Homeowners Cash Pay Offs Gain Momentum

By Ryan Jackson In a move to improve bank balance sheets and increase their profits, banks are offering cash incentives to homeowners in default on their mortgages to entice them to make short sales on their homes. The effort is gaining momentum with an onslaught of banks and private mortgage companies as bankers offer as… Continue reading Homeowners Cash Pay Offs Gain Momentum

Court Orders $4 Million Mortgage Scam Fine

By Ryan Jackson A federal judge has ordered the ring-leader of a group and six defendants accused of defrauding homeowners to pay nearly $4-million for running a mortgage modification scam that promised to provide homeowners at risk of losing their homes foreclosure relief. The order was issued in U.S. District Court in the Central District… Continue reading Court Orders $4 Million Mortgage Scam Fine

Real Estate Recovery Likely to Produce Higher Home Prices

By Mike Colpitts The fallout from the real estate collapse is starting to see a turn around in some areas of the U.S. Home sales slid 7.4% in March in western U.S. states but fell more modestly in the rest of the country, according to the National Association of Realtors. But home prices in some… Continue reading Real Estate Recovery Likely to Produce Higher Home Prices

Mortgage Rates Drip Lower

By Ryan Jackson Borrowing rates for consumers shopping to refinance homes or buy another property just saw a small drop lower to reach 3.98% on a fixed 30-year loan, according to Freddie Mac. Mortgage rates on most other leading categories also fell modestly. The fixed 15-year mortgage averaged 3.21%, a decline of just two basis… Continue reading Mortgage Rates Drip Lower

Florida Capital Named Baby Boomers Favorite

The capital of Florida has been named the favorite U.S. city for baby boomers to retire by a Washington based economics research group. Tallahassee, Florida won out over 20 other cities considered for the prestigious award as the ideal place to retire. The southern city was selected after researchers considered a combination of factors, including… Continue reading Florida Capital Named Baby Boomers Favorite

Mortgage Reductions May Help All Homeowners

By Mike Colpitts A progressive Washington based group is lobbying to reduce mortgage principal in an effort to help all homeowners, and Democratic members of the Senate Banking Committee are urging the reductions. The Center for American Progress is pushing for mortgage reductions on Freddie Mac and Fannie Mae held mortgages and is expected to… Continue reading Mortgage Reductions May Help All Homeowners

Mortgage Slowdown Resumes Despite Low Rates

By Kevin Chiu Led by a slowdown in mortgage refinancing activity, mortgage applications slowed for the sixth time in seven weeks this past week to keep the housing market at a snails pace, according to the Mortgage Bankers Association. The disappointing news came after an increase in mortgage applications the prior week. The slowdown was… Continue reading Mortgage Slowdown Resumes Despite Low Rates

Bank CEO Admits to Robo-Signing Scandal

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

California Real Estate Bust Offers U.S. Hope

By Mike Colpitts The boom bust cycle of California real estate holds historic lessons that every where else in the U.S. can learn from as the nation sustains the housing crisis driven by the sharpest foreclosure epidemic on record. California has seen home values drop an average of 43.7% since the housing crisis started in… Continue reading California Real Estate Bust Offers U.S. Hope