Ohio is one of the top states for mortgage fraud as indicate in an FBI report. Honest good old Mid Western State of Ohio is caught in the mix of fraudulent mortgages that is rampant in coastal states California and Florida.
It shows that when easy money is involved, everyone is involved.
http://www.bizjournals.com/dayton/stories/2009/07/06/daily34.html
Mortgage rates are driven lower as the Fed held bond auctions to help lower the treasury yield to 3.289%. Many real estate professionals are hoping for a 4.5% target soon to revive stagnant housing market activities where home buyers get off the fence where they have been waiting for good opportunities.
Jumbo loans are following suit with lower interest rates to entice buyers as well.
Ocwen Financial Corporation voluntarily refunds prepayment penalties to mortgage borrowers. The company acts on behave of lenders to collect mortgage payments from homeowners. In Maryland, prepayment penalty charges are illegal if the lending company is chartered in Maryland. This is the one ethical state that actually advocates protecting consumers from unscrupulous mortgage contracts.
Please read all mortgage loan contracts very carefully. If there is a prepayment penalty clause, simply renegotiate or find a more reasonable lender because it is ludicrous for lenders to lock you in an endless debt cycle.
Ocwen knew it was wrong, and did the right thing before charges were brought up by the State of Maryland.
http://www.bizjournals.com/baltimore/stories/2009/07/06/daily36.html
The Home Affordable Refinance Program has been put in place by the Obama administrations to help steer delinquent home owners away from foreclosures. The early results of the program that is believed to be able to help 4-5 million families in dire financial situations is bleak. There were 13,000 HARP refinancing cases for June. At this rate it will need 300 months or 25 years to provide help to these 4-5 million families, meaning it will not meet the aggressive goal set for June 2010.
http://www.washingtonpost.com/wp-dyn/content/article/2009/07/07/AR2009070702452.html
Mortgage applications, and refinance loan applications increased last week according to the Mortgage Bankers Association. Which means there’s buyer interest for homes with the low 30-year borrowing interest rates in place.
http://www.reuters.com/article/economicNews/idUSNYS00521120090708