By Willie Pena Exiled Countrywide CEO Angelo Mozilo walked away from his giant company with a golden parachute of nearly $300 million, close to a $24 million pension and $21 million in deferred compensation. Everyone who has been affected by the mortgage crisis, including millions of foreclosure victims is wondering what the fate of Mozilo… Continue reading Exiled Countrywide CEO Awaits Fate
Category: Housing Market
Crash in Housing Relief Program
The Michigan housing relief program is battling technological failures to help homeowners. The first day unemployed homeowners could apply for relief to pay their home mortgages, the telephone lines and computer systems were so over-loaded they crashed. Housing Finance Agencies in five states are getting $1.5-billion in relief from the Hardest Hit Fund program started… Continue reading Crash in Housing Relief Program
Mortgage Rate Record Lows
Mortgage rates dipped a marginal one-hundredth of one percent, averaging 4.56% on a 30 year fixed rate loan for the week, the lowest since records have been kept, according to Freddie Mac. The decline for the third straight week marks a weakening in consumer confidence over the economy and housing. Home builder confidence is also… Continue reading Mortgage Rate Record Lows
Home Sales Fall 5% in June
By Mike Colpitts Home sales fell in June for the second straight month on the heels of the federal home buyers’ tax credit expiration, signaling the housing market is still in a national downturn, according to the National Association of Realtors. The fall in sales gives further corroboration to a second dip in the housing… Continue reading Home Sales Fall 5% in June
Mortgage Applications Rise
Applications for home mortgages and refinances are soaring higher, showing an increase in activity in home sales and refinancing as a result of near record low loan rates, according to the Mortgage Bankers Association. Low rates coupled with lower home prices are producing the rise in applications. The volume of home re-sales, however, scheduled to… Continue reading Mortgage Applications Rise
Secrets of a Countrywide Insider
For nearly four years Willie Pena worked as a home loan consultant for Countrywide Home Loans in Seattle, Washington from late 2003 until mid-2007 where he sold loans to home buyers in the harrowing days of the real estate boom. Like many consultants Countrywide hired, Pena had no experience in the field until being hired… Continue reading Secrets of a Countrywide Insider
Bank of America Charged in Home Loan Scheme
By Kevin Chiu A massive class action lawsuit has been filed against Bank of America by the Texas Housing Justice League, representing 15 mortgage holders charging the nation’s biggest bank with “a systematic home loan servicing scheme.” The lawsuit by the Texas Housing Justice League (THJL), a nonprofit may eventually involve thousands of Texas mortgage… Continue reading Bank of America Charged in Home Loan Scheme
Over Whelming Majority Feel U.S. in Economic Depression
An over whelming majority of Americans feel the U.S. economy is in an economic depression, despite government and mass media reports to the contrary. A huge 87% of all those surveyed in the latest Housing Predictor opinion poll say the economy is in a depression. The down beat poll found that only 13% surveyed in… Continue reading Over Whelming Majority Feel U.S. in Economic Depression
New Urbanism Living on the Rise
New Urbanism, the revitalization of existing downtowns offering a variety of conveniences and amenities is on the rise. New lifestyle communities provide comfort, luxury, and safety for residents combined with the convenience of nearby shopping, dining and entertainment. Benefits of New Urbanism include leaving a smaller carbon footprint on the environment. People that live downturn… Continue reading New Urbanism Living on the Rise
Mortgage Rates Stay Unchanged
By Mike Colpitts Fixed rate mortgage interest rates remained unchanged for the first time in months this week at record low levels with a conventional 30-year mortgage at 4.57% on average, according to Fannie Mae. Mortgage rates are at the lowest level they have been at in 50 years, supporting mortgage affordability for home buyers… Continue reading Mortgage Rates Stay Unchanged