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Author Archives: Christine Layton

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Christine Layton is an editor and freelance writer in Nevada with a passion for American finance. She covers mortgage and business news for US Finance Post.

Mortgage Applications Increase to 4-Month High on Strong Refinancing Demand

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U.S. Mortgage applications increased last week as more homeowners showed renewed demand for refinance loans. According to the Mortgage Bankers Association, its seasonally adjusted index of mortgage application activity, which includes purchase and refinance demand, increased 2.4% in the week ending on July 18 after dropping 3.6% the previous week. The refinance gauge climbed 4.1%, and the share of refinance ... Read More »

Dodd-Frank Turns 4, Remains Halfway Implemented and Controversial


This week marks the fourth anniversary of the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, a financial regulation law designed to prevent another major financial crisis and prevent the government from bailing out large institutions again in the future. Among the reforms implemented by the act was the creation of the Consumer Financial Protection ... Read More »

Black Knight: Foreclosures Down 36% for the Year to 6-Year Low


The U.S. inventory of home loans in foreclosure fell again in June and is down 1.5% for the month and nearly 36% for the year. This marks the 26th consecutive month of declining foreclosures, according to Black Knight Financial Services’ “first look” at the June 2014 mortgage data. Foreclosure inventory has now reached its lowest level since May 2008. Black ... Read More »

JPMorgan Begins Homeowner Mortgage Relief Under $13 Billion Settlement


JPMorgan Chase has started to offer debt forgiveness and other assistance to struggling homeowners under 2013′s $13 billion settlement with state and federal authorities, although few details have been provided, according to a monitor of the deal on Thursday. Joseph Smith, a former North Carolina banking regulator who was appointed by the government and the bank to monitor the mortgage ... Read More »

Housing Market Boosted by 20-Year High for VA Loans


The country’s still fragile housing recovery is being supported by new military borrowers turning to VA loans as the country draws down troops after nearly a decade of combat in Afghanistan and Iraq. Nearly 4.7 million full-time reservists and troops who served during the wars are now able to take advantage of this path to homeownership. The VA’s share of ... Read More »

June Existing Home Sales Rise 2.6% to Highest Level Since October


Existing home sales showed strong growth last month, reaching the highest annual pace since October, according to the National Association of Realtors.Existing home sales were up 2.6% to a seasonally adjusted annual rate of 5.04 million, while May’s rate was revised up to 4.91 million. This is the highest pace since October, when the pace was 5.1 million. June’s sales ... Read More »

Updated Reverse Mortgage Rules for Couples Take Effect August 4


New reverse mortgage rules that take effect on August 4 will help married couples considering a loan to supplement retirement. Reverse mortgages are loans available to homeowners aged 62 and older to turn home equity into cash, either as a lump sum, monthly payments or a line of credit. Reverse mortgages must be repaid when the borrower moves, sells the ... Read More »

Congress Introduces New Payday Loan Legislation to Cap Fees


Representatives Matt Cartwright (D-Pa) and Steve Cohen (D-Tenn) have introduced new legislation in the House and Senate seeking to cap fees charged to consumers who use long-term and short-term payday loans and car title loans. The Protecting Consumers from Unreasonable Credit Rates Act was introduced on Thursday. “My consumer-friendly legislation would provide relief from exorbitant fees for many low-income consumers ... Read More »

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