By Mike Colpitts More than three years after the financial crisis erupted on Wall Street, a New Jersey based mortgage company president is the first person to be sentenced to federal prison in the government’s efforts targeting criminals in the financial crisis. The sentence was imposed as a result of a major conspiracy to defraud… Continue reading Mortgage Company President First Sentenced in Financial Crisis
Category: Economic Crisis
Victims of a Reverse Mortgage
Part 2 Mandatory HUD counseling required for reverse mortgages does not protect or help the borrower. The counseling is never done with the final figures of the contract, which changes absolutely everything, including the terms, disclosures, costs and fees, the amount of funds (money) to the borrower and most of all the ability to understand… Continue reading Victims of a Reverse Mortgage
Expecting Huge Penalties, Banks Want More Money Down
By Kim Olson Gone are the days when you could “put nothing down” to get a home mortgage. Lenders are pushing for bigger down payments, and want more money down, forcing borrowers to rethink just how much house they can afford. The developments come as the nation’s largest mortgage lenders, Bank of America, Wells Fargo… Continue reading Expecting Huge Penalties, Banks Want More Money Down
Regulator Confirms Banks Broke Laws in Robo-Signing
By Kevin Chiu Banking regulators are in the process of determining how mortgage servicing companies and banks will suffer for breaking laws in the foreclosure robo-signing scandal, according to the head of the U.S. Office of the Comptroller of Currency. The charges have been a financial and public relations catastrophe for banks and mortgage companies… Continue reading Regulator Confirms Banks Broke Laws in Robo-Signing
Freddie Mac and Fannie Mae Reduced in Housing Plan
By Mike Colpitts The role of the nation’s two mortgage giants, Freddie Mac and Fannie Mae will be reduced under the long awaited housing finance reform plan proposed by the Obama administration. The proposal will also slash the amount of government-backed mortgages that are guaranteed and is intended to more widely open the market to… Continue reading Freddie Mac and Fannie Mae Reduced in Housing Plan
Revolt Grows as More Homeowners Stop Paying Mortgages
By Mike Colpitts Millions of homeowners are living in their homes without paying mortgages as more mortgage holders revolt against banks and mortgage servicing companies in America’s growing foreclosure crisis. Some mortgage borrowers are trying to work with banks and mortgage companies. Others have tired over the hassles it takes to work with lenders to… Continue reading Revolt Grows as More Homeowners Stop Paying Mortgages
Four States Cities Lead Foreclosure Crisis in 2010
By Mike Colpitts Four states cities accounted for 19 of the top 20 metropolitan U.S. foreclosure centers in 2010 as the foreclosure crisis gained momentum in the majority of the nation, despite moratoriums put in place by five major national lenders, according to RealtyTrac. California, Florida, Nevada and Arizona cities accounted for the most foreclosures.… Continue reading Four States Cities Lead Foreclosure Crisis in 2010
Shadow Inventory Slashed to 2.1 Million Homes
An estimated 2.1-million distressed homes make up the shadow inventory, representing a huge decline of properties that make up the inventory of homes that have not yet been formally foreclosed and listed for sale, according to Core Logic, a real estate research firm. The inventory makes up part of the more than 18-million vacant homes… Continue reading Shadow Inventory Slashed to 2.1 Million Homes
Home Sales Decline in October
Home sales declined in October after climbing for two straight months, according to the National Association of Realtors. Existing home sales are also nearly 26% below the pace a year ago when the federal tax credit was in effect. Sales on residential properties declined to a seasonally adjusted rate of 4.43-million for the month, a… Continue reading Home Sales Decline in October
Banks Insult to Justice System
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