Mortgage

The battle between Fannie Mae, Freddie Mac, and various government entities continues, each taking a different approach on the battlefield.

As a sign of contracts that will close in the future, a dip in applications is a potential dip in closings in coming months, an unwelcome sign for the real estate market.

New reports reveal that jumbo loans that are underwater are nearly impossible to refinance, leaving some homowners feeling alienated.

Seasonally adjusted and unadjusted data both show mortgage application volume dropping slightly, but no major shifts took place during this reporting period.

Banks are cashing in by taking advantage of new HARP rules - refinanced loans are at lower rates, but still above market rates.

Even adjusting for the Memorial Day holiday the week prior, mortgage application volume surged last week, and refinance volume hit a three year high.

On an unadjusted basis, purchase activity fell 13 percent for the week, but on an adjusted basis, fell only slightly, leaving refinances to continue propping up the application volume.

There are many recognized hardships that lend to a simple short sale process, but some hardships are seen as less legitimate by banking institutions and slow the process.