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mortgages
mortgages
$25 Billion Mortgage Settlement Is Just The First Step Toward Cleaning Up Mortgage Mess
By Chris Morran on February 9, 2012 4:31 PM
64 Comments
There are a lot of good things about today's $25 billion settlement between the five largest mortgage servicers, the Dept. of Justice and the attorneys general of 49 states. But in spite of the huge price tag on the deal — which could grow even larger if other lenders sign on — it's only the beginning of cleaning up the aftermath of housing market collapse. More »
(afagen)
DOJ, 49 States Reach $25 Billion Settlement With Five Largest Lenders Over Robosigning
By Chris Morran on February 9, 2012 10:48 AM
36 Comments
More than a year after several of the nation's largest mortgage lenders temporarily suspended foreclosures after it was revealed that they had been using untrained, unqualified "robosigners" to process foreclosure documents, the U.S. Justice Dept. and the attorneys general of 49 states have announced a $25 billion settlement that will result in mortgage reductions to some homeowners. More »
12-Year-Old Raises $10,500 To Save Grandma From Foreclosure
By Chris Morran on February 8, 2012 11:15 AM
53 Comments
It's such stuff as uplifting after-school specials are made on. A plucky Wisconsin tween recently managed to raise enough money to save his grandmother from losing a house that had been in the family for three generations. More »
Banks Realize Short Sales Are Better Than Foreclosure, Pay Homeowners To Sell Now
By Chris Morran on February 7, 2012 12:34 PM
79 Comments
It's been nearly a half decade since the housing market imploded like an old stadium packed with explosives and the ground is still rumbling from the impact. Realizing it's better to recover some money now rather than trying to get all their cash back eventually, more banks are making it easier for homeowners to unload their houses for less than what is owed on the mortgage. More »
(RAWRZ!)
Almost All States Sign On To Massive Mortgage Settlement
By Chris Morran on February 7, 2012 12:15 PM
53 Comments
Last night was the deadline for the attorneys general of each state to sign onto a massive settlement with the nation's five largest mortgage lenders, and more than 40 of the states opted to join in the pot-sharing. More »
Freddie Mac Told To Stop Betting Against Struggling Homeowners
By Chris Morran on January 31, 2012 10:30 AM
28 Comments
Yesterday, it was reported that bailed-out mortgage titan Freddie Mac had invested billions in mortgage-backed securities that would really only pay off if struggling homeowners were unable to refinance their high-interest mortgages; investments that appear to put Freddie in direct conflict with its goal of making it easier to own a home. Now the federal regulators in control of Freddie Mac say they have already put a halt to these trades. More »
Freddie Mac Sorta Hoping You Can't Refinance Your Pricey Mortgage
By Chris Morran on January 30, 2012 12:15 PM
10 Comments
Even though the job of bailed-out mortgage backer Freddie Mac is supposed to be about making it easier to own a home, the traders at Freddie have reportedly been buying up investments that put the company at odds with homeowners who want to refinance their pricey mortgages. More »
Big Banks Pinky-Swear To Overhaul Lending & Foreclosure Practices
By Chris Morran on January 23, 2012 3:15 PM
28 Comments
Nearly a half-decade after the U.S. housing market collapsed like something that collapses really badly, the country's five biggest mortgage providers — Bank of America, Chase, Wells Fargo, Citi and Ally — are oh-so-close to reaching a settlement with the states that could include overhauls to how they operate when it comes to the whole lending/servicing/foreclosing process. More »
(matneym)
A Peek Into The Scrambled Mind Of A First-Time Home Buyer
By Phil Villarreal on January 23, 2012 10:15 AM
103 Comments
Just about everyone who knows what they're doing when it comes to buying a house has bought a home before and learned from their mistakes the first time around. First-time buyers are in a tough position, with banks, real estate agents and sellers looking to exploit their naivete. More »
Bank Of America & Chase Continue To Be Penalized For Sucking At Loan Modifications
By Chris Morran on December 7, 2011 5:12 PM
26 Comments
For the third quarter in a row, the Treasury Dept. has released its report card detailing how the country's largest mortgage servicers are doing with processing loan modifications. And for the third consecutive quarter, both Bank of America and JPMorgan Chase will not receive incentive payments from the Treasury because the banks are doing such a craptastic job at complying. More »
(jczart)
6 Warning Signs Of A Mortgage Modification Scam
By Chris Morran on December 5, 2011 2:15 PM
17 Comments
Getting a mortgage is difficult enough. Having that mortgage modified because your house has dropped in value can be a Minotaur's maze full of unscrupulous types looking to cash in on your uncertainty about the often complicated process. More »
(wmliu)
Refinancing Homeowners Are Ditching Variable-Rate Mortgages
By Marc Perton on November 16, 2011 4:45 PM
25 Comments
With mortgage rates close to record lows, 95% of refinancing homeowners are going with fixed-rate loans, according to Freddie Mac. More borrowers are also opting for shorter mortgages, with 40% of those who paid off a 30-year loan switching to a 15- or 20-year mortgage, the highest percentage since 2003. More »
More Homeowners Sunk Underwater In Third Quarter
By Phil Villarreal on November 9, 2011 9:15 AM
41 Comments
Overwhelmed homeowners looking for a life raft splashed around to no avail in the third quarter, but they did receive more company. According to Zillow, the amount of underwater homeowners — those who owed more than their home was worth — rose to 28.6 percent from 26.8 percent in the second quarter. More »
US Expands Mortgage Refi Plan A Smidge
By Ben Popken on October 25, 2011 12:00 PM
58 Comments
The federal government announced on Monday an update to a program for homeowners that would let borrowers who were underwater - owing more on the mortgage than the house is worth - to refinance their loans at the new historically low interest rates of almost 4%. More »
(stirwise)
Rules Changed To Make Refinancing Your Home Easier
By Chris Morran on October 24, 2011 3:15 PM
52 Comments
With mortgage interest rates continuing to hover near record lows, the Federal Housing Finance Agency has announced big changes to the Home Affordable Refinance Program with the intention of making it easier for homeowners to save money by refinancing their loans at these rock-bottom rates. More »
(afagen)
Warning Signs Of Online Loan Scams
By Phil Villarreal on October 20, 2011 9:45 AM
10 Comments
With loan rates bottoming out, borrowers may feel hurried to get out there and snag a low rate for a mortgage refinancing or debt consolidation as quickly as possible. But thanks to con artists out to take advantage of borrowers, a blind rush at the most appealing numbers could lead to disaster. More »
States, Banks Close To Foreclosure Deal
By Phil Villarreal on October 19, 2011 8:15 AM
33 Comments
Several states and major banks are said to be close to sealing a deal that would protect banks from civil suits over sketchy mortgage practices in exchange for $25 billion that would help underwater homeowners refinance their loans. The deal could help the weak housing market. More »
Report: Fannie Mae Knew About Widespread Foreclosure Abuse In 2003
By Phil Villarreal on October 4, 2011 9:00 AM
26 Comments
According to a government report, Fannie Mae knew in 2003 that law firms it hired to foreclose on homes were abusing their authority. That's seven years before knowledge about the problems became widespread. The Federal Housing Finance Agency inspector general released a report that leveled the allegations, also blaming the agency he works for, which is tasked to oversee government-controlled Fannie Mae and Freddie Mac. More »
(emseearr)
More Banks Going After Strategic Defaulters To Get Back Balance Of Unpaid Mortgages
By Chris Morran on October 3, 2011 1:30 PM
149 Comments
Since the housing market went smash-bang-crash into a deep ravine a few years back, we've written numerous stories of homeowners with mortgages they couldn't pay — and some who could pay and chose not to — who opted to walk away and let the bank sell the house at a foreclosure auction. But if these people thought that they could abandon the home and have only a damaged credit rating to show for it, there's a chance they could be very, very wrong. More »
The Magic Of Doubling Down On Mortgage Payments
By Phil Villarreal on September 24, 2011 4:30 PM
179 Comments
Most homeowners know it's smart to make more than minimum mortgage payments in order to cut into the principal, but actually going through with the practice is as gratifying as opting for a meal of lettuce over pizza. The long-term gains of sending an extra $500 or so into a mortgage black hole is nowhere near as appetizing as doing something tangible with the money. More »
