By Kevin Chiu A delegation of Congressional members are calling on U.S. bank regulators to publicly release information regarding steps that are being taken by mortgage servicers to prevent illegal foreclosures. The move was launched after House Rep. Maxine Waters (D-Calif.) sent a letter signed by 15 members of the House to regulators making the… Continue reading Delegation Calls for Mortgage Servicer Reforms
Category: California
California housing market
Short Sale Transparency Law Proposed
By Mike Colpitts A law that would force bankers to provide the minimum price they would take for a home in a short sale has been introduced in Congress in an effort to aid the housing market. The bill, authored by House member Susan Davis (D-San Diego) was introduced to give homeowners at risk of… Continue reading Short Sale Transparency Law Proposed
Foreclosures Forecast to Hit 15 Million Homeowners
By Kevin Chiu The foreclosure crisis has produced an overpowering series of affects across the U.S., destroying businesses, taking away livelihoods, tossing millions of homeowners out of their homes and pressuring home prices in the over-whelming majority of neighborhoods lower. The crisis, first forecast by Housing Predictor almost five years ago as the first real… Continue reading Foreclosures Forecast to Hit 15 Million Homeowners
Home Buyers Making Multiple Offers
By Kevin Chiu Home buyers are making multiple offers to purchase homes that are short sales in rising numbers as they grow impatient with the drawn out short sale process with banks, and mortgage servicing companies. The long waits and other obstacles have taken the excitement out of the home buying experience for first time… Continue reading Home Buyers Making Multiple Offers
Mortgage Defaults Edge Up in August
Mortgage defaults were filed for the first time against the largest number of homeowners in more than four years in August as foreclosures surged higher for the month, according to RealtyTrac. Foreclosure auctions and formal lender repossessions were filed against 228,098 homes during the month. The figure represented a 7% surge in lender takeovers for… Continue reading Mortgage Defaults Edge Up in August
Housing Starts Surge in California
By Mike Colpitts Anchored by a jump in multi-family building permits, new housing starts soared in California during August, despite a decline in starts elsewhere in the U.S. Housing starts during the month nationally totaled just 571,000 units, the fewest since record keeping has been monitored during 1970. Permits were pulled on 4,695 housing units… Continue reading Housing Starts Surge in California
Brad Pitt Puts Malibu Mansion Up For Sale
Superstar Brad Pitt has listed his spacious California beach house for sale, and judging from its location the two time Academy Award nominee shouldn’t have much of a problem selling the massive estate even in the current market, as many Hollywood stars make this part of the Southern California coastline their second home. The huge… Continue reading Brad Pitt Puts Malibu Mansion Up For Sale
Renters Ripoff Landlords in $6 Million Mortgage Scam
By Mike Colpitts In a rare turnaround of sorts, seven people have been arrested for allegedly posing as homeowners of the homes they were renting and applying to take out nearly $6-million in home equity mortgages. The seven were arrested in Southern California by sheriff’s investigators after a major investigation, including the FBI led to… Continue reading Renters Ripoff Landlords in $6 Million Mortgage Scam
Refinancing Program to Aid Underwater Homeowners
By Mike Colpitts The U.S. government’s giant mortgage lenders will soon expand refinancing to underwater homeowners on their mortgages in efforts to reduce the growing number of homes being foreclosed, and aid the nation’s hurting economy. Freddie Mac and Fannie Mae will “remove barriers that exist in the current refinancing program” allowing more homeowners to… Continue reading Refinancing Program to Aid Underwater Homeowners
Jumbo Mortgage Rates to Feel Little Impact
By Mike Colpitts Loan limits on jumbo mortgages are scheduled to be slashed as a result of changes required in the Housing and Economic Act of 2008. However, the impact is expected to be limited by many lenders. The Federal Housing Administration (FHA) will reduce mortgage limits on loans in the highest metropolitan areas of… Continue reading Jumbo Mortgage Rates to Feel Little Impact