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Should you pay off your mortgage before you retire?

“To cover mortgage payments, retirees frequently have to withdraw more from their retirement funds than they would if the mortgage were paid off” writes Liz Weston for seattletimes.com. Those who have substantial equity built up in their homes could consider a reverse mortgage, planners say.That’s why many financial planners recommend their clients pay down mortgages while still working so that they’re debt-free when they retire.Retiring a mortgage before you retire might be best for most people, but it isn’t always possible.These loans can be used to pay off the existing…

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Rising interest rates, slowing home sales expected to hurt remodelers

“Home mortgage rates are at their highest levels in nearly eight years, with the 30-year mortgage close to 5 percent” writes Joyce M for seattletimes.com. NEW YORK — General contractors and other small businesses in the home-remodeling industry can expect revenue to slow in 2019, the result of rising mortgage rates and sluggish home sales.Rising interest rates are affecting both home sales and remodeling.The center’s index of remodeling activity projects that spending on renovations and repairs will gradually slow into the third quarter.Many homeowners borrow to finance major home improvements,…

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Wells Fargo investors shrug off foreclosure errors, growing congressional scrutiny

“Wells Fargo said at the end of June it had set aside $8 million to help the borrowers involved” reports washingtonexaminer.com. Wells Fargo noted that a total of 870 customers were denied loan modifications, and hundreds were ultimately able to keep their homes.Then, in August, Wells Fargo agreed to pay $2.09 billion to settle Justice Department allegations that the bank packaged mortgages that were higher-risk than they appeared into securities sold before the 2008 financial crisis.The central bank’s order in February barred Wells Fargo from expanding its total assets beyond…

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US sues UBS over alleged crisis-era mortgage securities fraud

“The case is one of the last addressing alleged misconduct in the pooling and sale by large banks of mortgage securities that were a major cause of the financial crisis” writes unknown author for cnbc.com. The U.S. government on Thursday filed a civil fraud lawsuit accusing UBS Group, Switzerland’s largest bank, of defrauding investors in its sale of residential mortgage-backed securities leading up to the 2008-2009 global financial crisis.A UBS spokesman and a Justice Department spokeswoman declined to comment on the settlement talks, but the bank said it will fight…

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This couple paid $100,000 of their mortgage with a credit card and earned $2,000 in rewards

“Instead of funneling cash via paper checks or online banking, we charged our mortgage payments to a credit card,” Johnson writes in GOBankingRates” writes Source Club Thrifty for cnbc.com. Holly Johnson and her husband Greg, founders of the blog Club Thrifty, took their children on a Mediterranean cruise funded, in part, with credit card points earned by paying off their home. Source: cnbc.com Share This:

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US mortgage rates jump to highest level in 7 years

“U.S. mortgage rates jumped this week to the highest level in seven years, a trend that is pulling down home sales and slowing home price growth” writes The Associated Press for seattletimes.com. Mortgage buyer Freddie Mac said Thursday that the average rate on a 30-year, fixed rate mortgage rose to 4.94 percent, from 4.83 percent last week.To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week.The average rate for five-year adjustable-rate mortgages rose to 4.14 percent from 4.04 percent last week. Source: seattletimes.com…

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Markets News 

Mortgage rates surge to a near 8-year high as house-hunters race the clock

“The 15-year fixed-rate mortgage averaged 4.33%, and the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.14%, both up 10 basis points during the week” writes Andrea Riquier for marketwatch.com. The 30-year fixed-rate mortgage averaged 4.94% in the Nov.8 week, a gain of 11 basis points, mortgage finance provider Freddie Mac said Thursday.Read: As the housing market stagnates, American homeowners are staying put for the longest stretches ever In the housing market, meanwhile, the slow and steady upward march of mortgage rates is taking a toll.Rates for home loans roared higher, taking…

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UBS is expecting to get sued by the US Justice Department over crisis-era mortgage securities

“It anticipates the Justice Department will seek unspecified monetary penalties stemming from mortgage securities which date back to 2006 and 2007” reports businessinsider.com. UBS said the Justice Department advised the bank that it intends to file the lawsuit.UBS, Switzerland’s largest bank, said it expects to be sued by the US Department of Justice as early as Thursday on civil charges related to the sale of mortgage-backed securities in the run-up to the 2008 global financial crisis. Source: businessinsider.com Share This:

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UBS faces new legal battle in U.S. over mortgage securities

“If found guilty of money laundering, UBS could be fined up to 5 billion euros ($5.71 billion)” reports businessinsider.com. During the French investigation, UBS turned down a settlement offer of 1.1 billion euros made by the authorities, judicial sources have said.The analysts said more than half of the 1.2 billion Swiss francs ($1.20 billion) UBS has set aside for non-core legal risks were dedicated to the U.S. case.FILE PHOTO: The logo of Swiss bank UBS is seen at a branch office in Basel Thomson Reuters ZURICH (Reuters) – UBS Group…

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UBS expects to be sued by US Justice Department over crisis-era mortgage securities

“It anticipates the Justice Department will seek unspecified monetary penalties regarding the mortgage securities, which date back to 2006 and 2007” writes unknown author for cnbc.com. UBS said it had been advised by the Justice Department that the law enforcement agency intends to file the civil complaint.The lawsuit would be among the last actions over misconduct in the sale and pooling of mortgage securities which helped to cause the financial crisis. Source: cnbc.com Share This:

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