Bank of America will make deeper and broader cuts than other banks, which will allow it to avoid as much as $850 million in penalties and give more than 200,000 financially strapped households the opportunity to sharply reduce their mortgage balances. The side deal is unique to Bank of America, said the Wall Street Journal, [...]
Banks, accelerating efforts to move troubled mortgages off their books, are offering as much as $35,000 or more in cash to delinquent homeowners to sell their properties for less than they owe. Banks are nudging potential sellers by pre-approving deals, streamlining the closing process, forgoing their right to pursue unpaid debt and in some cases [...]
As job losses mount and Americans are faced with mortgage payments they can no longer afford, many are asking: Should I stay or should I go? Bailing out on your home loan and opting to rent may make economic sense in some circumstances, particularly if you are saddled with a big mortgage payment on a [...]
Iowa AG: Banks may face criminal liability after robo-signing settlement California may join probe of Wall Street’s role in mortgage meltdown New York AG probes banks over mortgage securities Cases against Wall Street lag despite Holder’s vows to target financial fraud NY AG expects ‘meaningful relief’ from investigations of mortgage industry Friday, January 27th, 2012, [...]
The Office of the Comptroller of the Currency (OCC) is giving banks a “free pass” says Ohio senator Sherrod Brown (D) – and he’s not going to let them get away with it. In an open letter to the OCC, Brown accuses them of “implicitly approving the practice of having lenders release a lien securing [...]
As home values continue to remain at low levels throughout the country, rental prices are soaring in contrast during these difficult times in the housing industry. . Foreclosure Deals released new research that depicts the stark price differences between renting a home rather than owning the same property. The data compare values recorded in 2008 [...]
Thursday, December 15, 2011 By Rick Sharga By yearend RealtyTrac reported that foreclosure activity decreased by 3% compared to the previous month, and by 14% compared to November of 2010, but that a nine-month high in scheduled foreclosure auctions suggested that a “new set of incoming foreclosure waves” may be coming. I’m not so sure [...]
Down with Higher Down Payments Gary Thomas, Mortgages, by NAR Share| By Gary Thomas, 2012 President-Elect, National Association of REALTORS® In 2011, all of you heard quite a bit about a devastating provision in the Dodd-Frank financial reform law called the Qualified Residential Mortgage or QRM. There was quite a bit of activity before the [...]
December 15, 2011 Let’s face it. Banking is a protected industry. It’s a government-coddled industry. The problem with that is, banks really aren’t subject to free market forces that would naturally eliminate insolvent and inefficient institutions. The result is more bad banking. If we ever want to free ourselves from the yoke of czarist money-changers [...]
There was a time you could sit in a chair for a couple hours, and someone else would fill out all the paperwork and then one person would slide you a check and another person would hand you the keys to your house. Those days are gone. That “Money Fairy” may not be back for [...]
