Category: Banks

Outlawing the New Wall Street Real Estate Financial Tool

Even before the greatest financial reform legislation is passed by Congress since the Great Depression, Wall Street bankers and creative companies are popping up to finagle another way to rake in billions of dollars in profits from real estate. Risky Wall Street practices have gained the attention of politicians at the state level, who are… Continue reading Outlawing the New Wall Street Real Estate Financial Tool

Banks Won’t Help Fannie Mae and Freddie Mac

By Mike Colpitts Fixing the nation’s giant mortgage lenders, troubled Fannie Mae and Freddie Mac, might take an act of Congress, but one of the mortgage industry’s chief lobbying groups says private banks won’t help the housing market. “A private model would be unable to attract the depth and breadth of capital needed to fund… Continue reading Banks Won’t Help Fannie Mae and Freddie Mac

New Law Forces Banks to Pay Up

By Kevin Chiu A new law that forces banks to pay up delinquent homeowner association fees, could signal the beginning of a national movement. The new state law, known as the Distressed Community Association Relief Act was signed by Florida Governor (R) Charlie Christ and is intended to help condo and homeowner associations that are… Continue reading New Law Forces Banks to Pay Up

BP Oil Spill Devastation Grows in Gulf of Mexico, Relocations Expected

By Kevin Chiu and Mike Colpitts Destin, Florida – The devastation that the BP oil spill is producing to the Gulf of Mexico is at least the size of all five Great Lakes as America’s greatest environmental disaster. It is likely to force hundreds of thousands of residents to relocate their homes to other areas… Continue reading BP Oil Spill Devastation Grows in Gulf of Mexico, Relocations Expected

Future Foreclosure Notices Drop, While Final Foreclosures Rise

By Kevin Chiu An increase in home refinancing, mortgage modifications and bank work-outs led to a possible drop in future foreclosures with a decline in formal notices of default in May. The decrease marked a seven percent decline for the month and accounts for a 22% drop from year ago levels. But bank repossessions for… Continue reading Future Foreclosure Notices Drop, While Final Foreclosures Rise

Countrywide Settlement in Homeowners Overcharging Scam

By Cheryl Reams Failed mortgage lender Countrywide Mortgage, once the nation’s largest home lender, has agreed to pay $108-million in fines to the Federal Trade Commission for scamming homeowners in foreclosure out of excessive fees. The Countrywide settlement comes more than two years after the FTC charged the failed lender with collecting excessive fees from… Continue reading Countrywide Settlement in Homeowners Overcharging Scam

Credit Unions Gain Mortgage Business

By Kevin Chiu Credit unions are attracting more business from conventional banks and mortgage lenders in the wake of the financial crisis, as bankers lose customers as a result of loose lending practices and distrust with the foreclosure of millions of homes. Risky mortgage lending practices, in which many banks turned a blind eye to… Continue reading Credit Unions Gain Mortgage Business

BP Oil Spill May Miss Florida Panhandle

Destin, Florida — While thick oil piles up in the marshes along the Louisiana coastline from the BP oil spill, beaches along the Florida panhandle remain clear of the sledge with the exception of a few tar balls floating ashore in spotty areas. Growing indications show that the massive oil slick may miss the Florida… Continue reading BP Oil Spill May Miss Florida Panhandle

2010 Nevada Housing Market

High unemployment in construction, gaming and retail sales is contributing to the epidemic of foreclosures in Nevada, which has slowed as bankers hold back on foreclosing properties in an attempt to raise housing prices. An assortment of new casino projects under construction has been stopped in their tracks, victims of the global financial meltdown. Unemployment… Continue reading 2010 Nevada Housing Market