Category: Economic Crisis

Mortgage Rates Fall Four Straight Weeks

By Ryan Jackson Key mortgage rates fell for the fourth straight week as consumer interest to take out mortgages slowed because of the holiday weekend. The average rate on a fully executed 30-year fixed rate mortgage dropped to 3.91%, the lowest in the history of the Mortgage Bankers survey. Economists attribute the drop in rates… Continue reading Mortgage Rates Fall Four Straight Weeks

Former Homeowners Not Applying for Aid

By Mike Colpitts More than 4-million former homeowners whose homes may have been foreclosed illegally by the nation’s largest banks have received letters from the U.S. government asking them if they would like their foreclosures to be reviewed. But so disillusioned by the banking industry and their own situations, the over-whelming majority have failed to… Continue reading Former Homeowners Not Applying for Aid

Mortgage Reductions Crucial to Economic Recovery

By Kevin Chiu Troubled by an economy with a series of problems, the U.S. needs to face reality that its financial system is so problematic that mortgage principal reductions for homeowners at risk of default are the only route to getting the nation’s economy back on track. The rate on a 30-year fixed rate mortgage… Continue reading Mortgage Reductions Crucial to Economic Recovery

Mortgage Rates Drop to Historic Lows

By Mike Colpitts In a record breaking move, mortgage rates dropped to the lowest level in U.S. history this week as rates paid for Treasury bonds pushed rates lower. The rate on a conventional 30-year fixed rate mortgage fell to an average of 3.79%, four basis points below last week’s all-time record low, according to… Continue reading Mortgage Rates Drop to Historic Lows

State Launches $75 Million Home Demolition Program

By Mike Colpitts Ohio has lead the nation demolishing homes that have been left abandoned in hard hit neighborhoods in the U.S. real estate collapse. The state’s attorney general is now taking the program to an aggressive new level to demolish up to an estimated 100,000 vacant homes. The funds for the program are provided… Continue reading State Launches $75 Million Home Demolition Program

Former SEC Prosecutor Opens Investigation on REITs

By Mike Colpitts A former Security and Exchange Commission (SEC) prosecutor is launching an aggressive investigation into Real Estate Investment Trusts to recoup millions of dollars in losses for investors, who say they have been misled by investment brokers. Fort Lauderdale attorney David R. Chase has launched inquiries on behalf of investors in REITs throughout… Continue reading Former SEC Prosecutor Opens Investigation on REITs

US Economic Fear Sends Mortgage Rates Lower

By Mike Colpitts Fear over the U.S. economy and European debt woes sent mortgage rates to all-time record low levels this week as the benchmark 30-year fixed rate loan hit 3.84%. The previous record low was set in early February at 3.87%, according to Freddie Mac. Growing fears over the health of the economy sent… Continue reading US Economic Fear Sends Mortgage Rates Lower

$25 Billion Bank Monitor Hires Accountants

By Ryan Jackson The monitor appointed to oversee the banks $25 billion settlement with 49 state attorney generals in the robo-signing scandal has hired six accounting firms to help monitor the agreement. Forty-nine states reached an agreement with the nation’s five largest banks in February over the forged signings of millions of foreclosure documents involved… Continue reading $25 Billion Bank Monitor Hires Accountants

Homeowner Foreclosure Scams Spike

By Mike Colpitts Homeowner foreclosure rescue scams surged nearly 60% in the first three months of the year following the introduction of new federal foreclosure prevention programs, according to a national non- profit group working to help homeowners at risk of losing their homes. The Homeownership Preservation Foundation says fraudsters are busier than ever in… Continue reading Homeowner Foreclosure Scams Spike