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Feds allege Minnesota bank discriminated in lending practices


MINNEAPOLIS -- The U.S. Justice Department has accused Minnesota-based KleinBank of "redlining," the practice of unlawfully structuring its mortgage lending business to avoid serving minority neighborhoods around the Twin Cities. In a federal ...

The Mortgage Professor: How retired homeowners can avoid running out of money: Alternative strategies compared


An increasing number of retirees, who are living longer and are less likely to be covered by a defined benefit pension than previous generations, risk running out of money. Those who have significant equity in a home, however, can reduce or ...

This company will help with a down payment, but it wants a stake in your new home


CHULA VISTA, Calif. -- When Ricardo and Catherine Soto were looking to buy a home in Chula Vista, they knew that even after selling their old house they would be able to afford a down payment of only about 10 percent. But when buying a home, 20 ...

The Mortgage Professor: Keep Fannie Mae and Freddie Mac until they are no longer needed


In September 2008, Fannie Mae and Freddie Mac were placed in a federal governmental conservatorship. The crisis-induced rise in mortgage defaults had eroded their capital and made it impossible for them to continue operations without support from ...

The Mortgage Professor: When does it make sense for a house purchaser to pay all cash?


Maria aims to purchase a house for $200,000. Because she has financial assets of $300,000, one of her options is to buy the house for all cash. Alternatively, she can obtain a mortgage of $180,000 for 15 years at 4 percent and zero fees. Maria has...

The Mortgage Professor: Reverse mortgage foreclosures are not what you think


A recent headline caught my eye. It read "Mnuchin's Reverse-Mortgage Woes Blemish Record of Treasury Pick." As I read on, I realized that reverse mortgage bashing by the media, which had almost disappeared in recent years, was now being revived ...

The Mortgage Professor: Housing market will be a good test of Trump's ability to deregulate


The incoming Trump administration has made very clear that eliminating regulations of all types is a top priority. The question is whether or not they can do that effectively, and the home mortgage market will be a good test case. New home ...

Mortgage applications jump, possibly from fear of a bump in interest rates


The fear of rising mortgage interest rates may have nudged people into action on homebuying in November. Mortgage applications are down 0.7 percent from a week ago, the Mortgage Bankers Association reported Wednesday. But over the last month, ...

The Mortgage Professor: Preventing mortgages from going underwater


One weakness of the standard mortgage in the U.S., discussed last week, is the extreme rigidity of the payment obligation, which makes it very difficult to manage the repayment process efficiently. In last week's article, I suggested that this ...

The Mortgage Professor: Improving the standard mortgage


The standard mortgage in the U.S. has two major weaknesses. First, because the payment obligation is rigid, it is very difficult to manage the repayment process efficiently. Second, because the loan balance that the borrower pledges to repay is ...