By Kevin Chiu The nation’s largest bank has settled the biggest mortgage false claims case with the U.S. government in history. Bank of America will pay $1-billion to resolve wrongdoing uncovered by the U.S. Justice Department in mortgage lending by loan officers operating for Countrywide Mortgage, which BofA acquired at the height of the financial… Continue reading Bank of America Settles Largest Mortgage False Claims Case
Category: Banks
Record Low Mortgage Rates Hold Steady
By Mike Colpitts Record low mortgage rates remained at their all-time record low this week as a troubled world economy jittered financial markets, according to Freddie Mac. The benchmark 30-year fixed rate loan held steady at its lowest level in U.S. history for the second week in a row. The heavily watched 30-year mortgage averaged… Continue reading Record Low Mortgage Rates Hold Steady
Homeowners Receive Short Sale Cooperation
By Mike Colpitts Homeowners are receiving cooperation from banks and mortgage lenders to sell their unaffordable homes as short sales at higher levels. The increase in short sales is being driven by investors calling for banks to cut their losses, resulting in a reduction of homeowners walking away from their home mortgages. Scam artists preying… Continue reading Homeowners Receive Short Sale Cooperation
Refinances Surge on Record Low Mortgage Rates
By Mike Colpitts Bolstered by a jump in home refinances, home mortgage applications surged higher last week on to nearly a record breaking pace. The Mortgage Bankers Association Refinance Index increased 9.4% from the prior week. The average contracted mortgage rate on a fixed 30-year loan dropped to 4.05%, the lowest in the history of… Continue reading Refinances Surge on Record Low Mortgage Rates
Feds Reach Mortgage Deal with 49 States
By Mike Colpitts The U.S. government and 49 states attorneys general have reached a landmark $25-billion agreement over the robo-signing scandal with the country’s largest five banks. The unprecedented deal closes a chapter in the nation’s foreclosure crisis, which has cost millions of homeowners their homes. The agreement offers financial relief to some homeowners caught… Continue reading Feds Reach Mortgage Deal with 49 States
Time Running Out for Short Sales
By Mike Colpitts Time may be running out for homeowners hoping to do a short sale on their home and not get hit with a big federal tax bill because they had to walk away from their mortgage. The Mortgage Forgiveness Debt Relief Act approved by Congress is scheduled to expire at the end of… Continue reading Time Running Out for Short Sales
Private Equity Firms Purchase Fannie Mae Foreclosures
By Kevin Chiu The bulk sale of foreclosed Fannie Mae homes to private equity firms will place foreclosures right back into the very hands of some of the banks and investors which triggered the foreclosure crisis by manipulating financial markets. Fannie Mae is inviting investors to become joint venture partners in the biggest bulk sale… Continue reading Private Equity Firms Purchase Fannie Mae Foreclosures
Mortgage Rates Jump on Fewer Applications
By Mike Colpitts Banks and mortgage companies raised mortgage rates on new borrowers this week as the demand for new home loans and refinancing sunk, according to Freddie Mac. The rate on the benchmark 30-year fixed rate mortgage saw a jump to 3.98%, a tenth of one-percent higher than last week. The rate was at… Continue reading Mortgage Rates Jump on Fewer Applications
SEC Charges Bank CEO with Misleading Investors
By Mike Colpitts Almost five years after the housing market collapse, the Securities and Exchange Commission (SEC) charged a bank CEO with misleading investors about growing problems over its real estate loan portfolio. The SEC said BankAtlantic Bancorp CEO Alan Levan made misleading statements in public filings and earnings calls in order to hide the… Continue reading SEC Charges Bank CEO with Misleading Investors
FHA Cracks Down on Mortgage Lenders
By Kevin Chiu The Federal Housing Administration (FHA) will toughen its standards to approve mortgage lenders doing business with the government, and force more banks and mortgage companies to buy back defaulted mortgages in a major move to crack down on mortgage lenders. The federal government’s changes are part of an effort to improve mortgage… Continue reading FHA Cracks Down on Mortgage Lenders