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
Category: Banks
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
Countrywide CEO Troubled by Mortgage Lending Practices
By Mike Colpitts Former Countrywide Lending CEO Angelo Mozilo was troubled by his former company’s lending practices, especially problems that could arise from ALT-A adjustable rate mortgages, emails between Mozilo and former company employees’ show. The emails came to light during a federal investigation into the nation’s former giant mortgage lender. The sun tanned ex-Countrywide… Continue reading Countrywide CEO Troubled by Mortgage Lending Practices
Banks Demolish Thousands of Homes
By Mike Colpitts Swamped by foreclosures banks and mortgage lenders are demolishing homes in some of the hardest hit real estate markets in the U.S. after they foreclose on them in order to free up capital and get a tax write-off on the properties. JP Morgan Chase donated 1,900 homes since 2008 to be demolished… Continue reading Banks Demolish Thousands of Homes
Mortgage Volume Jumps on Lower Interest Rates
Mortgage volume jumped last week to the largest level in four months as low interest rates drove homeowners to refinance loans, according to the Mortgage Bankers Association. The upbeat news is likely to spur more refinancing activity this week. The bankers’ composite index, a combination of refinances and new home mortgages rose 15.5% on a… Continue reading Mortgage Volume Jumps on Lower Interest Rates
Taking a Loss On Your Own Home
By Kevin Chiu It’s a beating that’s hard to take –a financial loss on your own home. Just a handful of years ago you couldn’t go any where in public without over hearing how hot the housing market was. People were buying and selling property as much as they could afford or were allowed to.… Continue reading Taking a Loss On Your Own Home
U.S. Bank Failures Decline
By Mike Colpitts Fewer U.S. banks have failed in 2011 compared to the mid-way point last year and had to be taken over by the FDIC as insolvent. The government has forced the takeover of just 48 banking institutions through last weekend, which is a major decline and expects fewer to fail by the end… Continue reading U.S. Bank Failures Decline
Shadow Inventory Halts Economic Recovery
By Kevin Chiu The shadow inventory of homes and other real estate is holding an economic recovery back from fully developing, according to a study by credit firm Equifax. As many as six million residential properties make up the inventory of homes not yet officially foreclosed by lenders, but left in limbo to rot in… Continue reading Shadow Inventory Halts Economic Recovery
Mortgage Growth Stalls on Higher Interest Rates
A sudden increase in mortgage interest rates triggered a slowdown in loan applications for the first time in more than two months, according to the Mortgage Bankers Association weekly survey. The index saw a fall in applications, bringing refinances to a stall. Mortgage rates rose sharply for the week on a 30-year fixed rate loan… Continue reading Mortgage Growth Stalls on Higher Interest Rates
Financial Crisis Criminal Conspiracy Unravels
By Mike Colpitts It was a criminal conspiracy in the making for nearly a decade before Colonial Bank and Taylor, Bean & Whitaker Mortgage Corporation came tumbling down long before the financial crisis came to a head. A high level Fannie Mae executive, Samuel Smith discovered a mortgage in January of 2000 that had been… Continue reading Financial Crisis Criminal Conspiracy Unravels