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Regulators are nearing a settlement with Fannie Mae and Freddie Mac over whether the mortgage finance giants adequately disclosed their exposure to risky subprime loans, would include no monetary penalty or admission of fraud,
“But there’s no law that says that real estate has to stick to its trend-line. Or more specifically, that it just goes back to the trend-line and stops there. If it can go way over trend, it can also go way under trend. And that’s what I think we’re
At a minimum, this ruling makes foreclosures in Florida more costly. It may create insurmountable hurdles in many cases.
Norway's Government Pension Fund, which is another name for its Sovereign Wealth Fund, has just announced it is suing Bank of America for mortgage fraud. Not only that but it is also going after Countrywide, obviously...
The Phoenix area's median home price is likely to fall to a decade low of $100,000 in November, according to a predictive indicator of future home prices based on current pending home sales.
By suing 131 individuals in its effort to recover losses on $200 billion of mortgage debt that went sour, the federal agency overseeing mortgage giants Fannie Mae and Freddie Mac is doing one thing that the government has largely left alone. It is
In a three-month investigation, the New York Post found that in nearly all of the foreclosure proceedings, “banks have attempted to steamroll their way over sometimes-outgunned homeowners,” booting them out of their homes...
Privately-owned housing starts in July were at a seasonally adjusted annual rate of 604 000 This is 1.5 percent (±10 7%)* below the revised June estimate of 613,000, but is 9.8 percent (±10.8%)* above the July 2010 rate of 550,000.
Mark Sass and his wife Jan decided to refinance the mortgage on their Cincinnati, Ohio, home on Friday, just days before the Federal Reserve pledged to keep rates near historic lows through the first half of 2013.
President Obama has directed a small team of advisers to develop a proposal that would keep the government playing a major role in the nation’s mortgage market, extending a federal loan subsidy for most home buyers, according to people familiar with
That's nothing new. The old "tanks in the street" argument is repeatedly trotted out - "the economy will collapse if you don't let us continue to loot!"
So Moynihan is trying to imply that it is just the arbitrariness of certain states that is causing his bank grief, when it is the reverse: the states that have a decent proportion of judges that still take the rule of law seriously...
To put it bluntly: vacant homes are crackhouse futures.
Host:
Ernest Hancock
Stuart Vener - President of the Wilshire Holding Group, Inc. - Mortgage Rates On Historic Low / Ryan Mott - Iowa's Straw Poll - LOVEvolutionary activist since 2007
Half of the state home owners in California, roughly 7 million are aging baby boomers. The bulk of home sales in the last decade did come from this group or people that are older: 67 percent of those 75 and older changed addresses in the last 10...
One idea could be to create pools of foreclosed properties that would be sold in bulk to private investors, who would then rent them out. Such a plan would lower the supply of homes on the market. But it also could lock in losses on the bailouts...
The Obama administration went searching for creative answers to a perplexing question: How can the government rid itself of the glut of foreclosed properties it now owns in a way that nudges the housing market toward recovery?
According to a recent story in the Wall Street Journal, a construction worker by the name of Gutierrez bought a Vallejo, California home in 2003 for $340,000, putting a measly five percent down and paying the remainder with a $322,700 loan, which res
Although delinquencies and foreclosure activity is higher than normal in all states, a few states stand out.
Banks and servicers stopped foreclosures entirely for a time after the malpractice was discovered, and courts delayed the process, picking through papers as foreclosures were resubmitted; that is now turning around.
Clearly, in the World According to Banks, the only parties who engage in bad conduct are little people.
Increasingly, it appears banks are turning to demolition teams instead of realtors to rid them of their least valuable repossessed homes.
Foreclosed homes obviously lower the value of surrounding homes, but Whitaker says the damage can go on much longer than we might think. "The data suggest that foreclosure may permanently scar some homes," he writes in his research.
And so GMAC, which was bailed out by taxpayers in 2008, began looking for a way to craft a document that would pass legal muster, internal records obtained by ProPublica show.
With 40,000 foreclosures burdening its books in the first quarter alone, Bank of America (BAC) will begin bulldozing and giving away abandoned homes it can't sell.
The spin that Bank of America is using to justify the notion of bulldozing buildings is that the houses in question are worth bupkis, say $10,000 or less. There’s a wee omission in their discussion. Many if not most of the houses in question have...
Bank of America Corp. (BAC), faced with a glut of foreclosed and abandoned houses it can’t sell, has a new tool to get rid of the most decrepit ones: a bulldozer.
So unless something radical happens (a government subsidy aimed directly at housing, for instance), the next leg down in prices should be epic.
Up to 11 million mortgages are likely to default, according to Goodman. This is a frightening figure, seeing as only several million have been liquidated since the crisis began. When it happens the market will be flooded with supply.
I’m told that the Department of Justice is putting the thumbscrews on state attorneys general to sign a mortgage settlement deal this week (how exactly the DoJ can pressure state officials is beyond me, since the Feds typically ignore state...
