According to information released by government-controlled Freddie Mac this week, cash-out refi’s hit an all-time low in the fourth quarter of 2010 as only 16 percent of homeowners refinancing opted to cash in on their equity. Nearly half of all refinancing homeowners (46%) decided to do a “cash-in” refi, meaning that they lowered their principal balance at closing by paying additional money in[1]. During the third quarter of 2010, 35 percent of all refinancing homeowners opted for cash-in refi’s.
Frank Nothaft, vice president of Freddie Mac and the GSEs chief economist, …

Even the world’s fastest-growing economy has its fair share of problems in the current shaky global economic growth. With a series of events threatening to raise asset bubbles and accelerate inflation, China has implemented tighter measures – especially for the property market.
State-run China Real Estate Business reports that the Asian country’s four biggest banks have frozen new loans to property developers. Allotted loan targets for some(like Agricultural Bank of China Ltd., Bank of China Ltd., China Construction Bank Corp., and Industrial & Commercial Bank of China Ltd.), after all, have …

Sometimes, when people try too hard to save money they end up spending more – it has even become a comic relief as it became a theme in some comic strips. But it becomes unfunny when it seems to cheat the nation of millions of dollars in funds. This is exactly what’s happening right now, if Americans are to believe the different lawsuits filed against the mortgage servicers’ loan processing company.
The Mortgage Electronic Registry System (MERS) is a private company formed by banks in 1997 as an alternative to paperwork. …

U.K. gets additional evidence that goes to show its housing market is weakening. A London-based property researcher reveals the biggest drop for home values in the past 16 months as the market endures a modest re-pricing that may last for the next 12 months.
Hometrack Ltd., which bases its report on a survey of 5,100 real-estate agents and surveyors, says that home prices averaged 158,200 pounds ($246,000). This is 0.3% lower than the previous month and is the biggest drop since April of last year. In a Bloomberg News survey, a …

The Obama administration knew home sales are going to plummet when the federal tax credit for home buyers expired. But even the administration says the decline is a bit alarming. It is not enough, though, to start talking about reviving the tax credit.
Housing and Urban Development Secretary Shaun Donovan, speaking last Sunday on CNN’s “State of the Union”, says the drop in July’s home sales is worse than what was expected. Though the administration already predicted a dip in sales, Donovan admits, “We are concerned.” But he adds that this …

Last year, Singapore had weathered the worst recession since their independence 45 years ago. It is then understandable why its government is currently implementing tighter measures in the property market. The government recently released a statement announcing stricter measures that are meant to curb speculation, as home prices in the second quarter climbed by 38%.
Effective immediately, down payments of 10% in cash – previously only at 5% – are now required for mortgages on more than one property. Also, only 70% of a property’s value can be borrowed if a …

As the American economy again enters a period of uncertainty, industry analysts are raising valid concerns that the commercial real estate market could slide into a turmoil once the trillion dollars of loans that the sector carries begin maturing within the next few years.
Experts explained that majority of commercial loans in the United States were contracted during the real estate bubble but most borrowers were now enmeshed with mortgages that are worth much higher than the properties they owned.
Rep Elizabeth Warren, chair of the Congressional Oversight Panel, warned that troubled …

If businessmen believe the government should take a backseat in most things business, they have a different take when it comes to the mortgage market. In fact, they feel that when it comes to mortgages, the government should have more involvement.
Last Tuesday, the Obama administration invited banking executives and asked them for advice regarding changing the government’s role in the mortgage market. Though they were in disagreement as to the level of support the government must extend, they were all in agreement that a large role must be maintained. After …

American General Finance will be turned over from American International Group to Fortress Investment Group. Fortress has decided last Wednesday to buy the said consumer lending business, probably as a platform to acquire other struggling lenders.
Getting hold of other failed banks and businesses may mean funds for fixing one of American General Finances’ main problems, says independent fixed-income research firm CreditSights. Many investors, though, were disappointed with the decision – they were hoping that American General Finances will be sold to big banks or some other large strategic buyer – …

Freddie Mac continues to lose profit in the second quarter of the year. With a net loss of $4.7 billion, Freddie Mac asks the U.S. Treasury for a $1.8 billion infusion.
The mortgage-finance company, which is on its 11th quarter loss, has now increased the government’s rescue tab to $63.1 billion. Though the credit losses are at $5 billion, it is slightly lower than the previous months – thanks to slower delinquent mortgages and improving home prices. Low interest rates, though, plus backlog accounting of delinquent loans led to $3.8 billion …