June 29, 2012
- From Realtor Magazine: The FHA has rescinded a rule that would have made it tougher for borrowers with credit disputes on their records to qualify for a FHA backed mortgage. The rule would require borrowers to pay off any credit dispute more than $1,000 or set up a documented plan on any unpaid collection accounts.
- From Linkedin: Americans are digging themselves out of mortgage debt. Home equity in the first quarter of 2012 rose to the highest level since 2008 as homeowners who took advantage of low interest rates brought cash to the table to pay down principal. Half of the mortgages refinanced in the last quarter of 2011 reduced loan size.
- From Banker & Tradesman: The number of foreclosure petitions in Massachusetts more than doubled this May compared with May 2011, rising to 1724 from 699.
- The Wall Street Journal reports that a bill in Congress has the potential to more than double flood insurance premiums over the next four years for owners of vacation homes and commercial properties in flood prone areas.