Mortgage Brokers

American Cities See Record Annual Foreclosure Rate Increases in Q2

Record high foreclosure rates in the second quarter were reported in Los Angeles, Seattle, Miami and New York, according to a report issued by PropertyShark.com.

Los Angeles led the four cities with a 282.01% increase in the second quarter compared to last year's Q2. Los Angeles reported a record...

Fed's Mishkin Says Fed Wants to Contain Inflation Expectations

Speaking at a conference in Israel, Federal Reserve board Governor Frederic Mishkin said he currently sees an "upside risk" to inflation expectations and that the Fed wants to contain those expectations.

"U.S. inflation has risen recently, largely because of these sharp increases in global commodity prices. However, thus far, the high costs of energy and other primary commodities have not led to much increase in core inflation, partly because...

Central Bank Watch: Market Attention Shifts to ECB - Finally Time to Hike?

After last week's highly-anticipated Federal Reserve rate decision, in which rates were expectedly left on hold, markets have shifted their attention to the upcoming European Central Bank rate decision on Thursday.

Mortgage Rates Mark Time Waiting for Federal Action

Mortgage rates continued to set record 2008 levels with long term rates moving up slightly during the week ended June 26, and short term rates increasing modestly but in double digits.

Mortgage applications increased 3.6 percent on a seasonally adjusted basis and...

Wednesday's Events: U.S. Employment Data Ahead of Nonfarm Payrolls Thursday

Employment data from the United States and the Department of Energy's weekly inventories report will highlight the North American data on Wednesday as markets prepare for U.S. nonfarm payrolls on Thursday. In the afternoon, markets will also be paying attention to comments from Fed Governor Frederic Mishkin.

After ADP, Markets Expect Lower Consensus for Nonfarm Payrolls

Economists appear to be unanimous in their calls for increased downside risk to Thursday's BLS nonfarm payrolls report, following a weaker-than-expected ADP private employment report for June. ADP figures showed a decline of 79k jobs in the month against expectations of only a 20k loss following three months of upside surprises.

"Expect a weak official report tomorrow," added Ian Shepherdson, chief U.S. economist at HFE, who called the previous month's 15k downward revision "grim."

CIT Group Sells Off its Last Home Related Business Interests

CIT Group announced on Monday that it was selling both its home lending business and its manufactured- housing division.

The lending business which has total assets of $9.3 billion as well as servicing operations will go to Lone Star Funds for $1.5 billion. In addition, Lone Star will assume $4.4 billion in CIT Group debt.

Vanderbilt Mortgage & Finance, Inc. will acquire...