By Mike Colpitts Ohio’s hard talking attorney general says that banks and mortgage servicing companies simply choosing to re-file affidavits in order to straighten out their flawed paperwork on foreclosures is an “insult to the justice system.” “The big mortgage servicers and financial firms continue to demonstrate their belief that they do not need to… Continue reading Banks Insult to Justice System
Category: Economic Crisis
Whistleblowers Explode Foreclosure Crisis
By Kevin Chiu Working at a feverish pace to keep up with a record volume of foreclosures, bankers, attorneys and bank servicing companies have allegedly broken laws to foreclose on at least tens of thousands of homeowners. But only over the last six months have the sorted details of the four people that have made… Continue reading Whistleblowers Explode Foreclosure Crisis
Mortgage Rate Falls to Historic Low
The 30-year fixed rate mortgage fell again to break the all-time low average, hitting 4.19% down .08 from last week, according to Freddie Mac. The last time rates were this low was in April of 1951, according to the Federal Housing Administration. The 30-year fixed mortgage has been under 5% for 23 straight weeks. The… Continue reading Mortgage Rate Falls to Historic Low
Giant Mortgage Lenders to Get $363-Billion in Bailouts
By Mike Colpitts As much as $363-billion in mortgage-backed security purchases may be required to bailout troubled Freddie Mac and Fannie Mae, the government sponsored mortgage giants from growing debt due to the foreclosure crisis, according to a government report made public today. The projection was made by the Federal Housing Finance Agency, the government… Continue reading Giant Mortgage Lenders to Get $363-Billion in Bailouts
Mortgage Rates on Way Up
Mortgage rates rose slightly for the first time in five weeks, increasing to an average of 4.21% on a 30-year fixed rate mortgage, according to Freddie Mac. The rise represents a small .02 increase from last week for borrowers paying 0.8% in discount points. However, the increase was up from 4.19% last week, which was… Continue reading Mortgage Rates on Way Up
Cash is King in Real Estate
By Mike Colpitts Low home prices coupled with a tight economy have produced a rare set of events to trigger the highest number of cash home sales that many real estate agents remember in decades. In San Francisco, agents estimate that “around 15%” of all sales are paid in cash, while “more than 32%” are… Continue reading Cash is King in Real Estate
Foreclosure Moratorium Triggers Mortgage Application Drop
Demonstrating that the four mortgage lenders foreclosure moratoriums count, applications for home mortgages dropped 10.5% last week, according to the Mortgage Bankers Association. Applications for refinances dove 11.2%, while purchase money applications for new home mortgages were down 6.7%. The expiration of the federal home buyer tax credit coupled with the foreclosure freeze put in… Continue reading Foreclosure Moratorium Triggers Mortgage Application Drop
Weighing the Foreclosure Freeze
Opinion By Matthew Zifrony, Attorney at Law It’s sad that so many struggling homeowners are losing their homes due to foreclosure. Finding a way to keep them in their homes seems like the right thing to do. But is a freeze on all foreclosures the solution? On the human side, struggling families could use a… Continue reading Weighing the Foreclosure Freeze
Biggest Bank Makes Bold Move, Resumes Foreclosures
By Kevin Chiu The nation’s biggest bank resumed foreclosures in nearly two dozen states today, despite on-going legal battles over how it handled hundreds of thousands of foreclosures in courts where judges rule on homeowners losing their properties. Band of America has at least $106-billion in mortgages in foreclosure, according to SNL Financial, an unprecedented… Continue reading Biggest Bank Makes Bold Move, Resumes Foreclosures
Emergency Meeting Called in Foreclosure Crisis
By Mike Colpitts Florida’s attorney general is calling for an emergency meeting with mortgage lenders, saying the state’s economy could be devastated by the foreclosure mess. Ohio Attorney General Richard Cordray got the top prosecutors ball rolling for all 50 states, filing a lawsuit against GMAC Mortgage. He’s seeking $25,000 for each improper affidavit that’s… Continue reading Emergency Meeting Called in Foreclosure Crisis