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Mortgages
 Websites presented in alphabetical order AARP: Reverse Mortgages 
 This site dedicated to providing information about reverse mortgages includes a reverse mortgage calculator, basic information about reverse mortgages, alternatives to reverse mortgages, the booklet "Home Made Money: A Consumers Guide to Reverse Mortgages," and more. From AARP. http://www.aarp.org/money/personal/reverse_mortgages/ Topics: Finance, Housing, Investing, Money Last updated Jul 29, 2009 About Fannie Mae
Overview of the private corporation that was originally established by the federal government in 1938 "to expand the flow of mortgage money by creating a secondary market." Provides a history of Fannie Mae and an overview of its efforts to increase "the availability and affordability of homeownership for low-, moderate-, and middle-income Americans." Further information about Fannie Mae can be found in the FAQ section of this official website. http://www.fanniemae.com/aboutfm/index.jhtml?p=About+Fannie+Mae Topics: Consumer Research & Advocacy, Housing, Investing, Money Last updated Jun 20, 2007 Acorn Housing
This nonprofit with offices throughout the U.S. provides "free housing counseling to low and moderate income homebuyers." Its site features information about obtaining credit for buying a home, predatory lending practices, and options when you are behind on your mortgage. Includes a list of local offices. http://acornhousing.org/ Topics: Housing Last updated Sep 17, 2007 Board of Governors of the Federal Reserve System: Press Release [Truth in Lending]
This press release describes how "[t]he Federal Reserve Board on Monday [July 14, 2008] approved a final rule for home mortgage loans to better protect consumers and facilitate responsible lending. The rule prohibits unfair, abusive or deceptive home mortgage lending practices and restricts certain other mortgage practices. The final rule also establishes advertising standards and requires certain mortgage disclosures to be given to consumers earlier in the transaction." Includes links. http://www.federalreserve.gov/newsevents/press/bcreg/20080714a.htm Topics: Housing, Investing Last updated Jul 14, 2008 Can I Just Walk Away From a House and Its Mortgage?
A personal financial columnist briefly explains how walking away from a mortgage can be detrimental to your credit rating and could make it difficult for you to buy another home for some time. Also describes how alternatives such as foreclosure, deed in lieu of foreclosure, and short sales can also negatively affect your credit score. http://asklizweston.com/2005/06/13/can-i-just-walk-away-from-a-house-and-its-mortgage/ Topics: Consumer Research & Advocacy, Housing Last updated Jun 25, 2009 Canceled Mortgage Debt and Taxes
This article discusses the tax implications of the 2007 Mortgage Forgiveness Debt Relief Act, which "provides some relief for homeowners who lose their house through foreclosure or short sales, or who restructure their mortgages with a lower principal amount." Topics include canceled debt at taxable income, separating acquisition debt and home equity debt, insolvency and bankruptcy exclusions, and reporting canceled debts. Includes links to IRS material. From a tax professional, written for About.com. http://taxes.about.com/od/income/ss/mortgage_cancel.htm Topics: Housing, Tax Filing Season Last updated Feb 9, 2009 Consumer Handbook on Adjustable Rate Mortgages (ARM)
This fact sheet explains adjustable rate mortgages (ARMs), loans for which "the interest rate changes periodically, usually in relation to an index, and payments may go up or down accordingly." Includes questions to consider, consumer cautions, ideas for reducing risk associated with ARMs, a glossary, and a mortgage checklist for comparing different types of mortgages. Opens directly into a PDF file. From the Federal Reserve Board. http://files.ots.treas.gov//48981.pdf Topics: Finance, Housing Last updated Nov 25, 2008 Developments
This blog "tracks headlines about the real estate market, offering analysis, tips and insight into the housing slowdown and subprime mortgage meltdown aimed at homeowners and potential buyers." Includes graphics, photos and slideshows, and links to related news stories. From the Wall Street Journal. http://blogs.wsj.com/developments/ Topics: Housing, Investing Last updated Dec 20, 2007 Don't Be a Victim of Loan Fraud
"Every year, misinformed homebuyers, often first-time purchasers or seniors, become victims of predatory lending or loan fraud." This consumer information resource from the U.S. Department of Housing and Urban Development (HUD) provides a definition of predatory lending, tactics used by predatory lenders, and tips on buying and financing a home. Includes a link to a list of HUD's housing counseling agencies. http://www.hud.gov/offices/hsg/sfh/buying/loanfraud.cfm Topics: Business, Consumer Research & Advocacy, Corruption & Fraud, Housing, Investing, Money Last updated Oct 14, 2003 FBI: Mortgage Fraud
Compilation of material on mortgage fraud in the U.S., including background, news, statistics, and recent cases and field investigations. Includes stories on topics such as house-stealing scams, subprime loans, and "'Operation Malicious Mortgage,' a massive multiagency takedown [in 2008] of mortgage fraud schemes involving more than 400 defendants nationwide." From the U.S. Federal Bureau of Investigation (FBI). http://www.fbi.gov/hq/mortgage_fraud.htm Topics: Housing Last updated Jun 23, 2008 Financial Education and Tools
Contains information and interactive planning tools on savings, budgeting, home and car purchasing, investing, loans, education, retirement, and estates. From Bank of America. http://www.bankofamerica.com/financialtools/ Topics: Automobiles, Consumer Research & Advocacy, Finance, Housing, Investing, Jobs & Work, Money, Seniors Last updated May 29, 2005 A First Look at Older Americans and the Mortgage Crisis
"Homeowners age 50 and over have been significantly affected by the mortgage crisis, according to this first-ever analysis of data on the mortgage crisis by age. More than 684,000 homeowners age 50 and over were delinquent, were in foreclosure, or lost their homes during the six months ending December 2007." Read the full September 2008 report, which includes key findings, graphs and charts, and data sources. From AARP Public Policy Institute. http://www.aarp.org/research/ppi/cons-prot/fin-svcs/articles/i9_mortgage.html Topics: Housing, Seniors Last updated Oct 15, 2009 Foreclosure Resource Center
Collection of resources on foreclosures for consumers and researchers, including data, maps, speeches and testimony, policy and regulation documents, and consumer publications addressing topics such as foreclosure prevention and filing a bank-related complaint. Also provides links to local resources for Arizona, Nevada, Utah, and regions of California (Fresno, Inland Empire, Los Angeles, and San Diego). From the Federal Reserve Bank of California. http://www.frbsf.org/community/issues/assets/preservation/index.html Topics: Housing Last updated Feb 3, 2009 Foreclosure Resources for Consumers
"If you are having difficulty making your mortgage payment, one of the most important things you can do is seek assistance. ... [These] resources provide information and links to agencies and organizations that may be able to help you." Includes links to government resources from the Department of Housing and Urban Development (HUD), Federal Housing Administration (FHA), Federal Trade Commission (FTC), Internal Revenue Service (IRS), and others. From the Federal Reserve Board (FRB). http://www.federalreserve.gov/pubs/foreclosure/ Topics: Housing, Investing Last updated Jan 2, 2008 ForeclosurePulse
Blog with information about home loan mortgage foreclosures in the U.S. Topics include quarterly reports on mortgage foreclosure activity, bankruptcy filings, home arson, bank repossessions, and government actions. Includes material back to March 2006. From RealtyTrac. http://www.foreclosurepulse.com/ Topics: Housing, Investing Last updated Dec 22, 2008 Ginnie Mae
A Housing and Urban Development (HUD) agency whose mission is "to expand affordable housing in American by linking domestic and global capital markets to the nation's housing markets." The site offers information for would-be homeowners, mortgage issuers, and investors. Includes an "affordability calculator" and a renting vs. buying comparison chart, as well as links to related government, educational, and financial sites. Searchable. http://www.ginniemae.gov/ Topics: Housing, Investing Last updated Nov 7, 2004 Global Credit Squeeze
This collection of news and analysis focuses on "defaults on US subprime mortgages [in 2007, which] have developed into a global issue. Hedge funds and banks have been exposed to the US problems, which has led to a global credit squeeze." The "credit squeeze explained" interactive feature is a good starting point for understanding the issues. From the Financial Times. http://www.ft.com/indepth/subprime Topics: Housing, Investing Last updated Dec 10, 2007 GovLoans.gov
"Five federal agencies -- U.S. Department of Agriculture, U.S. Department of Education, U.S. Department of Housing and Urban Development, U.S. Small Business Administration, and the U.S. Department of Veterans Affairs -- have come together to create this single point of access for federal loan information on the Web." Browse or search for loans for farming, business, education, disaster relief, and more. Includes a glossary of loan terms and links to additional resources. http://www.govloans.gov Topics: Business, Charity & Nonprofit Resources, College and University Education, Consumer Research & Advocacy, Housing, Money Last updated Mar 25, 2006 Help for Homeowners Facing the Loss of Their Home
This site discusses steps to take when you may unable to pay the mortgage on your home. Topics include contacting your lender, talking to a housing counseling agency, prioritizing debts, and exploring loan workout solutions (such as forbearance or mortgage modification). Includes comments about predatory lending schemes, and a link to a list of HUD-approved housing counseling agencies by state. From the U.S. Department of Housing and Urban Development (HUD). http://www.hud.gov/offices/hsg/sfh/econ/econ.cfm Topics: Housing Last updated Sep 17, 2007 Home Foreclosure and Debt Cancellation
Questions and answers about the "Mortgage Forgiveness Debt Relief Act of 2007 [which] generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualify for this relief." Topics include what is cancellation of debt and is cancellation of debt income always taxable. Includes examples and links. From the Internal Revenue Service (IRS). http://www.irs.gov/newsroom/article/0,,id=174034,00.html Topics: Housing Last updated Feb 2, 2009 Home Loan Learning Center
This site "provides step-by-step information on how to become financially literate" with respect to home loans. Includes material about credit scores, how to qualify for a mortgage, types of mortgages (fixed-rate, balloon, adjustable-rate, convertible, and more), and foreclosure and delinquency, Also includes a mortgage calculator to help estimate payments, and information for special buyers situations, such as living together, divorced, or second home purchases. Includes list of state banking authorities. From the Mortgage Bankers Association. http://www.homeloanlearningcenter.com/ Topics: Housing Last updated May 15, 2008 Hope for Homeowners
This U.S. Department of Housing and Urban Development (HUD) program "will refinance mortgages for borrowers who are having difficulty making their payments, but can afford a new loan insured by HUD's Federal Housing Administration (FHA). The program begins October 1, 2008 and ends September 30, 2011." Provides fact sheets (for press, consumers, and lenders), press release and press conference video on the program, and related material. Some documents also available in Spanish. From HUD. http://www.hud.gov/hopeforhomeowners/ Topics: Housing Last updated Oct 27, 2008 Interest.com
This site "provides the tools and review information that can assist consumers to make the best financial decisions. ... Features ... [include] financial calculators, mortgage charts, consumer articles and [free] e-mail newsletters." Covers mortgages, auto loans, credit card debt and management, home equity loans, bad credit and how to repair it, and investing basics. "Interest.com is an independent information service and is not affiliated with any lending institution." http://www.interest.com/ Topics: Consumer Research & Advocacy, Housing, Investing, Money Last updated Oct 10, 2005 IRS Speeds Lien Relief for Homeowners Trying to Refinance, Sell
This December 2008 press release from the Internal Revenue Service (IRS) announces "an expedited process that will make it easier for financially distressed homeowners to avoid having a federal tax lien block refinancing of mortgages or the sale of a home." Includes an audio file and links to related publications. http://www.irs.gov/newsroom/article/0,,id=201343,00.html Topics: Housing, Tax Filing Season Last updated Jan 5, 2009 A Lifeline for Delinquent Mortgage Borrowers
This February 2008 article describes the public-private Project Lifeline, "billed by Treasury Secretary Henry Paulson as 'a targeted outreach to homeowners 90 days or more delinquent that may lead to a pause in the foreclosure process.'" This project "covers all residential mortgages, not just subprime loans. The project comprises six of the biggest mortgage servicers: Countrywide, Wells Fargo, CitiMortgage, Chase Home Finance, Washington Mutual and Bank of America." From Bankrate. http://www.bankrate.com/brm/news/mortgages/20080214_project_lifeline_a1.asp Topics: Housing Last updated Mar 5, 2008 Making Home Affordable
This federal government website concerns the home mortgage aspect of the Obama administration's 2009 Financial Stability Plan. "If your mortgage loan is owned by Fannie Mae or Freddie Mac, you may be eligible for a Home Affordable Refinance." Includes information about refinancing and loan modification, details about eligibility, links to find if your mortgage is owned by Fannie Mae or Freddie Mac, and related material. In English and Spanish. http://www.makinghomeaffordable.gov/ Topics: Housing Last updated Apr 13, 2009 The Mortgage Market: What Happened?
This April 2007 article provides an overview of how, as "nationwide real-estate boom of recent years goes bust, economists and regulators are questioning the role that mortgage lenders played in helping to create an overheated housing environment." Includes discussions of risky loans and types of adjustable-rate mortgages (ARMs), growth in subprime lending (loans to borrowers with poor credit), and unethical practices. From National Public Radio (NPR). http://www.npr.org/templates/story/story.php?storyId=9855669 Topics: Housing, Investing Last updated Aug 13, 2007 NeighborWorks America
Website for this "national nonprofit organization created by Congress to provide financial support, technical assistance, and training for community-based revitalization efforts." Features news, case studies, and reports on subjects such as aging in place, disaster preparedness, foreclosure solutions, home equity protection, manufactured housing, predatory lending, and refinancing. Also includes materials about campaigns, such as its free telephone consultation service on foreclosure solutions. Includes listings of local NeighborWorks member organizations. http://www.nw.org/ Topics: Finance, Housing Last updated Jun 7, 2008 Office of Federal Housing Enterprise Oversight (OFHEO)
"OFHEO's mission is to promote housing and a strong national housing finance system by ensuring the safety and soundness of Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation)." This site features analysis and documents, including news about the July 2008 efforts of the federal government to bolster the financial stability of these mortgage giants. Also includes an index of house price appreciation and related information for consumers. http://www.ofheo.gov Topics: Consumer Research & Advocacy, Housing, Investing, Money Last updated Jul 14, 2008 Questions and Answers on Home Foreclosure and Debt Cancellation
Information about the personal income tax consequences of debt forgiveness for money borrowed from a commercial lender, and income gains if there is a foreclosure. Includes examples, and links to related publications on selling your home and bankruptcy. From the Internal Revenue Service (IRS). http://www.irs.gov/newsroom/article/0,,id=174034,00.html Topics: Housing Last updated Oct 24, 2007 Quicken Loans
This site "allows you to research home loans, learn about home financing, and apply and sign your application." Contains information and interactive tools on home refinance, purchasing, and equity loans. Searchable. https://www.quickenloans.com/ Topics: Consumer Research & Advocacy, Housing, Investing, Money Last updated Dec 12, 2008 Reverse Mortgage Calculator
"This calculator provides approximate estimates for two nationally available reverse mortgage programs." The two loan programs used for the estimates are the federally-insured Home Equity Conversion Mortgage (HECM), and the Home Keeper Mortgage from Fannie Mae. Calculations are based on the age of the homeowner, and the value and location of the home. Includes links to additional material about reverse mortgages. From AARP. http://www.rmaarp.com Topics: Finance, Housing, Investing, Money, Ready Reference & Quick Facts, Seniors Last updated Dec 14, 2005 Reverse Mortgages for Seniors
"Reverse mortgages are a special type of home loan that lets a homeowner convert the equity in his/her home into cash." Includes basic facts, information about the Home Equity Conversion Mortgage (HECM) program from the HUD, a list of HUD-approved HECM counselors in each state, and related information. Also includes information for HECM lenders. From the U.S. Department of Housing and Urban Development (HUD). http://www.hud.gov/offices/hsg/sfh/hecm/hecmhome.cfm Topics: Finance, Housing, Investing, Money, Seniors Last updated Dec 14, 2005 Reverse Mortgages: Get the Facts Before Cashing In On Your Home's Equity
A fact sheet about reverse mortgages. Explains eligibility, the three main types (single-purpose, federally-insured, and proprietary), what to watch out for during the loan process, and alternatives to reverse mortgages. From the U.S. Federal Trade Commission (FTC). http://www.ftc.gov/bcp/edu/pubs/consumer/homes/rea13.shtm Topics: Housing, Investing, Money, Seniors Last updated Oct 25, 2007 Reverse Mortgages: Is One Right For You?
"This [2001] booklet outlines some of the things you should think about before applying for a Reverse Mortgage." Explains how reverse mortgages work, outlines advantages and disadvantages, warns against scams, and discusses alternatives to drawing down the equity of a home to supplement income. Opens directly into a PDF file. From the California Department of Real Estate. http://www.dre.ca.gov/pdf_docs/reverse.pdf Topics: Finance, Housing, Investing, Money, Seniors Last updated Nov 21, 2007 The Subprime Crisis
Audio and transcript of a March 2007 report that sets out the issues relating to "subprime [mortgage] lending, delinquencies, foreclosures, bankruptcies, and the wake of devastation that the turmoil in the subprime market is leaving behind." Includes links to related sites. From MortgageMediaMag. http://www.mortgagemediamag.com/special/subprime.htm Topics: Housing, Investing Last updated Aug 6, 2007 The Subprime Mortgage Market
May 2007 remarks by Federal Reserve Bank Chairman Ben S. Bernanke on " Why have delinquencies and initiations of foreclosure proceedings risen so sharply? How have subprime mortgage markets adjusted? How have Federal Reserve and other policymakers responded, and what additional actions might be considered? [And] how might the problems in the market for subprime mortgages affect housing markets and the economy more broadly?" From the Federal Reserve Board. http://www.federalreserve.gov/Boarddocs/speeches/2007/20070517/default.htm Topics: Housing, Investing Last updated Aug 13, 2007 There's No Place Like Home: The Implications of Reverse Mortgages on Seniors in California
This report, issued in 1999, remains timely on the issue of reverse mortgages for seniors, particularly in the area of the cost of the mortgages relative to the income received and on the distinctions between government-issued and private loans. The report explains how reverse mortgages work, warns against scams, discusses alternatives, and strongly recommends financial counseling (required for some types of government-issued reverse mortgages). From Consumers Union. http://www.consumersunion.org/finance/revinfowc899.htm Topics: Finance, Housing, Investing, Money, Seniors Last updated Dec 14, 2005 Which is Worse: Foreclosure or Bankruptcy?
This 2007 article considers the question of "what is better on your credit report -- foreclosure or bankruptcy? The article notes that "[n]either option is going to be easy. Generally, a foreclosure will remain on your credit report for 7 years, while a bankruptcy remains for 10 years. But that doesn't mean foreclosure is necessarily the better option." Also describes alternatives to mortgage foreclosure and bankruptcy. From the MSNBC answer desk. http://www.msnbc.msn.com/id/21478416/ Topics: Consumer Research & Advocacy, Finance, Housing Last updated Mar 12, 2008 Who Qualifies for Help, What Qualifies as Subprime?
Questions and answers related to the "'fast-track' [mortgage] interest-rate freeze" announced by the Bush administration in December 2007. Discusses the subset of borrowers covered by the agreement, how to find out if you have a subprime loan, who qualifies for a rate freeze, and related questions. Includes links to an article with more details about the mortgage plan. From Real Estate Journal, a Wall Street Journal website. http://www.realestatejournal.com/buysell/mortgages/20071210-simon.html Topics: Housing, Investing Last updated Dec 10, 2007 Why Not Just Walk Away From a Home?
This February 2008 article discusses companies that suggest home owners voluntarily walk away from their mortgages, "engaging in a practice the mortgage industry calls 'ruthless default'" instead of going through the foreclosure process. Also describes alternatives to foreclosure or walking away that borrowers should consider. From National Public Radio (NPR). http://www.npr.org/templates/story/story.php?storyId=18958049 Topics: Consumer Research & Advocacy, Housing Last updated Mar 4, 2008 |
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