By Mike Colpitts Mortgage interest rates had little immediate change as a result of Standard & Poor’s credit agency downgrading the U.S. economy for the first time in the nation’s history since the announcement was made after banks and financial markets were closed Friday. S&P announced the credit downgrade from AAA to AA+ Friday evening.… Continue reading S&P Credit Downgrade May Restore Confidence
Category: Economic Crisis
Undermining the Credit Rating Agencies For the Public Good
By Mike Colpitts They blew it! Standard and Poor’s, Fitch and Moody’s all blew the calls on the financial crisis and real estate crash. So what does it really matter now that S&P downgraded the U.S. economy for the public good? It’s their history MAN! S&P has been around for more than 150 years, and… Continue reading Undermining the Credit Rating Agencies For the Public Good
Mortgages Fall on Interest Rate Hike
Mortgage activity fell as interest rates saw a hike last week on signs of a weaker economy and trouble related to the U.S. budget debacle, according to the Mortgage Bankers Association. The composite index, a combination of refinancing and new home mortgage applications had a fall of 5% from the prior week as an increasing… Continue reading Mortgages Fall on Interest Rate Hike
BP Oil Spill Triggers Major Home Value Loss
By Mike Colpitts A study of home sales in Louisiana, Alabama, Mississippi and Florida along the Gulf of Mexico shows that home values have fallen an average of 15% so far as a direct result of the BP oil spill. The devastating impact from the massive oil spill has also contributed to the growing foreclosure… Continue reading BP Oil Spill Triggers Major Home Value Loss
Mortgage Rates to Skyrocket on Economic Budget Failure
By Mike Colpitts Failures by Congress and President Barack Obama to reach a deal on the U.S. economic budget is likely to trigger a massive hike to skyrocket mortgage interest rates, sending rates up at least 1 to 2½% within just a few short days following an impasse. The sudden rise in rates would essentially… Continue reading Mortgage Rates to Skyrocket on Economic Budget Failure
Underwater Homeowners Refinancing Bill Gains Momentum
By Mike Colpitts Millions of underwater homeowners could be helped under a bill that is gaining momentum in the U.S. Senate. The bill, authored by California Senator Barbara Boxer, would remove barriers that have halted millions of upside down homeowners from refinancing their homes. “The Helping Responsible Homeowners Act” would order government backed mortgage giants… Continue reading Underwater Homeowners Refinancing Bill Gains Momentum
Man Convicted in Real Estate Ponzi Scheme
By Mike Colpitts A federal jury has convicted a Colorado man on felony charges related to running a $30 million real estate Ponzi scheme after his son pled guilty to being a partner in the crime spree. Philip R. Lochmiller, Sr. was found guilty of money laundering, mail fraud charges and conspiracy in U.S. District… Continue reading Man Convicted in Real Estate Ponzi Scheme
Home Lending Slows Despite Mortgage Rate Drop
Mortgage applications dropped for the third straight week, despite a decline in interest rates demonstrating a slowdown in home lending led chiefly by a drop in refinancing, according to the Mortgage Bankers Association. The decline in interest rates saw the contract rate on a 30-year fixed rate mortgage decrease to 4.55% from a higher 4.69%… Continue reading Home Lending Slows Despite Mortgage Rate Drop
Taking a Loss On Your Own Home
By Kevin Chiu It’s a beating that’s hard to take –a financial loss on your own home. Just a handful of years ago you couldn’t go any where in public without over hearing how hot the housing market was. People were buying and selling property as much as they could afford or were allowed to.… Continue reading Taking a Loss On Your Own Home
Real Estate Broker Pleads Guilty in Straw Buyer Scheme
By Mike Colpitts A former real estate broker pled guilty to fraud charges in relationship to a mortgage scheme that involved more than $12 million in mortgages, straw borrowers that operated over a course of seven years and real estate investors. The plea was entered after federal prosecutors worked out a deal with Alexander O.… Continue reading Real Estate Broker Pleads Guilty in Straw Buyer Scheme