Category: Housing Market

Mortgages Get More Expensive

By Mike Colpitts Congressional budget tightening has resulted in the loss of the homeowners’ mortgage insurance federal tax write-off. The loss means that homeowners holding millions of mortgages will lose the ability to take hundreds of dollars a year off their income taxes. The write-off is a crucial loss for teetering homeowners struggling to pay… Continue reading Mortgages Get More Expensive

Home Sales Rebound Sharply

By Kevin Chiu Pushed by record low mortgage rates and home prices that have fallen drastically from their peak highs, home sales are experiencing sharp rebounds in the Northeast and Midwestern regions of the U.S., according to the National Association of Realtors. Existing home sales jumped 10.7% to an annualized pace of 620,000 units in… Continue reading Home Sales Rebound Sharply

SEC Charges Bank CEO with Misleading Investors

By Mike Colpitts Almost five years after the housing market collapse, the Securities and Exchange Commission (SEC) charged a bank CEO with misleading investors about growing problems over its real estate loan portfolio. The SEC said BankAtlantic Bancorp CEO Alan Levan made misleading statements in public filings and earnings calls in order to hide the… Continue reading SEC Charges Bank CEO with Misleading Investors

Real Estate Investment Fund President Pleads Guilty

By Mike Colpitts The organizer and former president of a real estate investment fund pled guilty to defrauding investors in nearly a $10-million scam of two large apartment complexes and his investment fund. The plea could result in as long as 30 years in prison for the former funds president. Thomas B. Evans, 47, of… Continue reading Real Estate Investment Fund President Pleads Guilty

Feds Launch Mortgage Task Force Investigation

By Mike Colpitts More than three years after announcing he would launch a federal task force to investigate the mortgage crisis, President Barack Obama has finally launched a federal probe into the U.S. largest financial institutions. New York Attorney General Eric Schneiderman, who pulled his state out of the 50 state robo-signing investigation, sent subpoenas… Continue reading Feds Launch Mortgage Task Force Investigation

Underwater Refinances Show Jump

By Mike Colpitts The Obama administration’s long criticized Home Affordable Mortgage Program (HAMP) showed a major improvement last week, pushing refinances for underwater homeowners higher, according to the Mortgage Bankers Association. “Although total application volume dropped on an adjusted basis relative to last week, refinance volume remains high, with survey participants reporting that the expanded… Continue reading Underwater Refinances Show Jump

Timeshare Bill Proposed to Reduce Fraud

By Kevin Chiu A state bill proposed to reduce fraud in timeshare resales has made it through the Florida state senate and could be the first law enacted in the U.S. intended to eliminate one of the oldest lies in real estate. Florida’s Timeshare Resale Accountability Act, also known as SB 1408, sponsored by Senator… Continue reading Timeshare Bill Proposed to Reduce Fraud

Real Estate Sales Manager Indicted on Federal Bribery Charges

By Mike Colpitts The former real estate sales manager of a property management company and two fellow workers were indicted by a U.S. grand jury in connection with a housing repair scheme for the U.S. Department of Veterans Affairs. The 10-count indictment was returned by a federal grand jury in Rockford, Illinois against Ryan J.… Continue reading Real Estate Sales Manager Indicted on Federal Bribery Charges

FHA Cracks Down on Mortgage Lenders

By Kevin Chiu The Federal Housing Administration (FHA) will toughen its standards to approve mortgage lenders doing business with the government, and force more banks and mortgage companies to buy back defaulted mortgages in a major move to crack down on mortgage lenders. The federal government’s changes are part of an effort to improve mortgage… Continue reading FHA Cracks Down on Mortgage Lenders