Blowing the Lid Off the Mortgage Industry
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Unemployment rose in nearly every state in the nation in May, with many reaching record unemployment levels not seen since 1976. So much for green shoots. If 70% of our economy is driven by consumer spending, and [...]
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The state of California is imposing a 90-day moratorium on all foreclosures as part of the new California Foreclosure Prevention Act that goes into effect tomorrow. The law requires that lenders prove they tried to modify a borrower’s loan before initiating foreclosure proceedings.
From the San Jose Mercury News:
The law is expected to make lenders try [...]
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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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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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Here we are, well into the aftermath of the financial crisis that torpedoed home values across the country, sent mammoth financial institutions into the poor house, and drove unemployment numbers toward the double digits. The government, for its part, has taken increasingly drastic steps to put the real estate market right again, to mixed effect. [...]
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So far Spain, Ireland and the UK are already seeing it and Japan is teetering on the brink.
“Ireland, struggling with a ballooning budget deficit and record unemployment, has been at the vanguard of Europe’s economic collapse. Now deflation threatens to push the country deeper into its worst recession in eight decades.” (Bloomberg)
“Britain’s statistics office says [...]
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Love it or leave it, but we’ve seen extraordinary actions in the past couple months in terms of efforts, both on the side of lenders and government, to help those who are struggling with their mortgages. Uncle Sam has gone out of his way to drive interest rates down to historic lows, and consumers are [...]
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Did you know your mortgage insurance may be deductible? Under certain conditions, the Internal Revenue Service (IRS) reports that homeowners may deduct their mortgage insurance premiums when filing their federal tax returns.
Generally, mortgage insurance premiums paid to a government agency or program as well as private mortgage insurance (PMI) premiums connected to the purchase of [...]
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Increased regulatory action at the end of 2008 has not added to the overall number of mortgage litigation cases winding their way through the American judicial system, according to a report just released by MortgageDaily.com in conjunction with the law firm of Weiner Brodsky Sidman Kider PC.
According to the Fourth Quarter 2008 Mortgage Litigation [...]
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Is your state unfriendly towards homeowners? Probably. Further, most states are particularly unfriendly towards homeowners being foreclosed upon.
A new report from the National Consumer Law Center (NCLC) reveals that three out of five states allow for so-called fast-track foreclosures without any court oversight. In addition, the report, titled “Foreclosing A Dream: State Laws Deprive [...]
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