That would be awfully convenient for the largest banks, which also happen to own the largest servicers, since during the housing bubble they tended to sell first liens into mortgage-backed securities pools and keep the higher-yielding seconds for themselves.
FORBES: Tobacco II? Big Banks Would Benefit From Mortgage Settlement
On Jan. 5 the Federal Reserve began its first purchases of government-guaranteed mortgage securities.
The main theme slowing sales - especially first time buyers - seemed to be difficulty getting a mortgage.
Baby-boomers getting their first foot on the housing ladder enjoyed both mortgage-tax relief and the debt-gobbling effects of inflation.
That's made it particularly hard for potential first-time buyers to get a mortgage.
And peppered with talk of accelerating private infrastructure projects and making it easier for first-time buyers to get a mortgage.
The Bank of Scotland report said typical mortgage payments for first-time buyers and home movers account for 20% of disposable earnings in Scotland.
According to the latest figures from the Council of Mortgage Lenders, first-time buyers currently spend only 13% of their income on their mortgages.
The government has encouraged banks to offer lower mortgage rates for first-time home buyers, called on developers to increase construction of smaller and cheaper apartments, and is tolerating moves by some cash-hungry municipal and provincial governments to loosen property restrictions at the local level.
With house prices dropping year-on-year, of those people buying a home with a mortgage in March some 40% were first-time buyers.
Nitesh Patel, housing economist at the Bank of Scotland, said first-time buyers failing to get a mortgage were affecting the statistics.
However Mr Black welcomed an announcement on a mortgage guarantee scheme for first-time buyers, agreed with the Lib Dems as part of budget negotiations.
Thanks to the Great Fire of Copenhagen in 1795, long before America's fancy mortgage-backed securities first appeared, private Danish banks began financing mortgages through bond issues.
The companies have also strayed from their mission of helping people afford their own home: they lag behind regular mortgage banks in funding first-time home-buyers, especially those from ethnic minorities.
ECONOMIST: The mortgage giant loses its boss and looks for capital
Meanwhile, a type of mortgage that was popular among first-time buyers during the housing boom has withered further, following announcements made by lenders on Budget Day.
She and her husband, both in their late 20s, bought their first house two years ago with an adjustable-rate mortgage.
By keeping interest rates at historic lows, however, his easy money fueled manias: first the Internet bubble and then the now-burst mortgage bubble.
All four of the major proxy voting services have recommended the ousting of various directors at Washington Mutual (nyse: WM - news - people ), a Seattle thrift that earlier this week announced a bigger-than-expected first-quarter loss and an infusion of capital from Texas Pacific Group as it tries to repair its battered mortgage-laden balance sheet.
Banks are also permitted to discount mortgage rates up to 30% for first-time buyers.
Smart Money reports that the average rate on a 30-year fixed-rate mortgage dropped below 4% for the first time, to 3.94%.
While Round 1 goes to the banks, the ruling appeared to be the first of its kind in the line up of pending mortgage-backed-securties lawsuits.
Bankinter, a retail bank, has responded to fury over home repossessions by introducing the first Spanish mortgage that can be walked away from, American-style, simply by handing over the keys.
By contrast, their children are typically having to wait nearly ten years longer, until their mid-30s, to become first-time buyers and are then likely to be stuck with mortgage debt for most of their (longer) working lives.
The UK mortgage market has been boosted by government schemes to help first-time buyers, according to homebuilder Redrow.
BBC: Mortgage market boosted by lending schemes, says Redrow
Across the five-hour phone call with the bank, the mortgage department first told Leigh they had no idea what she was talking about.
First, for people looking to get a traditional 30-year fixed rate mortgage, those rates aren't likely to move much in response to the Fed.
But Beijing said in February that financial institutions should support demand from first-time home buyers, and it allowed banks to offer discounts on mortgage rates.
They are finding property less and less affordable: 45% of first-time buyers today, according to Professor Miles, take out a mortgage that is more than three times their annual income, up from 10% in 1993.
Officials from the Ministry of Housing and Urban Rural Development have said the government will support owners looking to upgrade as well as first-time buyers, raising the prospect they will get better access to mortgage loans.
Mortgage interest rates are still low, a great relief to first-time home buyers, real estate investors, and households considering refinancing their higher-rate loans initiated over the past few years.
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