By Mike Colpitts Despite home prices continuing to decline in much of the U.S., hard money lenders are funding home mortgages at the highest rate on record as nervous homeowners attempt to hold on to their homes. Banks and conventional mortgage lenders are rejecting refinances and new home purchases at alarming rates. Source Capital Funding,… Continue reading Hard Money Lending at Record Clip
Feds Slam 14 Banks in Robo Signing
By Kevin Chiu The federal government has announced formal enforcement sanctions against 14 banking organizations addressing a serious “pattern of misconduct and negligence” in the robo signing scandal. The deficiencies, announced jointly by the Federal Reserve, Comptroller of the Currency and the Office of Thrift Supervision requires banks and mortgage servicing companies to make corrections… Continue reading Feds Slam 14 Banks in Robo Signing
Federal Investigation Sought Over Freddie Mac and Fannie Mae
By Mike Colpitts Life long consumer crusader Ralph Nader is requesting a federal investigation to determine whether U.S. officials made misleading statements related to the financial health of failed Freddie Mac and Fannie Mae, the governments two mortgage giants, which have been bailed-out by tax payers at a cost topping $150-billion so far. The political… Continue reading Federal Investigation Sought Over Freddie Mac and Fannie Mae
Quick Fix for the Housing Market
By Bobbi Nicolai Far too many Americans are being held hostage by banks, and their agents, collecting on student loans. If the U.S. government were to forgive student loans, all of those funds would be released back into the economy. People who are barely making ends meet would have hundreds of dollars more available each… Continue reading Quick Fix for the Housing Market
Refinances, Home Purchases Dive
By Kevin Chiu Mortgage applications took a sudden reverse, dropping nearly 7% from a week ago as homeowners stopped applying for refinances and home buyers turned increasingly leery about the marketplace, according to the Mortgage Bankers Association. The drop-off indicates a further dive in home purchases. The slowdown in mortgage applications shows that weakness in… Continue reading Refinances, Home Purchases Dive
Hardest Hit Housing Cities Pain Grows
By Mike Colpitts The gambling capital of the U.S., Las Vegas posted the nation’s highest foreclosure rate among metropolitan areas with populations of more than 200,000 in July, but housing foreclosures are spiking in the majority of other top 20 hardest hit housing cities. The gap is shrinking between the gambling mecca and major cities… Continue reading Hardest Hit Housing Cities Pain Grows
Former Mortgage Head Guilty in $2.9 Billion Fraud
By Kevin Chiu The former chairman of a mortgage corporation, once one of the 25 largest in the U.S. has been convicted by a federal jury in a $2.9-billion fraud scheme that drove Colonial Bank and its lending empire, Taylor, Bean and Whitaker out of business and into bankruptcy. The scheme is believed to be… Continue reading Former Mortgage Head Guilty in $2.9 Billion Fraud
Seven Major U.S. Banks Sued in Homeowners Fraud
By Mike Colpitts A veteran real estate attorney is suing seven major U.S. banks in what may be a precedent setting case for allegedly defrauding hundreds of thousands of homeowners. Calabasas, California attorney Philip Kramer, who has been practicing real estate law more than 25 years, is citing laws and procedures that banks were previously… Continue reading Seven Major U.S. Banks Sued in Homeowners Fraud
Housing Appreciation Years Off, Survey Shows
Consumers say it’s going to take a number of years for the housing market to appreciate in value again, according to a new Housing Predictor online poll. More than 1 out of 3 surveyed say it will take more than five years for the market to improve. Another 19% or almost one out of five… Continue reading Housing Appreciation Years Off, Survey Shows
State Foreclosure Settlements Seem Doubtful
By Mike Colpitts A settlement between bankers, mortgage servicing companies and the 50 state Attorney Generals investigating robo signing foreclosures seems more doubtful of achieving by the day as bankers delay talks to stem off billions of dollars in settlements they would have to pay to reach such an agreement, estimated as high as $25-billion.… Continue reading State Foreclosure Settlements Seem Doubtful