By Kevin Chiu A move by five of the U.S. largest banks to reportedly limit their liability over illegal foreclosures is being rejected by at least three states now investigating lenders for their roll in the robo signing scandal. Massachusetts Attorney General Martha Coakley added the state’s name to the growing list of states refusing… Continue reading States Balk at Banks Foreclosure Deal
Category: 2011 Housing Market
MERS Order May Provide Greater Transparency
By Mike Colpitts An order from the nation’s electronic registration company that halts banks and mortgage servicing companies from foreclosing on homes in MERS name may result in greater transparency for homeowners in foreclosure and could actually be of help to consumers. “I think it’s a good step in the right direction,” said National Consumer… Continue reading MERS Order May Provide Greater Transparency
Mortgage Rates Drop to New Lows
By Kevin Chiu Mortgage rates hit new lows this week as U.S. Treasury bonds reached an all-time record low Wednesday after several days of declines. The rate on the benchmark 10-year Treasury hit 2.08%, a drop from 2.98% after Standard and Poor’s downgraded the U.S. credit standing late last week. The drop in interest rates… Continue reading Mortgage Rates Drop to New Lows
Feds Sue to Recoup Mortgage Losses
By Mike Colpitts A mortgage lender is being sued by the U.S. Justice Department in an effort to recoup $1.6 million in insurance premiums the Federal Housing Administration was forced to pay on homes that were foreclosed. The lawsuit was filed against an Illinois based lender, MDR Mortgage Corporation. The suit, filed against Robert S.… Continue reading Feds Sue to Recoup Mortgage Losses
Mortgage Lender Agent Licensing Mandatory
By Mike Colpitts As a result of the unethical and illegal lending practices that helped produce the mortgage meltdown and real estate collapse, Congress enacted the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) in 2008 as part of the Dodd-Frank financial reform. The federal law mandating mortgage agent licensing goes into effect… Continue reading Mortgage Lender Agent Licensing Mandatory
Mortgage Rates Drop as 15-Year Loan Nears New Low
Mortgage rates fell as the nation focused on negotiations in Washington, D.C. over the Congressional budget debacle last week. The rate on the little used 15-year fixed mortgage hit the lowest level in more than 21 years to drive a modest upturn in mortgage loan activity, according to the Mortgage Bankers Association. The average rate… Continue reading Mortgage Rates Drop as 15-Year Loan Nears New Low
Home Sharing Gains Popularity
By Kevin Chiu Home sharing is gaining in popularity as consumers look for ways to save money with the economy sputtering and more homeowners losing their homes to foreclosure. People are turning up at agencies across the U.S. looking for a place to live, where they can save some money to eventually either rent a… Continue reading Home Sharing Gains Popularity
S&P Credit Downgrade May Restore Confidence
By Mike Colpitts Mortgage interest rates had little immediate change as a result of Standard & Poor’s credit agency downgrading the U.S. economy for the first time in the nation’s history since the announcement was made after banks and financial markets were closed Friday. S&P announced the credit downgrade from AAA to AA+ Friday evening.… Continue reading S&P Credit Downgrade May Restore Confidence
Undermining the Credit Rating Agencies For the Public Good
By Mike Colpitts They blew it! Standard and Poor’s, Fitch and Moody’s all blew the calls on the financial crisis and real estate crash. So what does it really matter now that S&P downgraded the U.S. economy for the public good? It’s their history MAN! S&P has been around for more than 150 years, and… Continue reading Undermining the Credit Rating Agencies For the Public Good
Equifax Survey Shows Credit Improvement
By Kevin Chiu Mortgages made to applicants for home purchases and refinancing were down 4% in July from a year ago as weaknesses in job growth and auto sales took a toll on the economy, according to Equifax Credit Forecast Company. But defaults dropped sharply and other areas of credit extended to consumers, including home… Continue reading Equifax Survey Shows Credit Improvement