- House overwhelmingly approves $16 billion cash infusion for VA overhaul
- Obama admin to blame for HealthCare.gov woes, $840M cost: GAO
- Al Gore’s climate-changers at EPA hearings foiled by cool temperatures
- Army’s 3-D printed bombs will create ‘a whole new universe’ of deadly capabilities
- Hamas calls on Hezbollah to join in fight against Israel
- Senators to FIFA, others: Don’t reward Putin with the World Cup in 2018
- U.S. condemns shelling of U.N. school in Gaza
- Obamacare shoots premiums up by 88 percent in California
- Chicken pox outbreak puts illegal immigrant facility on lockdown
- Obama to Republicans: ‘Stop just hatin’ all the time’
By Ted Cruz
Israel saves its enemies; Hamas endangers its friends
Topic - Mortgage Bankers Association
The biggest jump in interest rates since 1987 is pummeling the mortgage market and raising worries about the health of the robust housing rebound that has been fueling economic growth this year.
Lending to homebuyers in the U.S. remains little above the depressed levels hit during the recession because banks are wary about lending amid a slew of regulations coming out next year and proliferation of enforcement actions by state and federal regulators, a top mortgage banking official told The Washington Times.
The Federal Reserve touched off the biggest mortgage refinancing wave since 2009 last month by driving the interest rates on 30-year mortgages to record lows near 3.5 percent.
The Old World's worries are not necessarily bad news for the New World's economy — at least in the short term.
Mortgage applications rose 13 percent last week as consumers refinanced at the lowest rates in decades.
Housing speculators who got burned and are walking away from their investments drove the foreclosure rate on prime mortgage loans to a record high in the first quarter, with the problem most prevalent in California, Florida, Arizona and Nevada.