By Ryan Jackson The Securities and Exchange Commission has charged a Utah man with operating a real estate Ponzi scheme that bilked investors out of $100 million throughout the U.S. and shut down the private hard money lending company. Wayne L. Palmer, 57, and his company, National Note of Utah in West Jordan have been… Continue reading SEC Halts $100 Million Real Estate Ponzi Scheme
Category: Housing Market
Mortgage Company CFO Sentenced to 5 Years
By Ryan Jackson The former chief financial officer of one of the nation’s largest mortgage companies, Taylor, Bean and Whitaker, was sentenced to five years in federal prison for his role in a $2.9 billion fraud scheme that led to the failure of the company, and cost hundreds of investors millions of dollars. Delton de… Continue reading Mortgage Company CFO Sentenced to 5 Years
Half of US Homes Underwater
A newly released survey shows that more than half of all U.S. homes with a mortgage are underwater or owe more on their homes than the current value of their property. The study is the strongest indicator yet that efforts made by the Obama administration are doing little to aid U.S. homeowners in the worst… Continue reading Half of US Homes Underwater
Home Builders Confidence Reaches 5 Year High
By Ryan Jackson Home builder confidence rose to the highest point in nearly five years in June as builder sentiment grew with an increase in walk-in traffic. The National Association of Home Builders Index reached 32, hitting its highest level since the housing downturn started in May of 2007. The components measuring sales expectations in… Continue reading Home Builders Confidence Reaches 5 Year High
Miami Heat Forward Puts Home Up for Auction
By Ryan Jackson Showing that timing is everything, Miami Heat forward Mike Miller, who is battling with his team in the east coast conference series against the Boston Celtics to get into the NBA finals, is putting his Miami mansion up for auction. Miller, whose team lost to the Celtics last night, which makes The… Continue reading Miami Heat Forward Puts Home Up for Auction
Watch Dog to Audit Freddie Mac & Fannie Mae
By Mike Colpitts The chief U.S. government watch dog, the Office of Inspector General, will conduct a full audit of Freddie Mac and Fannie Mae’s procedures to sell-off foreclosures. The announcement was included in a government white paper released without fanfare last week. The nation’s mortgage giants have been bailed out by tax payers in… Continue reading Watch Dog to Audit Freddie Mac & Fannie Mae
FDIC Bank Failures Decline
By Mike Colpitts Only 24 U.S. banks have failed so far and had to be closed by the Federal Deposit Insurance Corporation this year, the largest decline since the financial crisis started in 2008. The FDIC attributed the lower number of bank takeovers to an improving economy and an unwinding of bad mortgage debt. “This… Continue reading FDIC Bank Failures Decline
Short Sales Overtaking Foreclosures
By Mike Colpitts Bank assisted short sales or homes that sell at less than what is owed on a mortgage are overtaking foreclosed homes lenders put on the market. The development doesn’t come as a surprise to those involved in the real estate industry. Rather, they expected the transition as part of the U.S. housing… Continue reading Short Sales Overtaking Foreclosures
Mortgage Delinquencies Jump
By Mike Colpitts Homeowners in trouble on their mortgages jumped as more homes joined the long line of defaults in May showing another sign the U.S. economy is weakening, according to real estate analytics company Lender Processing Services. The slim 1.1% monthly jump in defaults is a troubling sign for the U.S. housing market, still… Continue reading Mortgage Delinquencies Jump
Half of Homeowners Spend $75,000 on Housing Expenses Annually
By Mike Colpitts Nearly half of U.S. homeowners with a mortgage spent $75,000 or more on housing expenses in 2010, according to data provided by the U.S. Census Bureau. The staggering amount represents 49.2% of homeowners with a mortgage in 2010, the most current government figures available. The just uncovered statistic shows just home many… Continue reading Half of Homeowners Spend $75,000 on Housing Expenses Annually