Category: Banks

States Rip Off Foreclosure Victims

By Mike Colpitts Almost $1-billion targeted to victims of banking foreclosure fraud is being ripped off from foreclosure victims to be used to pay for other programs for states facing serious financial deficits. The nation’s largest five banks agreed to pay a $25 billion settlement as part of their agreement to settle allegations of illegal… Continue reading States Rip Off Foreclosure Victims

Bank of America Increases Short Sale Payments

By Ryan Jackson Bank of America, which has performed more foreclosures than any other single U.S. lender is raising the amount of money it pays delinquent homeowners to agree to a short sale. The program will pay any where from $2,500 to $30,000 in relocation assistance to qualifying mortgage holders. The program is hoped to… Continue reading Bank of America Increases Short Sale Payments

Banks Fight Foreclosure Initiative

By Mike Colpitts A ballot initiative that would force banks to provide proof of ownership before foreclosing on a home is facing a major legal fight in court by bankers, who want to kill the citizen initiated proposal before it makes the ballot. Two big banking associations are battling against the initiative from being placed… Continue reading Banks Fight Foreclosure Initiative

Company Beating Thieves to Homes

By Ryan Jackson An innovative company is beating thieves by preventing vacant homes from being ripped-off with sophisticated technology plus gaining a foothold in the security business as it uses the advanced technologies its developed to secure homes. VPS entered the Las Vegas housing market to sell its services since the region is regarded as… Continue reading Company Beating Thieves to Homes

US Economic Fear Sends Mortgage Rates Lower

By Mike Colpitts Fear over the U.S. economy and European debt woes sent mortgage rates to all-time record low levels this week as the benchmark 30-year fixed rate loan hit 3.84%. The previous record low was set in early February at 3.87%, according to Freddie Mac. Growing fears over the health of the economy sent… Continue reading US Economic Fear Sends Mortgage Rates Lower

Mortgage Banker Pleads Guilty in $6.5 Million Scheme

By Ryan Jackson When the housing market collapsed hundreds of thousands of mortgage and real estate agents who made their livings in real estate suffered, losing incomes, and many have been foreclosed as a result of the collapse. But one Florida mortgage banker admits to leading a criminal conspiracy to defraud HUD out of more… Continue reading Mortgage Banker Pleads Guilty in $6.5 Million Scheme

Short Sales Finally Speed Up

By Mike Colpitts The nation’s giant mortgage lenders will force banks and mortgage servicers to enforce new guidelines to speed up short sales. Freddie Mac and Fannie Mae will require lenders to respond to requests for short sales from mortgage borrowers within 60 days under a new mandate ordered by the Federal Housing Finance Agency.… Continue reading Short Sales Finally Speed Up

Home Prices Forecast Higher

By Mike Colpitts Home prices in a larger number of cities are forecast to inflate in value in 2012 as many U.S. cities make inroads towards a housing recovery. Signs of progress are developing in a growing number of U.S. states, including hard hit Florida, Michigan and Mississippi. Improving conditions in many cities are attributed… Continue reading Home Prices Forecast Higher

Mortgages Slow Despite Rate Drop

By Mike Colpitts Growing doubts about the U.S. economy and weakness in the job sector slowed mortgage application activity last week, despite a drop in key mortgage rates being offered by lenders, according to the Mortgage Bankers Association. The market composite index, a combination of both refinances and home purchase applications dropped 3.8%. But the… Continue reading Mortgages Slow Despite Rate Drop