investors Service said that it lowered LoanCare Servicing Center Inc.'s servicer quality rating for prime mortgages to SQ4+. Moody's attributed the downgrade to the bankruptcy filing of the company's parent. Last month, Fitch Ratings announced it lowered LoanCare's prime servicer rating.
Fed Becomes Mammoth Secondary Player
The Federal Reserve Bank of New York said that it has begun purchasing agency-guaranteed mortgage-backed securities. The plan calls for the purchase of up to $100 billion in direct obligations and up to $500 billion in MBS. The fed also created an operating subsidiary to acquire nearly $40 billion in residential MBS from American International Group Inc.'s U.S. life insurance companies, a recent press release said.
Bankruptcy Activity Mixed
During 2008, consumer bankruptcy filings were one-third higher than in 2007, the American Bankruptcy Institute reported. Fourth-quarter 2008 filings were up around 4 percent from the third quarter. But December filings fell 15 percent from November.
The Modification President
A stimulus plan was proposed to Congress by President-elect Barack Obama. The upcoming administration is calling for existing cabinet members to use their existing authority to step up loan modifications. He is recommending clarification of servicers' legal liability when they modify loans. Obama is also advocating bankruptcy-code reform that would enable bankruptcy judges to modify mortgages.
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Real Estate News
Play NAR?s Member-Supported Television and Radio Ads
The ads highlight the importance of choosing a REALTORŪ when buying or selling a home, cover the honesty and integrity REALTORSŪ bring to the process, and illustrate why it's better to use a REALTORŪ than try to sell yourself.
Guide to Buying vs. Renting
The guide contains statistics and studies on home owners and renters as well as financing options and tips.
NAR Defends the Mortgage Interest Deduction
NAR stands in opposition to the President's Advisory Panel on Federal Tax Reform, which may recommend converting this century-long deduction into a tax credit. Reducing the tax benefits of homeownership could endanger property values.
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