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Mortgage Rates Flat to Slightly Improved After Auction, Greece News

Editor - Finance Top Stories — Sun, 12 Feb 2012 01:20:17 +0000

For several sessions in a row, Mortgages Rates
have moved in the opposite direction from the previous session,
although even the bigger examples of these movements haven’t been enough
to nudge 3.875% out of the “best-execution” position. The same
back-and-forth movement continued today as rates improved ever so
slightly after rising slightly yesterday. Keep in mind, that the term
“rates” in this context refers to the combination of the interest rate
itself and the closing/borrowing costs required to obtain that rate. We
explain more about Best-Execution calculations in THIS
POST.

Also in the same vein as yesterday, today’s market movement began in
reaction to headlines surrounding Greece’s ongoing negotiations with
creditors (the 3 official creditors, the ECB, IMF, and European
Commission are collectively referred to as “The Troika”) regarding
current bailout efforts. The circulation of a draft agreement of the
Troika’s terms, which was

Read More from the Article Source: http://www.mortgagenewsdaily.com/consumer_rates/246752.aspx

Mortgage Rates at a Tipping Point After Rising Today

Editor - Finance Top Stories — Sun, 12 Feb 2012 01:20:14 +0000

Mortgages Rates moved higher today at the quickest pace of the week. For the second time this year, the 3.875% Best-Execution rate on 30yr Fixed Conventional loans is in question. If rates move much higher from here, the average Best-Execution rate across multiple lenders will have risen back to 4.0% and for quite a few lenders, is already there. (We explain more about Best-Execution calculations in THIS POST).

Today got started off on a sour note for rates with the late night news that Greece was very close to finalizing the terms of their most recent bailout. This isn’t some surprising game-changer, but has done enough damage to bond markets, which tend to offer lower interest rates in times of economic uncertainty. As a successful bailout relieves some uncertainty, rates generally moved higher, including mortgage rates.

Several European officials gave their various points of view on

Read More from the Article Source: http://www.mortgagenewsdaily.com/consumer_rates/246942.aspx

Mortgage Rates Battle Back From The Edge

Editor - Finance Top Stories — Sun, 12 Feb 2012 01:20:10 +0000

With yesterday’s increases, Mortgages Rates moved to the edge of their recently long and stable stay at a 3.875% Best-Execution level. While some lenders are still best-priced at 4.0%, the average Best-Execution rate moved back down into 3.875% territory today. Keep in mind that “best-execution” refers to the most ideal possible rate/fee scenario and we track this because it’s the most consistent way to benchmark the movement of the broader collection of lender rate offerings.
(We explain even more about
Best-Execution calculations in THIS POST).

The same thing that has been moving markets and mortgage rates around all week, is once again behind today’s general bounce back. Early this morning, one of the leaders of a political party in Greece said that his party could not back the bailout agreement. The execution of this agreement was a key factor pressuring rates higher in general and it required the approval of all

Read More from the Article Source: http://www.mortgagenewsdaily.com/consumer_rates/247127.aspx

Mortgage Rates Flat to Slightly Improved After Auction, Greece News

Editor - Finance Top Stories — Sun, 12 Feb 2012 01:19:55 +0000

Read More from the Article Source: http://www.mortgagenewsdaily.com/consumer_rates/246752.aspx

Mortgage Rates at a Tipping Point After Rising Today

Editor - Finance Top Stories — Sun, 12 Feb 2012 01:19:45 +0000

Several European officials gave their various points of view on

Read More from the Article Source: http://www.mortgagenewsdaily.com/consumer_rates/246942.aspx

Mortgage Rates Battle Back From The Edge

Editor - Finance Top Stories — Sun, 12 Feb 2012 01:19:35 +0000

Read More from the Article Source: http://www.mortgagenewsdaily.com/consumer_rates/247127.aspx

JC Penney CEO: America Believes in Ellen Degeneres

Editor - Finance Top Stories — Sat, 11 Feb 2012 23:23:43 +0000

The new marketing campaign hasn’t even launched yet, but just about every American knows Ellen DeGeneres is JC Penney’s new spokesperson.

A group called One Million Moms organized a Facebook campaign protest this week in response to JC Penney’s decision to hire DeGeneres, who is openly gay.

JC Penney is “jumping on the pro-gay bandwagon,” the One Million Moms organization declared, suggesting “the majority of JC Penney shoppers will be offended and choose to no longer shop there.”

After Bill O’Reilly defended her and JC Penney on Fox News, DeGeneres spoke about the protest at length on her show “Ellen” this week.

Despite potential controversy, “there wasn’t ever any doubt” JC Penney was going to stick with DeGeneres, Ron Johnson, CEO of JC Penney, tells me in the accompanying video. “We believe in Ellen. She shares our values and America believes in Ellen.”

So enamored is Johnson with DeGeneres that he says

Fewer loan modifications completed

Editor - Finance Top Stories — Sat, 11 Feb 2012 21:20:29 +0000

The nation’s mortgage lenders modified fewer mortgages to help keep delinquent borrowers in their homes this past summer, even though mortgage starts and sales increased, a new survey shows.

Lenders have been working to modify loans of borrowers who have fallen behind on payments by lowering monthly payments, lowering interest rates or in some cases by reducing the amount owed.

Hope Now, a coalition of loan servicers, investors and counselors, reported that loan mods fell nationwide to 55,828 in August.

That compares to monthly averages ranging from 84,000 to 115,000 loans modified a month in the previous nine months.

In addition, Hope Now reported:

221,746 loans were made in the third quarter ending in August.
That’s down from 345,197 loan mods made in the fourth quarter of 2010.
Lenders have modified nearly 4.9 million loans for homeowners since Hope Now began gathering data in 2007.
Of those, only 791,399, or 16.3%, of the loans were modified under the
Read More from the Article Source: http://mortgage.ocregister.com/2011/09/30/fewer-loan-modifications-completed/48523/

Stop paying mortgage at your own risk

Editor - Finance Top Stories — Sat, 11 Feb 2012 21:20:25 +0000

Chris Diaz is the founder of Charis Financial, Inc. He has over 14 years experience in helping homeowners with their mortgages and has closed hundreds of short sales over the last 3 years. His website is www.charisfinancialinc.com. Send questions to moneymatters@ocregister.com; reference “short-sales” in the subject line.

Q. I was wondering, how does it happen that some people can stop paying and stay in their homes? Doesn’t the lender send the sheriff or someone to evict?

A. Great question! There are many different factors that can result in huge differences in what homeowners experience when they stop making their mortgage payments. This kind of an approach isn’t one that I recommend. The most important thing to realize is that your situation is unique to you and it’s not your neighbor, family member, or friend’s.

What is happening with distressed properties right now is very similar to what was

Hanover Posts $49M Q4 Profit; Pricing Improved in Commercial Lines

Editor - Finance Top Stories — Sat, 11 Feb 2012 21:20:15 +0000

The Hanover Insurance Group, based in Worcester, Mass., reported $49.3 million for its 2011 fourth-quarter net income, down 15.6 percent from one year ago when the insurer posted $58.4 million profit.

For the 2011 full year, Hanover posted net income of $37.1 million, down 76 percent from 2010 when it reported $154.8 million net income.

Hanover’s fourth-quarter catastrophe losses, pre-tax, were $55.6 million, including $38.5 million from Thailand floods. For the 2011 full year, catastrophe losses, before taxes, were $361.6 million.

Net written premiums for the 2011 fourth quarter came in at $977.1 million, up 36 percent from $717.1 million during the year-ago period. The 2011 full-year net written premiums were $3.59 billion, up from $3.05 billion in 2010. The increase was driven by the addition of Chaucer premiums in the second half of 2011 as well as by growth in commercial lines.

Net investment income from continuing operations for

Read More from the Article Source: http://www.insurancejournal.com/news/east/2012/02/10/235027.htm