Category: Housing Market

Former Bank CFO Pleads Guilty to Fraud

By Mike Colpitts The former chief financial officer of one of the U.S. largest mortgage banking operations has plead guilty to committing bank fraud and lying to federal investigators in a $2.9 billion scheme that drove Taylor, Bean & Whitaker and Colonial Bank out of business. Delton de Armas may receive up to 10 years… Continue reading Former Bank CFO Pleads Guilty to Fraud

Housing Peaks at 60% Deflation

By Ryan Jackson Nevada has led the U.S. in foreclosures for more than five years straight and it has also suffered the highest loss in average housing deflation, according to an audit conducted by Housing Predictor. With Las Vegas at the center of action, Sin City has sustained 62 months as the nation’s foreclosure capital… Continue reading Housing Peaks at 60% Deflation

Mortgage Rates Jump to New High

By Mike Colpitts Borrowing rates for home mortgages jumped above 4.00% for the first time since last October on 30-year fixed rate mortgages, hitting 4.08% this week, the highest they have been in six months, according to Freddie Mac. The jump in rates was driven by higher returns being paid for U.S. Treasuries to investors… Continue reading Mortgage Rates Jump to New High

Attorney General Appoints Monitor in Bank Settlement

By Mike Colpitts In an effort to protect consumers from additional fraudulent behavior by banks, the California attorney general has appointed an independent monitor to oversee the nation’s five largest banks performance in $18 billion worth of benefits that will be split up between homeowners. Attorney General Kamala Harris announced the appointment of University of… Continue reading Attorney General Appoints Monitor in Bank Settlement

Mortgage Rates Creep Higher

By Mike Colpitts Despite the Federal Reserve’s best efforts to keep mortgage rates low, conventional home loan borrowing rates are slowly climbing. The hike in rates is developing because of higher yields being paid for U.S. Treasuries combined with improving economic news. The upward trend in rates is developing as better economic news about the… Continue reading Mortgage Rates Creep Higher

Mortgages Pull Back as Rates Rise

For the second week in a row applications for home mortgages declined, led by a drop in home refinancing. A 4.6% pull back in refinances demonstrates the softer mortgage market, which seems likely to repeat a year similar to last year of slower activity, according to the Mortgage Bankers Association survey. A hike in mortgage… Continue reading Mortgages Pull Back as Rates Rise

Underhanded Banking Tactics in Full Swing

By Ryan Jackson Unethical tactics used by banks and lender mortgage servicing companies to get homeowners to leave their homes are still being used, despite new guidelines issued to banks as a result of the $25 billion agreement between the nation’s largest five lenders and state attorney generals, according to the founder of an online… Continue reading Underhanded Banking Tactics in Full Swing

Underwater Mortgage Reductions Likely

By Mike Colpitts Federal officials are reviewing the possibility of starting mortgage principal reductions for underwater homeowners, according to the chief executive officer of Freddie Mac. The review was triggered by a U.S. Treasury Department offer that would triple payments to mortgage investors who allow the reductions through the Home Affordable Modification Program (HAMP). A… Continue reading Underwater Mortgage Reductions Likely

Mortgage Modifications Drop Off

By Mike Colpitts Mortgage modifications experienced a 20% drop off in February in the private sector as lenders picked up the pace of foreclosures following the government’s $25 billion agreement with the nation’s biggest banks. The drop off in permanent mortgage modification tabulated by Hope Now, a private non-profit organization leading the effort to gain… Continue reading Mortgage Modifications Drop Off