States Investigate Banks Criminal Acts in Foreclosure Crisis

By Mike Colpitts New York’s Attorney General was one of the first to pull out of the 50 state negotiations with big Wall Street banks in the robo-signing scandal, and now the same state’s Attorney General is investigating criminal acts by the same firms tied to the foreclosure crisis. “This was a man made crisis,”… Continue reading States Investigate Banks Criminal Acts in Foreclosure Crisis

Mortgages On Home Purchases Jump as Rates Decline

By Mike Colpitts Pushed by lower mortgage rates, home purchase applications jumped as consumers came out in greater numbers to take advantage of near record low mortgage rates. Seasonally adjusted purchases rose 1.8% from a week ago, according to the Mortgage Bankers Association. The refinance index, however, showed a slight two-tenths of a percent decline… Continue reading Mortgages On Home Purchases Jump as Rates Decline

Mortgage Rates Dip a Little

By Kevin Chiu Mortgage rates dropped a single basis point to remain near their all-time record lows, with mixed consumer confidence and housing data, according to Freddie Mac. The average rate on the fixed 30-year loan was 4.10%, which is close to their 60-year low. The rate on the shorter fixed 15-year mortgage stayed the same… Continue reading Mortgage Rates Dip a Little

California Expands Hardest Hit Homeowner Aid

By Kevin Chiu As one of the Hardest Hit states in the U.S. in the housing crash, California is expanding its $2 billion program to help homeowners avoid foreclosure. But this increase will be dedicated to helping only second home or vacation homeowners. The proceeds, originally established by the California Housing Finance Agency from proceeds… Continue reading California Expands Hardest Hit Homeowner Aid

Home Prices to Decline Another 3.9%

By Kevin Chiu Despite near record low mortgage rates, home prices in the over-whelming majority of the U.S. will decline during 2012 as a tough employment market and weak economy hamper the nation’s housing market, pushing home prices lower by an average of 3.9%, according to a new Housing Predictor forecast. A handful of economic… Continue reading Home Prices to Decline Another 3.9%

Buying a Home Again After Foreclosure

By Scott J. Clifford Real Estate Attorney Losing a house to foreclosure can create a feeling of home buying despondency, rooted in a belief that banks will easily say no to someone who has failed to successfully pay their mortgage payments. Yet if this were truly the case, the housing market would be even worse… Continue reading Buying a Home Again After Foreclosure

Mortgage Originations Pick-Up as Rates Level Off

By Mike Colpitts Mortgage originations picked-up last week as home purchases rose, according to the Mortgage Bankers Association. Purchase applications jumped 6.4% from the previous week. Homeowners shopping for refinancing also applied for lower rate mortgages in rising numbers. Refinances rose 4.4% as mortgage rates remained about the same compared to the prior week. The… Continue reading Mortgage Originations Pick-Up as Rates Level Off

Nevada Makes Illegal Foreclosures Felony

By Mike Colpitts Responding to homeowner complaints, Nevada has become the first state in the nation to make illegally repossessing a home a felony, and may send bankers to jail for doing such. The new law was enacted after tens of thousands of homeowners complained to lawmakers about their homes being foreclosed without proof of… Continue reading Nevada Makes Illegal Foreclosures Felony

Delegation Calls for Mortgage Servicer Reforms

By Kevin Chiu A delegation of Congressional members are calling on U.S. bank regulators to publicly release information regarding steps that are being taken by mortgage servicers to prevent illegal foreclosures. The move was launched after House Rep. Maxine Waters (D-Calif.) sent a letter signed by 15 members of the House to regulators making the… Continue reading Delegation Calls for Mortgage Servicer Reforms