Cheaper Reverse Mortgages May Be Coming (U.S. News & World Report)

U.S. News & World Report – The Federal Housing Administration (FHA) is developing a new reverse mortgage product that sharply cuts up-front payments by home owners but also significantly reduces the percentage of a home’s equity that can be paid to owners under the program. Reverse mortgages insured by the government are available on homes where the youngest owner is at least 62 years old. The program is called a Home Equity Conversion Mortgage (HECM).

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Mortgage rates remain at lowest level in decades (AP)

AP – Mortgage rates were unchanged this week at the lowest point in decades, but it hasn’t been enough to jump-start the housing market.

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Mortgage application volume falls off last week (AP)

AP – Mortgage applications volume dropped off by 5.9 percent last week even as mortgage rates decreased, a sign the housing market is struggling with government incentives, according to a report Wednesday from the Mortgage Bankers Association.

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Mortgage application volume falls off last week (AP)

AP – Mortgage applications volume dropped off by 5.9 percent last week even as mortgage rates decreased, a sign the housing market is struggling with government incentives, according to a report Wednesday from the Mortgage Bankers Association.

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Mortgage application volume falls off last week (AP)

AP – Mortgage applications volume dropped off by 5.9 percent last week even as mortgage rates decreased, a sign the housing market is struggling with government incentives, according to a report Wednesday from the Mortgage Bankers Association.

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Mortgage application volume falls off last week (AP)

AP – Mortgage applications volume dropped off by 5.9 percent last week even as mortgage rates decreased, a sign the housing market is struggling with government incentives, according to a report Wednesday from the Mortgage Bankers Association.

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Mortgage application volume falls off last week (AP)

AP – Mortgage applications volume dropped off by 5.9 percent last week even as mortgage rates decreased, a sign the housing market is struggling with government incentives, according to a report Wednesday from the Mortgage Bankers Association.

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Feds announce arrests in mortgage fraud crackdown (AP)

The seal of the Department of Justice. A Moroccan-born US citizen pleaded guilty in Kansas City, Missouri Wednesday to conspiring to provide material support to Al-Qaeda, admitting to sending it at least 23,000 dollars, the US Justice Department said.(AFP/File)AP – Some 500 people have been arrested in a nationwide crackdown on mortgage fraud, and federal officials pointed to Las Vegas as one of the centers of the scams that pumped up home prices until the housing market bubble finally burst.

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Wall Street ends flat on mixed economic data (Reuters)

A trader works on the floor of the New York Stock Exchange shortly after the opening bell in New York, June 14, 2010. REUTERS/Keith BedfordReuters – Stocks finished flat on Wednesday as cautious comments from FedEx and weak housing market data overshadowed a surge in industrial production.

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Home building plunges, industrial output surges (Reuters)

Construction workers continue work on a new subdivision of homes in San Marcos, California April 23, 2010. REUTERS/Mike BlakeReuters – Housing starts hit a five-month low in May as a homebuyer tax credit expired while wholesale prices remained subdued, giving the Federal Reserve ample room to maintain its ultra-low interest rate policy.

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