By Cathy Salustri It seems as though every other headline in the newspaper talks about people losing their homes and every time you turn on the TV newscasters are talking about foreclosures. Yesterday’s mortgage brokers work at Starbucks and Home Depot today. Some real estate agents are waiting tables or looking for other work. The… Continue reading The Sky Isn’t Falling
Category: Foreclosure
Giant Failures Await
Inside the offices of Countrywide Mortgage the signs illuminated their offices reading, “Fast and Easy Loans.” The notices beckoned any mortgage applicant to ask just what these loans were all about. The so-called Fast and Easy Loans offered by Countrywide and dozens of other mortgage lenders and banks throughout the country, which often gained chuckles… Continue reading Giant Failures Await
Mortgage Fraud Still Booms
Mortgage fraud, regarded as one of three main triggers of the housing crisis is still emerging with recklessness. “The fraud has by no means gone away,” said Merle Sharick of the Mortgage Asset Research Institute (MARI). Mortgage fraud perpetrated by industry insiders accounts for 80 percent of all reported mortgage fraud losses, according to the… Continue reading Mortgage Fraud Still Booms
Walk Away Homeowners Increase Foreclosures
The social stigma associated with defaulting on a mortgage seems to be disappearing as the nation’s housing crisis escalates. More homeowners are choosing to freely walk-away from their homes as the values plummet. New York University Economist Nouriel Roubini was one of the first to warn of the dangers from a major real estate boom,… Continue reading Walk Away Homeowners Increase Foreclosures
Anemic Foreclosure Plan Fails Homeowners
By Mike Colpitts Editor The housing rescue bill signed into law by President Barack Obama lacks the scale and budget to deal with the growing foreclosure epidemic. The plan has been watered down by special interests, members of Congress and provides nothing more than an anemic effort to improve the housing market. At best the… Continue reading Anemic Foreclosure Plan Fails Homeowners
Robbed by the Bank in the U.S. Savings and Loan Scandal
By Leigh Neely It was 1986, the height of the U.S. Savings and Loan Fraud Scandal, and one of the worst years of my life. President Reagan was in office, and his trickle-down economy was getting worse every day. The trickle that had been coming to my house suddenly dried up, and my husband’s business… Continue reading Robbed by the Bank in the U.S. Savings and Loan Scandal
Growing Housing Crisis Reaches 47 States
Propelled by falling consumer confidence, little government intervention, an epidemic of record breaking foreclosures, and growing unemployment the long forecast real estate recession has devoured 47 states leaving them with faltering economies. By and large, the only areas remaining with forecast appreciation in 2008 are local real estate markets that did not experience major booms… Continue reading Growing Housing Crisis Reaches 47 States
Lenders Go Bankrupt as Pigs Get Slaughtered
The Inside Buzzzz Pigs Get Slaughtered as Lenders Go Bankrupt By Tony Evans Of the top 40 mortgage lenders, eight went bankrupt in 2007. So far this year just in California, Attorney General Jerry Brown has shut down seven bait-and-switch mortgage companies, including Lifetime Financial. Brown also has the name, address and phone numbers of… Continue reading Lenders Go Bankrupt as Pigs Get Slaughtered
Buyers Get Relief from Swamp Land Law
by Robert Jones A long forgotten law passed in the late 1960s to protect out-of-state buyers from investing in worthless Florida swamp land, the Interstate Land Sales Full Disclosure Act (ILSA) is now being tested as a way to get condo buyers out of their contracts. The act requires developers building 100 or more units… Continue reading Buyers Get Relief from Swamp Land Law
Finding a Lifesaver in Foreclosure
By Tony Evans Fasten your seat belts folks, its going to be a “white-knuckle” flight for a couple paragraphs, then some blues skies and green lights. Chicken Little may be right. H & R Block is unloading Option One Mortgage and its $53 billion sub-prime garbage. Insiders are lamenting that after Bear Stearns cut the… Continue reading Finding a Lifesaver in Foreclosure