By Mike Colpitts Mortgage fraud loan originations are estimated to decline nearly 40% in 2011 from $12-billion in damages to the U.S. economy last year, according to real estate research firm CoreLogic. Fraud experts predict that residential mortgage fraud will total $7.4-billion this year. CoreLogic attributes the year over year drop primarily to lower mortgage… Continue reading Mortgage Fraud Declines
Category: New York
New York housing market
U.S. Expects Riots to Develop From Economic Downturn
A large majority of those surveyed expect the economic downturn to result in riots in the U.S. as factions so desperate for better times vent their anger in violence, according to a Housing Predictor poll that was just completed. High unemployment has sent an estimated 45-million Americans to the job line, and millions of others… Continue reading U.S. Expects Riots to Develop From Economic Downturn
Thousands Protest Against Bank of America
By Kevin Chiu Protestors staged a massive demonstration and sit-in at Bank of America’s Boston headquarters Friday evening to protest the unfair lending practices the nation’s largest bank has used against homeowners. Dozens of families facing foreclosure were among the estimated 3,000 people carrying banners, banging drums and confronting the lender for its role in… Continue reading Thousands Protest Against Bank of America
Supermodel Christie Brinkley Sells Home
Christie Brinkley has graced the cover of over 500 magazines over the years, raking in millions of dollars in modeling fees as one of the world’s most sought after supermodels. And now as luxury home sales make inroads towards a recovery, Brinkley has placed her spacious Sag Harbor, New York estate on the market for… Continue reading Supermodel Christie Brinkley Sells Home
Likely Failure in Robo-Signing Talks
By Mike Colpitts Talks between State Attorney Generals in Washington, D.C. and representatives of the Obama administration have yet to provide a settlement for the robo-signing scandal, and many of President Barack Obama’s critics expect that any agreement with bankers will be a sellout of mammoth proportions. Negotiations between the U.S. Justice Department and the… Continue reading Likely Failure in Robo-Signing Talks
Hurricane Irene Magnifies Financial Pain
By Kevin Chiu Cities and counties dealing with clean-up costs of Hurricane Irene are facing increasing financial pain as they recover from the monster storm, which affected more than a dozen states along the eastern seaboard. Irene may cost insurers as much as $4.5 billion in damages in the U.S., according to Risk Management Solutions,… Continue reading Hurricane Irene Magnifies Financial Pain
Treasuries Drive Mortgage Rates to New Lows
By Mike Colpitts Record low Treasury bond yields have driven mortgage rates to new record lows in rate offers set by banks and other mortgage lenders early Tuesday, according to a review of rates. Treasury prices fell in early morning trading in New York as investors focused on today’s 10-year note sale. The drop in… Continue reading Treasuries Drive Mortgage Rates to New Lows
Jumbo Mortgage Rates to Feel Little Impact
By Mike Colpitts Loan limits on jumbo mortgages are scheduled to be slashed as a result of changes required in the Housing and Economic Act of 2008. However, the impact is expected to be limited by many lenders. The Federal Housing Administration (FHA) will reduce mortgage limits on loans in the highest metropolitan areas of… Continue reading Jumbo Mortgage Rates to Feel Little Impact
Home Buying Affordability Hovers at Best Level
By Mike Colpitts Home buying affordability hovered near its best level in more than 20 years in the second quarter of the year, according to the National Association of Home Builders-Wells Fargo housing index. The measure indicates that 72.6% of new and existing homes sold during the quarter were affordable for families earning the national… Continue reading Home Buying Affordability Hovers at Best Level
Hurricane Irene Flooding Leaves Homeowners Out of Luck
By Kevin Chiu As Hurricane Irene moved over the border into Canada, after having unleashed its mighty torrent on the Atlantic coast over a dozen states, flooding became its dominant issue as forecasters predicted. Torrential rains in more than a half a dozen states are expected to bring upwards of a million home insurance claims.… Continue reading Hurricane Irene Flooding Leaves Homeowners Out of Luck