by Martin D. Weiss, Ph.D. 10-20-10
The Mortgage Bankers Association (MBA) has just announced that new mortgage applications have slumped again despite some of the lowest interest rates in history — a drop in demand that bodes ill for the entire housing market.
Moreover, the slumping market can only be aggravated by the foreclosure fraud crisis that has burst onto the scene in recent days.
Some people thought Bank of America’s decision this week — to restart its foreclosure machine in 23 states — ended that crisis. But it didn’t.
Right now, as I write these words, the White House is meeting with regulators and administration officials to review federal investigations into the foreclosure fraud crisis. Not a good sign!
Also right now, 50 state attorneys general are plowing ahead with their investigations of the nation’s largest mortgage lenders, including Bank of America, JP Morgan and many others. FULL STORY