Modified Subprime Mortgages Redefault

Fitch Ratings is slated to release a report this week showing that 65 percent to 75 percent of modified subprime mortgages will still fall behind by 60 days or more within one year of the loan change. Although some experts believe that reducing the principal amount owed is the best way to keep distressed borrowers in their homes, Fitch found that…read the full subprime mortgage redefault article.

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Mortgage Rates in Nashville Lower Again

Freddie Mac reports a drop in the 30-year fixed mortgage rate to 4.82 percent during the week ended May 21 from 4.86 percent the prior week, while the 15-year fixed mortgage rate dipped to 4.5 percent. The Federal Reserve is working to hold down rates. See the full Nashville mortgage rates story.

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Foreclosures Rise on Prime Mortgages

map of foreclosure rates

This article entitled “Job Losses Push Safer Mortgages to Foreclosure” appeared in the NY Times on May the 25th, 2009. The authors are Peter Goodman and Jack Healy:

As job losses rise, growing numbers of American homeowners with once solid credit are falling behind on their mortgages, amplifying a wave of foreclosures.

In the latest phase of the nation’s real estate disaster, the locus of trouble has shifted from subprime loans – those extended to home buyers with troubled credit – to the far more numerous prime loans issued to those with decent financial histories. Read the full foreclosures rise on prime mortgages story.

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Nashville Mortgage Rates Lower with Fed Action

Freddie Mac reports a decline in the 30-year fixed mortgage rate to 4.80 percent during the week ended April 23 from 4.82 percent the prior week, while average interest on 15-year fixed loans held steady at 4.48 percent. Experts attribute the drop in the 30-year rate to the Federal Reserve’s plan to purchase upwards of $750 billion in additional…see the rest of the Nashville mortgage rates and fed action article.

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Freddie Mac CFO Dead; Suicide Suspected

Freddie Mac CFO Dead; Suicide Suspected

This is not the type of news that I like to report on my blog, but the rampant rumors about Freddie Mac’s solvency coupled with some wild speculation about the many plausible reasons for this act has compelled me to post this story.

According to the New York Times: “David B. Kellermann, the acting chief financial officer of the troubled mortgage giant Freddie Mac, was found dead Wednesday morning at his home in Northern Virginia, the police said…see the rest of the Freddie Mac CFO deal and suicide is suspected sotry.

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Mortgage Rates Hits New Record Low

Freddie Mac reports that rates on 30-year mortgages fell to the lowest level on record for the second consecutive week. This week, average rates on 30-year fixed-rate mortgages declined to 4.78 percent, down from 4.85 percent a week ago. Refinancing activity has picked up…see the rest of the mortgage rates in Nashville hit new record low story.

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