“Wells Fargo said last month that first-quarter profit jumped 53 percent from a year earlier as borrowers rushed to refinance mortgages amid record-low interest rates.”
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Lou Dobbs Tonight
Monday, November 12, 2007
Mortgage giants Wells Fargo and Countrywide Financial are accused of slapping dubious fees on homeowners struggling to save their homes. With fewer new mortgages being written, these
companies appear to be leaning on these lucrative fees to stay profitable—with devastating consequences for homeowners. We’ll have that report.
Los Angeles Times
Mortgage delinquencies remain high at 1 in 10 loans
August 26, 2010
One in 10 American households with a home loan was behind on payments by at least one month this summer, the Associated Press reported.
The wire service quoted a Mortgage Bankers Assn. report on second-quarter delinquencies as saying that 9.9% of borrowers fell into that category as of June 30.
In a worrisome sign, the number of homeowners starting to have problems paying their home loans rose after trending downward last year. But the number of homes in the actual foreclosure process fell slightly, the first drop in four years, according to the Mortgage Bankers Assn. quarterly report.
The report arrived amid fears that a sagging economy could result in another round of declining home prices and rising defaults.
Earlier reports this week showed weaker than expected home sales in July following the expiration this spring of federal tax credit for home buyers. Sales of new homes were at their lowest point since the government began keeping records in 1963.
-- E. Scott Reckard
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