By Mike Colpitts A veteran real estate attorney is suing seven major U.S. banks in what may be a precedent setting case for allegedly defrauding hundreds of thousands of homeowners. Calabasas, California attorney Philip Kramer, who has been practicing real estate law more than 25 years, is citing laws and procedures that banks were previously… Continue reading Seven Major U.S. Banks Sued in Homeowners Fraud
Category: 2011 Housing Market
Housing Appreciation Years Off, Survey Shows
Consumers say it’s going to take a number of years for the housing market to appreciate in value again, according to a new Housing Predictor online poll. More than 1 out of 3 surveyed say it will take more than five years for the market to improve. Another 19% or almost one out of five… Continue reading Housing Appreciation Years Off, Survey Shows
State Foreclosure Settlements Seem Doubtful
By Mike Colpitts A settlement between bankers, mortgage servicing companies and the 50 state Attorney Generals investigating robo signing foreclosures seems more doubtful of achieving by the day as bankers delay talks to stem off billions of dollars in settlements they would have to pay to reach such an agreement, estimated as high as $25-billion.… Continue reading State Foreclosure Settlements Seem Doubtful
Foreclosure Backlog Rises as Federal Aid Fails
By Mike Colpitts The foreclosure inventory of homes has grown to more than 30 times the volume of foreclosed homes that sell each month in the U.S. as federal efforts to stem the crisis fails, indicating that the flood of foreclosures will trouble the housing market for years to come, according to Lender Processing Services,… Continue reading Foreclosure Backlog Rises as Federal Aid Fails
Split Housing Market Bottom Forecast
By Kevin Chiu Divided by growing political unrest, a nation in economic turmoil and the reluctance of banks to lend to any but the best of mortgage worthy applicants in the current economy, the U.S. housing market is forecast to experience a split as some areas of the nation hit bottoms of the market and… Continue reading Split Housing Market Bottom Forecast
Fannie Mae Pays Closing Costs
By Mike Colpitts Hoping to slash the record volume of foreclosures in its inventory, Fannie Mae, one of the nation’s two mortgage giants is offering to pay buyers’ closing costs on foreclosed homes and accepting down payments of as little as 3%. Purchasers will receive up to 3.5% in closing costs assistance. The inventive was… Continue reading Fannie Mae Pays Closing Costs
Mortgage Bond Values Double
By Chris Choi The collapse of the housing market resulted in mass foreclosures, the bailout of banks, companies going bankrupt and the stock market hitting rock bottom. The financial crisis of 2008 was caused by a series of issues, but none more directly than the rise of mortgage bonds traded by investors, who relied on… Continue reading Mortgage Bond Values Double
Mortgage Proposals Set Back Homeownership
By Lois A. Vitt, Ph.D. New mortgage finance rules in the planning stages by the federal government will set homeownership back nearly forty years, and down a track that many Americans won’t understand. The efforts are intended to set-up a framework for permanent down payment minimums of 20%, higher interest rates and mandatory income ratios… Continue reading Mortgage Proposals Set Back Homeownership
Bed Bug Beagles Canvas New York City
By Mike Colpitts Bed bug beagles, certified to detect bed bugs infesting homes, apartments and hotel rooms in New York City are searching out the pesky bugs known for biting their victims while they sleep between the sheets at night. Bed Bug Super Dogs is an independent certified bed bug detection service for the real… Continue reading Bed Bug Beagles Canvas New York City
Mortgage Interest Rates Budge Higher
By Kevin Chiu Mortgage interest rates budged slightly higher for the fourth week in a row, inching up just one basis point on a 30-year fixed rate loan and by an identical amount on the seldom purchased 15-year fixed rate mortgage. Interest rates were little changed after an encouraging jobs report. The U.S. economy added… Continue reading Mortgage Interest Rates Budge Higher