mortgage bankers association

Mortgage Interest Tax Deduction Battle Brews as 'Fiscal Cliff' Looms

Lawmakers of both parties are hunting for ways to raise tax revenue as part of a deal to avert the fiscal cliff. But they should stay away from touching the mortgage interest tax deduction, warns the U.S. housing industry, lest they throw a wrench the long-sputtering economic recovery.

Bank Errors Make Lowest Interest Rates Harder to Land

Borrowers looking to capitalize on historically low interest rates to refinance or buy homes are discovering those rates are often out of reach -- and not necessarily because of their credit scores. Understaffed banks, rigid rules, and low-ball appraisals are costing customers the best deals.

How to Raise Your Odds of Getting a Mortgage

It doesn't look like the housing market will come roaring back anytime soon, but with historically low interest rates, now's a good time to buy. The hard part is that banks in the post-bubble era are notoriously stingy with that cheap money, so figuring out how to get a smile out of a mortgage lender is task No. 1.

The Foreclosure Mess Is Potentially Devastating

The Congressional Oversight Panel created in the wake of TARP to oversee and monitor the Treasury Department has issued a devastatingly clear report about the mortgage mess and its legal implications, which are ugly.

What's Behind the Drop in Mortgage Applications?

The Mortgage Bankers Association said they tumbled 10.5% last week, the biggest fall-off in four months. While the foreclosure crisis may be playing a role in the decline, rising interest rates are also partly to blame.

How Much Will Foreclosures Hurt Big Banks?

The crisis could hit bank earnings in several ways, not all of them directly related to the foreclosure problem. One big risk is "putbacks," the faulty loans banks could be forced to repurchase. JPMorgan puts that cost at up to $120 billion.

The Consequences of the Foreclosure Crisis

Even as the impact of the ongoing debacle slowly unfolds, it's not too early to tote up a list of 10 far-reaching developments that have already happened. None bodes well for the U.S. housing market, banks or economy.

House or Food? Consumers Protect Their Credit Cards

Several data points this week confirm an ominous new trend among desperate consumers: They have stopped paying their mortgages but they're continuing to pay off their credit cards so they can keep buying staples, like food.