By Mike Colpitts A New York judge has ordered the shutdown of a company that promised to help homeowners at risk of foreclosure obtain mortgage modifications. The temporary injunction was ordered by Nassau County Judge John Galasso after a year long legal campaign against the company across the U.S., which collected millions of dollars in… Continue reading Court Orders Mortgage Operation Shut Down
Category: New York
New York housing market
Treasuries Trigger Lower Mortgage Rates
By Mike Colpitts U.S. Treasury bonds unexpectedly hit their lowest level in more than two years Monday as financial markets reacted to the S&P downgrade of U.S. credit. The drop in Treasury rates, hitting 2.32% on the benchmark 10-year note in late afternoon trading was a reversal from what financial analysts had expected, sending mortgage… Continue reading Treasuries Trigger Lower Mortgage Rates
Donald Trump’s Best Friend Lists $10 Million Estate
Billionaire gambling magnate Phillip Ruffin, who is Donald Trump’s best friend is putting his 8,000 square foot Palos Verdes, California estate on the market to sell after owning the home only five years. Ruffin sold the New Frontier Hotel and Casino to the owners of New York’s Plaza hotel for $1.2 billion in the midst… Continue reading Donald Trump’s Best Friend Lists $10 Million Estate
Banks Demolish Thousands of Homes
By Mike Colpitts Swamped by foreclosures banks and mortgage lenders are demolishing homes in some of the hardest hit real estate markets in the U.S. after they foreclose on them in order to free up capital and get a tax write-off on the properties. JP Morgan Chase donated 1,900 homes since 2008 to be demolished… Continue reading Banks Demolish Thousands of Homes
MERS Orders Foreclosure Halt
By Mike Colpitts The electronic mortgage registration company at the center of the robo signing scandal has ordered a halt to foreclosures in an effort to protect itself from legal problems in the growing foreclosure crisis. Mortgage Electronic Registration Systems (MERS) has issued a new policy on its website advising members not to foreclose or… Continue reading MERS Orders Foreclosure Halt
Former Homeowners Not Hurt By Bad Credit
By Kevin Chiu The threat of bad credit isn’t hurting millions of former homeowners who have undergone foreclosure when it comes to finding a new place to live. Landlords are even getting used to hearing from foreclosure victims applying for homes and apartments to rent. In fact, the plight of former homeowners isn’t even considered… Continue reading Former Homeowners Not Hurt By Bad Credit
Foreclosure Freeze Proposed
By Mike Colpitts An Ohio member of Congress has proposed a resolution that would enact a temporary freeze on foreclosures across the U.S. similar to the Great Depression. The proposal would enact a moratorium on all residential foreclosures. Rep. Marcy Kaptur (D-OH) offered the resolution before the House Financial Services Committee. The proposal asks President… Continue reading Foreclosure Freeze Proposed
Comedian Jimmy Fallon Buys $5.7 Million Estate
Talk show host and comedian Jimmy Fallon, whose late night TV talk show is rising in the ratings is buying a 3,500 square foot estate in the Hamptons outside of New York City, where he hosts his nightly show. The former “Saturday Night Live” TV Weekend Update co-anchor is settling into his new digs in… Continue reading Comedian Jimmy Fallon Buys $5.7 Million Estate
Courts May Decide Housing Market Future
By Mike Colpitts Hundreds of lawsuits winding their way through courtrooms in the U.S. could ultimately determine the future of the housing market in America. A major case involving the attempted foreclosure of a home in Utah could produce a court precedent on which other cases could stand. Courts are hearing cases over foreclosure challenges… Continue reading Courts May Decide Housing Market Future
Manic Positive Side of Housing Mess
By Kevin Chiu In what seems like the manic side of the housing mess, young couples are sometimes finding themselves as the lucky beneficiaries of the foreclosure crisis. Take Adam and Lindsey Blackmon of Newport News, Virginia for example. The couple wasn’t even shopping for a home when they couldn’t help but notice a two-year… Continue reading Manic Positive Side of Housing Mess