Interest Rates going up

SAN FRANCISCO (MarketWatch) -- Freddie Mac /quotes/comstock/11k!fmcc (FMCC 0.32, -0.01, -1.56%) said Thursday the 30-year fixed-rate mortgage average edged up to 4.37% with an average 0.7 point for the week ending Sept. 16. In the previous period, the average was 4.35%, and the year-ago average was 5.04%. "Interest rates on 30-year fixed mortgages have remained below 5% for the last 19 weeks giving people ample opportunity to refinance their existing mortgage debt.

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http://www.marketwatch.com/story/freddie-mac-30-year-fixed-rate-mortgage-edges-up-2010-09-16-107420?dist=countdown

New Loan Modification Approval Aurora Loan Services

We just received another Loan Modification Approval this time it's Aurora Loan Services.
Borrower is going from a payment of $3,227.38 to $1,679.30.  Please read the APPROVAL it
states that as long as the borrower makes the payment on time the Permanent Loan Modification
will go through.  This is what many banks and lenders are doing first they verify everything you submit
when you apply for a loan modification (income)and from there you will either get a denial or an approval.
This is the 2nd of the current modification approvals we have seen this month where the banks are doing this.
In my professional opinion I like the way it's being reviewed since it stops the slow down of the review period and now you know that if you qualify for a trial payment then you will usually get a loan modifications finalized.  The only banks that I see doing the loan modification process correctly is Chase and Aurora.  Hopefully Citi Mortgage and Bank of America will be shamed into doing the right thing really soon! but I doubt B of A will get it check this out (http://www.piggybankblog.com)it should be a crime what some of these banks are doing to homeowners.

Let's get started today! 

Let judges reset mortgages: It would be drastic, but lenders are doing too little.

In Florida, one in nine households with a mortgage was at risk of foreclosure this summer. This week, the Obama administration will begin yet another program aimed at easing the housing crisis. It's the first that goes to the root of the crisis - underwater mortgages - but it may do no more good than the others.
Starting Tuesday, the Federal Housing Administration will permit lenders to give those homeowners refinanced loans backed by the government. Lenders must forgive at least 10 percent of the principal. In Florida, where 46 percent of home mortgages are under water, a 10 percent principal reduction means little. Home values in South Florida suffered the worst decline of 25 large metropolitan areas in the second quarter of this year.
Because prices have fallen so far, it may take a decade for many borrowers to erase their negative equity. Many will walk away from their mortgages, adding to the foreclosures and further delaying Florida's recovery. "The Obama administration's housing programs have not been successful," said Jack McCabe, chief executive of Deerfield Beach-based McCabe Research & Consulting. "In fact, I think they've been flops.

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http://www.palmbeachpost.com/opinion/editorials/let-judges-reset-mortgages-it-would-be-drastic-909043.html