By Mike Colpitts Mortgage fraud is blamed for trillions of dollars in failed loans in the U.S., especially in California, Florida, Nevada and Arizona, where incidents have been the highest and foreclosures make up the largest volume of troubled homeowners, according to federal authorities. But state and federal law enforcement agencies are encountering major problems… Continue reading Mortgage Fraud Led By California, Florida, Arizona and Nevada
Category: Housing Market
Bankers Oppose Mortgage Retention Proposal
By Kevin Chiu Six federal agencies are proposing a rule that would require banks and mortgage companies to retain at least 5% of the mortgages they make, and not sell them to the investment market to hedge against credit risk. But the proposal is being opposed by the banking industry as part of the Dodd-Frank… Continue reading Bankers Oppose Mortgage Retention Proposal
Mortgage Rates Drop to Record Low
By Kevin Chiu Mortgage interest rates dropped to the lowest levels since last November on signs that the U.S. economy is weakening further, and is likely to move into another official government defined recession. The housing market in many states throughout the country is already dealing with an economic depression, and has been for more… Continue reading Mortgage Rates Drop to Record Low
California Realtor President Requests Aid in Short Sales
By Kevin Chiu Short sales were hardly ever heard of before the real estate collapse, but these days bank assisted short sales, in which lenders take less than what is owed on a mortgage are failing on at least 40% of those attempted, according to a Realtors organization. In a letter published in seven California… Continue reading California Realtor President Requests Aid in Short Sales
Freddie Mac Expands Mortgage Lending
By Kevin Chiu In an effort to stimulate more mortgage lending, Freddie Mac has extended its eight year agreement with independent banks, giving more than 5,000 lenders more access to funds to generate additional home loans. The program is targeted at independent community banks, which are facing more restrictive lending guidelines as a result of… Continue reading Freddie Mac Expands Mortgage Lending
Tax Credit Cut Proposal Old Effort
By Kim Olson It’s been the rule for decades that if you’ve got a home, you can get a tax deduction on your mortgage interest no matter who you are. But now, the Obama administration wants to eliminate it so as to help reduce the deficit — right? Wrong It’s actually not what you think.… Continue reading Tax Credit Cut Proposal Old Effort
Mortgage Rates Jump 3 Straight Weeks
By Kevin Chiu Mortgage rates jumped higher for the third straight week as home buyers became skittish about making purchase decisions amid international unrest and doubts about the U.S. economy, according to Freddie Mac. The jump in interest rates on the bench mark 30-year fixed rate loan moved ever closer to 5% at 4.86%, five… Continue reading Mortgage Rates Jump 3 Straight Weeks
Mortgage Interest Rates Drop on Japan Fears
By Mike Colpitts Interest Rates on home mortgages dropped as a result of investor worries over the disaster in Japan and fears of contagion over financial markets falling across the world. Mortgage rates showed a drop across all types of loans offered to home borrowers, according to Freddie Mac. The average rate on a 30-year… Continue reading Mortgage Interest Rates Drop on Japan Fears
Chain Reaction Slams World Housing Markets
By Mike Colpitts The world financial system is in a chain reaction collapse and if drastic changes aren’t implemented, the structure of the world’s economy will be changed forever, according to economist Lyndon LaRouche, who ran for U.S. President eight times, more than any other candidate for the nation’s highest office. “I said that in… Continue reading Chain Reaction Slams World Housing Markets
Foreclosures Drop to 3 Year Low
By Mike Colpitts Driven by bank moratoriums on foreclosures triggered by lenders’ mistakes, foreclosure activity dropped to a three year low in February as mortgage servicing companies slowly resumed their repossession procedures. In the 26 states that have judicial foreclosure processes, where lenders temporarily called-off foreclosures as a result of faulty legal paperwork, default notices… Continue reading Foreclosures Drop to 3 Year Low