Treasury Secretary Timothy Geithner pledged ‘fundamental change’ to the structure of mortgage giants Fannie Mae and Freddie Mac, which profited tremendously during good times but burdened taxpayers with losses when the housing market went bust.
Home loan applications jumped by 7 percent last week as consumers raced to mainly refinance their current loans at some of the lowest rates since records started being kept, the Mortgage Bankers Association reported. Residential home builders are up across the board, with the Philadelphia Housing Sector Index up 1.97 percent.
US 30-year mortgage rates dropped to a new record low in the past week, according to a survey released on Thursday by Freddie Mac FMCC.OB, as concerns mounted about the economic recovery. Attractive mortgage rates have raised demand for home refinancing loans in recent weeks. They have failed to increase appetite for mortgages to purchase [...]
NEW YORK, March 17 (Reuters) – Applications for U.S. home loans slid last week despite the lowest mortgage rates in more than three months, the Mortgage Bankers Association said on Wednesday, suggesting a long haul before housing recovers.
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