Category: Credit

In Las Vegas, where foreclosures are running at some of the highest levels in the U.S. many real estate agents are calling themselves short sale experts in an effort to gain business in a bitter battle to survive, but many have little or no experience at selling homes for less than what is owed on… Continue reading Las Vegas Realtors Warn of Short Sale Fraudsters

By Kevin Chiu Mortgage rates jumped for the first time in eight weeks with the rate on a 30-year fixed rate mortgage rising by a large margin. A 30-year mortgage went for 4.17% on average a week ago and surged to 4.39% this week, according to Freddie Mac. The rate on a 15-year fixed rate… Continue reading Mortgage Rates Jump Much Higher

The robo-signing foreclosure scandal has exposed illegal bank practices by servicing companies on mortgages, and also shows the urgent need to reform a banking system that is broken and plagued with abuses, unnecessarily pushing homeowners into foreclosure, a top consumer’s advocate told a Congressional panel. “The lack of restraint on servicer abuses has created a… Continue reading Robo-Signing Shows Illegal Bank Practices

By Kevin Chiu Mortgage applications fell by a huge volume for the week as rates on home mortgages climbed demonstrating that foreclosure moratoriums put in place by major lenders are having an impact on the housing market, according to the Mortgage Bankers Association. Applications dropped 14.4% on an adjusted basis from a week earlier. Refinancing… Continue reading Mortgage Rates Rise as Applications Fall

By Kevin Chiu The National Commission on Fiscal Responsibility and Reform has stirred the proverbial hornets nest with its proposal to limit the homeowners’ federal mortgage interest deduction. But in real terms limiting or elimination of mortgage interest from federal taxes has little chance of happening. It’s a no-brainer. The commission, created by President Barack… Continue reading Threat of Mortgage Interest Deduction Loss

A financial company started by a former Wall Street banker has found itself on Time magazine’s list for being one of the best 50 inventions in 2010. Loan Value Group announced that its Responsible Homeowner Rewards program has been named fifth on the list of companies, and the only financial firm on the magazine’s annual… Continue reading Financial Company Makes Time Magazine List

By Ryan Poliakoff It’s that time of year again, when we drag out the lights and tinsel to show just how much we appreciate the holidays. But for 60-million Americans who live in shared homeowner associations, arguments about religious decorations can make the season a lot less festive. Homeowner associations or shared ownership community documents… Continue reading Homeowner Associations Halt Holiday Decorations

By Mike Colpitts The man appointed to fix the nation’s housing mess has been the North Carolina commissioner of banks since 2002. Joseph A. Smith, Jr., 61, will have to be confirmed by the full Senate before he takes over as director of the Federal Housing Finance Agency after being appointed to the position by… Continue reading Man Appointed to Fix Housing Mess

By Kevin Chiu Propelled by lower home prices and record low mortgage rates home sales climbed 21% in the third quarter of the year in Miami, indicating that the market is finally in a rebound from its long downturn, according to the Miami Association of Realtors. The increase marks nine straight quarters of rising sales… Continue reading Miami Home Sales Rebound

By Kevin Chiu The purchase of Countrywide Financial may be getting to be one of the worst banking acquisitions in U.S. history for Bank of America. Since the nation’s biggest bank bought troubled Countrywide in the throes of the financial crisis in 2008 the bank’s home loan department has lost $8.5-billion and counting in bad… Continue reading Bank of America Drowning in Countrywide Debt