By Kevin Chiu In an effort to recover some of the billions of dollars in mortgage losses Fannie Mae and Freddie Mac have sustained, the Federal Housing Finance Agency (FHFA) has opened an inquiry into mortgage fraud in the real estate crash. The inquiry was announced almost two full years after the agency was established.… Continue reading Feds Move to Recoup Losses in Mortgage Fraud
Category: Banks
Money Factor in Housing Decisions
By Lois A. Vitt, Ph.D. Buying a new home, remodeling, or investing in a second home is all about cost and affordability, right? Absolutely yes and no! But aren’t “price,” “monthly carry,” and “tax consequences” the key deciding factors in any housing transactions? Of course they are, and no, not as often as you may… Continue reading Money Factor in Housing Decisions
Wells Fargo Exits Subprime Business
In a move hailed as a last gasp for the subprime mortgage business, Wells Fargo Bank has announced it is leaving the subprime business. The decision made Wells the last big conventional bank to exit subprime following the demise of Countrywide and Washington Mutual in the lending industry. The two former mortgage titans were acquired… Continue reading Wells Fargo Exits Subprime Business
Mortgage Rates Drop to New Low
By Mike Colpitts Mortgage rates on a conventional 30-year fixed loan dropped one-one-hundredth of one percent lower for the week on average to a new historic low, according to Freddie Mac. The 4.57% average prompted a wide increase in home refinancing. “With mortgage rates falling to historic lows, refinance activity has been strong over the… Continue reading Mortgage Rates Drop to New Low
$100 Home Deal Not Dead
The federal $100 home deal that started out in one of the nation’s hardest hit foreclosure centers is expanding into more states. The move is part of government efforts to revitalize neighborhoods devastated by the foreclosure crisis. The program was launched in Cleveland, Ohio allowing non-profits to take control of homes that were foreclosed as… Continue reading $100 Home Deal Not Dead
Opinion Poll: Americans Divided on Home Tax Credit
In an amazing study of public uncertainness, Americans are divided on whether states should offer tax credits to incentivize home buyers to purchase a home. The new Housing Predictor online opinion poll found that almost by an identical margin respondents were unsure whether states with their troubled finances should provide tax credits to home buyers. A… Continue reading Opinion Poll: Americans Divided on Home Tax Credit
On a Budget but Living Large
By Joan Trombetti Americans might be on a tighter budget these days, but they are living large when it comes to their homes. A U.S. home is bigger with more bathrooms and bedrooms, according to the Housing and Urban Development (HUD) annual American Housing Survey. Not only are Americans living large, the survey also revealed… Continue reading On a Budget but Living Large
Finding a Reputable Home Contractor
By Jeanne Roberts The Federal Trade Commission (FTC), which mission is to protect American consumers from “unfair and deceptive acts or practices”, cautions that finding a home repair contractor may require a lot of legwork, but a diligent investigation will pay off in the end. Not only is your home likely your largest and most… Continue reading Finding a Reputable Home Contractor
BP Oil Pay Czar to Compensate Vacation Rentals
By Mike Colpitts Destin, Florida – The administrator of the $20-billion fund to compensate victims of the BP oil disaster in the Gulf of Mexico says owners of rental properties along the gulf coast should apply for lost vacation rental revenue. Kenneth Feinberg, appointed by President Barack Obama as the pay czar after performing the… Continue reading BP Oil Pay Czar to Compensate Vacation Rentals
Mortgage Reform Limited in Congress Financial Bill
By Kevin Chiu The massive financial reform legislation package being debated in Congress attempts to halt predatory lending, and sets a framework into action that would reshape the mortgage lending industry. But the sweeping reforms don’t include a mention of the nation’s biggest mortgage debacle, Fannie Mae and Freddie Mac, the broken government sponsored enterprises.… Continue reading Mortgage Reform Limited in Congress Financial Bill