Bank of America Reported $35.7 Billion Nonperforming Home Loans, Leases and Foreclosures in Q2
Even though mortgage rates were extremely low for much of the quarter and Americans look to be saving more than they spend it was still the case that Bank of America reported $25.7 billion nonperforming home loans, leases and foreclosures in Q2 of 2010. That number is up 15% from one year ago and has [...]
FICO Credit Scores by Equifax and Transunion Show 25% of Americans Below 600 or Considered Bad Credit
FICO credit scores, which are sold directly to consumers using Equifax and Transunion, are dropping each and every month. The latest data, from April 2010, shows that 25% of Americans have a credit score below 600. With a credit score of 650 or below being considered “subprime” or “bad credit” this is very bad news [...]
American Express Benefits by Denying Bad Credit Credit Cards and Loans – 84 Cents Q2 Profit
After the bell on Thursday American Express reported a profit of 84 cents a share which was ahead of analysts expectations of 78 cents a share. The strong earnings report showed that American Express has greatly benefited from the denial of many bad credit credit cards and loans that have caused other financial institutions to [...]
Capital One Sees Bad Credit Unsecured Personal Loans as Less of a Financial Concern in Q2
Capital One recently reported that they were setting aside less money for bad credit loans, including bad credit unsecured personal loans, as customers are working hard to clean up their personal finances. Unfortunately, Capital One also reported that customers are still not borrowing as much as they were in the past. Thursday after the bell, [...]
Lowest Mortgage Interest Rates of 2010 Reported by Zillow.com on July 23rd, 2010
The lowest mortgage interest rates of 2010 are currently being reported by Zillow.com. We recently reported that the 30 year fixed mortgage rate is at 4.34% while the 15 year fixed mortgage rate is at 3.88%. By looking at the historical mortgage rates chart provided by Mortgage-X it is clearly visible that todays 30 year [...]
Daily Mortgage Interest Rates Today for July 23 – Afternoon Update – Refinance Loan Rates at Lowest 2010 Levels
This morning we mentioned that the 10 year treasury rate yield was .75% higher will will eventually affect mortgage interest rates. Now we are seeing the 10 year yield up 1.75% which is sure to push daily rates higher sometime in the future. At the present time we continue to see refinance home loan rates [...]
NACA Home Loan Modification Program Working as Alternative to Making Home Affordable Government Program
Today in Washington, DC there is a huge home loan modification event but it is not from the government sponsored program Making Home Affordable. Instead, it is from the Neighborhood Assistance Corporation of America. The NACA home loan modification program is attempting to help thousands of homeowners lock in to a lower mortgage payment on [...]
Daily Mortgage Interest Rates Today for July 23 – Morning Update – Refinance Rates See 10 Year Treasury Yield Up
This morning the 10 year treasury rate yield is seeing a slight bounce to the tune of .75%. While this is not a huge move it is still enough to push 30 and 15 year fixed refinance mortgage rates higher in the very near future. With that being said, fixed mortgage interest rates have yet [...]
Bank of America Looks to Sell Insurance Unit Acquired With Countrywide Financial – Home Loan Liquidations May Rise
The CEO of Bank of America, Brian Moynihan has made it apparent that BoA plans to sell the insurance unit that was acquired with Countrywide Financial, Balboa. Moynihan feels that Bank of America should sell Balboa “because it’s not a core activity of making mortgages and we’re continuing to fine-tune the franchise.” He made the [...]
Daily Mortgage Interest Rates for July 22 – Afternoon Update – 15 Year Fixed Rates Stable with 10 Year Yield
Daily mortgage interest rates for July 22nd, 2010 were reported this morning very close to all time lows and the afternoon update is quite similar. In fact, we have seen very little movement in the afternoon as the 10 year treasury rate yield is slightly changed at 2.93%. This slow movement help to stabilize mortgage [...]
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