Blowing the Lid Off the Mortgage Industry
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If you’re new here, you may want to subscribe to my RSS feed. Thanks for visiting!It looks like it going to be a busy year for do-it-yourselfers. A new poll from Consumer Reports reveals that 54 percent of homeowners participating in the poll plan some type of remodeling project during the next 12 months. [...]
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On July 1, 2009, U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan announced an expansion of the Making Home Affordable Refinance Program to include borrowers who are current but up to 125 percent underwater on their mortgage. The announcement was made while the Secretary toured a Las Vegas neighborhood with Senate Majority Leader Harry [...]
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“The economy is based on trust,” said Dean Johnson, associate professor of finance at Michigan Technological University in Houghton, Michigan.
In situations like the recent housing bubble, or even the stock market collapse of 1929, where markets were driven by debt and fueled by the false expectation that values can only increase, trust can be a [...]
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“Local reports indicate that homelessness is on the rise and this report [Foreclosure to Homelessness] gives us insight into the role that foreclosures may be having on that increase,” said Nan Roman, president of the National Alliance to End Homelessness.
The Foreclosure to Homelessness: The Forgotten Victims of the Foreclosure Crisis report released last week provides [...]
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Federal law enforcement officials recently announced charges have brought against 41 defendants in five separate cases in Chicago. The cases involve more than $48 million in fraudulently obtained mortgages for dilapidated homes in urban areas as well as deals involving million dollar condominiums in a Chicago high-rise and sprawling homes in affluent suburbs like Wheaton [...]
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“We are responding to consumers’ desires to have more refinancing options,” said Freddie Mac Executive Vice President Don Bisenius. “As an added benefit, we are expanding the program and providing greater flexibility in financing closing costs. Freddie Mac is committed to doing everything we can to bring the benefits of the Administration’s Making Home Affordable [...]
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“This is the tale of two companies,” Robert Khuzami, Director of the Security and Exchange Commission’s (SEC) Division of Enforcement explained in a public statement announcing the filing of financial fraud charges against Countrywide Financial CEO Angelo Mozilo and two other former executives. “Countrywide portrayed itself as underwriting mainly prime quality mortgages using high underwriting [...]
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The majority of Texans surveyed voluntarily blame the federal government for causing the current economic crisis.
Results from a survey of 800 Texas registered voters released by the Texas Credit Union League (TCUL), Texans point the finger at some aspect of the federal government more than they do at private business or individuals. The largest percentage, [...]
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The Center for Responsible Lending (CRL) estimates that one million new foreclosures have been filed so far in 2009. The news comes on the heels of the release of the first quarter 2009 National Delinquency Survey from the Mortgage Bankers Association (MBA) which reveals that 12 percent of all mortgages are now delinquent, the highest [...]
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Twenty-four percent of homeowners do not have any savings to cover their living expenses in the event they lose their job, according to the latest quarterly survey from Wells Fargo and Company. Although only 23 percent of survey respondents have managed to increase their savings during the past year, 60 percent indicate they want to [...]
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