By Mike Colpitts Little government aid is available to homeowners struggling to hold on to their homes caught in the grip of economic hardship, according to a leading attorney who is spearheading legal action against seven of the nation’s largest banks in the foreclosure crisis. Attorney Philip Kramer, whose firm Kramer-Kaslow of Calabasas, California has… Continue reading U.S. May Dump Homeowner Aid
Category: Banks
Mortgage Qualifying Standards Tighten
By Kevin Chiu Qualifying for a conventional home mortgage has gotten tougher in the fallout of the financial crisis, but Freddie Mac and Fannie Mae requirements show that obtaining a conventional mortgage has gotten much tougher even before Congress implements changes as part of the Dodd-Frank Financial Reform Act. The average credit score approved for… Continue reading Mortgage Qualifying Standards Tighten
Mortgages Jump Higher as Rates Drop
By Kevin Chiu The volume of applications for home mortgages jumped higher for the week as mortgage rates dropped, according to the Mortgage Bankers Association. The composite index, a figure compiled from both new purchase applications and refinances jumped 8.2%. Refinancing led applications as homeowners with mortgages they were trying to get a lower rate… Continue reading Mortgages Jump Higher as Rates Drop
Hard Money Lending at Record Clip
By Mike Colpitts Despite home prices continuing to decline in much of the U.S., hard money lenders are funding home mortgages at the highest rate on record as nervous homeowners attempt to hold on to their homes. Banks and conventional mortgage lenders are rejecting refinances and new home purchases at alarming rates. Source Capital Funding,… Continue reading Hard Money Lending at Record Clip
Feds Slam 14 Banks in Robo Signing
By Kevin Chiu The federal government has announced formal enforcement sanctions against 14 banking organizations addressing a serious “pattern of misconduct and negligence” in the robo signing scandal. The deficiencies, announced jointly by the Federal Reserve, Comptroller of the Currency and the Office of Thrift Supervision requires banks and mortgage servicing companies to make corrections… Continue reading Feds Slam 14 Banks in Robo Signing
Quick Fix for the Housing Market
By Bobbi Nicolai Far too many Americans are being held hostage by banks, and their agents, collecting on student loans. If the U.S. government were to forgive student loans, all of those funds would be released back into the economy. People who are barely making ends meet would have hundreds of dollars more available each… Continue reading Quick Fix for the Housing Market
Refinances, Home Purchases Dive
By Kevin Chiu Mortgage applications took a sudden reverse, dropping nearly 7% from a week ago as homeowners stopped applying for refinances and home buyers turned increasingly leery about the marketplace, according to the Mortgage Bankers Association. The drop-off indicates a further dive in home purchases. The slowdown in mortgage applications shows that weakness in… Continue reading Refinances, Home Purchases Dive
Former Mortgage Head Guilty in $2.9 Billion Fraud
By Kevin Chiu The former chairman of a mortgage corporation, once one of the 25 largest in the U.S. has been convicted by a federal jury in a $2.9-billion fraud scheme that drove Colonial Bank and its lending empire, Taylor, Bean and Whitaker out of business and into bankruptcy. The scheme is believed to be… Continue reading Former Mortgage Head Guilty in $2.9 Billion Fraud
Seven Major U.S. Banks Sued in Homeowners Fraud
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
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