By Mike Colpitts Rising pressure on banks and mortgage firms are forcing lenders to merge, go out of business and make massive cuts to trim their bottom lines. The U.S. foreclosure crisis is making an ugly display of many banks balance sheets, and at least one major bank CEO is admitting to errors made during… Continue reading Bank CEO Admits to Robo-Signing Scandal
Category: Loans
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
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
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
Petition to Halt Strategic Defaults Launches
By Ryan Jackson A Florida loan officer angered by bank representatives telling homeowners to default on their underwater mortgages in efforts to be granted bank assisted short sales has started a petition drive to halt the massive movement. Pam Marron, a loan officer in Tampa, Florida for 27 years has posted the petition online at… Continue reading Petition to Halt Strategic Defaults Launches
Appraisal Headaches Plague Housing Market
By Kevin Chiu A handful of new appraisal services hitting the market to help lenders get a handle on foreclosures and mortgage refinancing are producing headaches for the housing market. But more affordable alternatives to full appraisals are springing up to replace broker price opinions. Street Links Lender Solutions has launched a Liquidation Value Report… Continue reading Appraisal Headaches Plague Housing Market
Underwater Homeowners Program Launches Second Leg
By Kevin Chiu A former Goldman Sachs banker, who launched an innovative company more than two years ago in an effort to save millions of underwater homeowners from foreclosure, is expanding his firm’s program to include homeowners with second home mortgages. The firm negotiates with underwater homeowners in an effort to reduce the number of… Continue reading Underwater Homeowners Program Launches Second Leg
Secret Code Separates Mortgage Approval
By Riekie Karstens A loan officer submits a mortgage application for approval from the automated underwriting system, which is used in the mortgage industry to quickly separate the wheat from the chaff to determine whether applicants qualify for a mortgage. A secret code separates the wheat from the chaff in the loan approval process. Creditors… Continue reading Secret Code Separates Mortgage Approval
Pennsylvania Lender to Pay $3.9 Million Fine
A Pennsylvania mortgage lender has agreed to pay a fine of $3.9 million to settle a lawsuit for lying to federal mortgage officials. The suit was filed in the Central District of California, alleging that officials of Capmark Finance LLC of Horsham, Pennsylvania made a series of false statements in connection with two nursing home… Continue reading Pennsylvania Lender to Pay $3.9 Million Fine
U S Foreclosures Drop Huge
By Mike Colpitts Formal foreclosures or homes that were repossessed by their lenders accounted for 830,000 U.S. homes in 2011, a huge drop of 24% from 2010, according to real estate data research firm CoreLogic. The decline comes as a result of moratoriums enacted by the nation’s five largest mortgage lenders to study damage from… Continue reading U S Foreclosures Drop Huge