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
Category: Economic Crisis
Few Bankers Go to Prison in Financial Crisis
By Mike Colpitts Besieged by Wall Street and banking irregularities more than three years after the financial crisis exploded on Wall Street, only a handful of banking industry executives have been sentenced to prison in the fallout of the U.S. mortgage crisis that transformed the U.S. economy. A New Jersey based mortgage company president was… Continue reading Few Bankers Go to Prison in Financial Crisis
Congresswoman Calls On Obama To Fight Bankers
California Democratic Congresswoman Maxine Waters is calling on President Barack Obama to use his speech before the joint session of Congress Thursday night to offer “bold” solutions on the jobs crisis and foreclosures. Waters says the president should call bankers into his office and demand they modify mortgages to “keep people in their homes.” The… Continue reading Congresswoman Calls On Obama To Fight Bankers
Home Builder Sentenced to 22 Years in Prison
By Mike Colpitts A home builder has been sentenced to serve 22 years in federal prison for his part in a conspiracy to defraud bankers out of millions of dollars in mortgages and commit tax fraud and money laundering against the IRS. The sentenced was imposed against Ohio home builder Thomas E. Parenteau of Hilliard,… Continue reading Home Builder Sentenced to 22 Years in Prison
White House Considers Underwater Refinancing Relief
By Mike Colpitts The White House is considering additional measures to slow the foreclosure crisis and aid homeowners, including a proposal that would allow underwater homeowners to refinance mortgages, despite a lack of equity in their homes. As many as two million underwater homeowners could be helped under the proposal, which was first offered by… Continue reading White House Considers Underwater Refinancing Relief
Hurricane Irene Flooding Leaves Homeowners Out of Luck
By Kevin Chiu As Hurricane Irene moved over the border into Canada, after having unleashed its mighty torrent on the Atlantic coast over a dozen states, flooding became its dominant issue as forecasters predicted. Torrential rains in more than a half a dozen states are expected to bring upwards of a million home insurance claims.… Continue reading Hurricane Irene Flooding Leaves Homeowners Out of Luck
Mortgage Rates Likely to Hit 4%
By Mike Colpitts The 30-year fixed rate mortgage is likely to drop to 4% as banks and mortgage lenders aggressively work to attract more business in the midst of the foreclosure crisis, which has resulted in the failures of many banks and jeopardized other lenders’ businesses, according to Housing Predictor analysts. The bench mark fixed… Continue reading Mortgage Rates Likely to Hit 4%
Hurricane Irene May Hit $35 Billion in Damages
By Mike Colpitts The economic damages caused by Hurricane Irene as it barrels in on the Atlantic coastline forecast to make landfall in North Carolina could hit as high as $35 billion, according to insurance estimates made prior to the storm even making landfall. However, as scientific modelers race to come up with a dollar… Continue reading Hurricane Irene May Hit $35 Billion in Damages
States Robo-Signing Negotiations Hit Halt
By Kevin Chiu Almost a year after the robo-signing scandal made headlines, shedding light on the magnitude of the foreclosure crisis for the U.S. economy, the 50 states Attorney Generals negotiations attempting to reach a settlement with banks have hit a halt. The stop in talks between bankers and the states top law enforcement prosecutors… Continue reading States Robo-Signing Negotiations Hit Halt
Fannie Mae & Freddie Mac Own Almost 200,000 Foreclosures
By Kevin Chiu Giant U.S. mortgage lenders Fannie Mae and Freddie Mac own nearly 200,000 single family homes in their bloated inventories of foreclosed properties, according to a review of the government sponsored enterprises. The nation’s largest lenders, which were originally started as a way to purchase mortgages and then re-sell them as securities on… Continue reading Fannie Mae & Freddie Mac Own Almost 200,000 Foreclosures