Last week Bank of America said that it would forgive some mortgage debt to help keep distressed borrowers from losing their homes. The by-invitation-only program announcement came the same week as the news that BoA had settled a suit brought by the state of Massachusetts for predatory lending. From the BoA press release announcing its… CONTINUE
Same Problem, Different Plan
The Obama administration announced new modifications to the HAMP and FHA programs late last week to “better assist responsible homeowners who have been affected by the economic crisis through no fault of their own.” So who benefits from the modifications? The program expands flexibility for mortgage companies and banks to assist unemployed homeowners as well… CONTINUE
Off to Jail Fed-Style
Two Florida men were sentenced in federal court last week to prison terms for mortgage fraud and four more were added to another federal mortgage fraud indictment, including a banker and an attorney. From the Orlando Sentinel on those already sentenced: Richard Nanan, a former loss-mitigation negotiator with Taylor, Bean & Whitaker, was sentenced to… CONTINUE
A Good Dip?
The median price for California homes rose for the fourth consecutive month in February, according to a report released March 18 by MDA Dataquick. The report noted that the 11% increase in the year-over-year median price was due to a dip in foreclosures and an increase in sales of high-end properties. From the AP story… CONTINUE
Seeing Double
In an interview with CNBC this week, Meredith Whitney of the NY-based financial services advisory firm Meredith Whitney Advisory Group predicted that the housing market would face another downturn once government-backed programs fade away, causing a double-dip for the U.S. housing market: Government programs to support housing have been “murky” and when the modifications caused… CONTINUE
NAR Defends BPOs
Appraisers — who have seen their fees cut in half in recent years as a result of a mandated clearing house approach to appraisal assignments which was a knee jerk reaction by the Legislature resulting from lender fraud cases where the Bank insisted appraisers keep values inflated — are now protecting what is left of… CONTINUE
Taking It In The Shorts…Again
Californians who received mortgage modifications or participated in a short sale or foreclosure could be getting the short end of the stick again in the form of a huge tax bill. That’s because legislation preventing their canceled debt from being treated as taxable income is caught up in a budget squabble between the Governator and… CONTINUE
Will Walk for Cash
The Obama administration has announced a new program taking effect April 5 that will pay homeowners in danger of foreclosure cash to walk away. Lenders will also get a cash payment for agreeing to a short sale. The New York Times piece on the new program reported: Under the new program, the servicing bank, as… CONTINUE
An Understatement on Foreclosures
Hey American taxpayers, get your wallets ready…a group of economists from the NY Federal Reserve and NYU say the FHA is understating how much risk it’s taken on, which may make it a candidate for a taxpayer bailout. The FHA currently backs more than 25% of all home loans – up from less than 2%… CONTINUE
Foreclosure Shake-Up
The foreclosure crisis will be over sooner as a result of Chilean earthquake! Scientists say the recent magnitude 8.8 earthquake in Chile may have shortened the length of each Earth day. So, whatever we’re going through, well, it won’t last as long! From the NASA website: JPL research scientist Richard Gross computed how Earth’s rotation… CONTINUE
Let It Snow
The numbers on February foreclosures are out this week from RealtyTrac, which reported that foreclosure filings fell 2% from January and, overall, that February filings had the lowest year-over-year increase since January of 2006. James Saccacio, RealtyTrac CEO, said that the severe winter weather in the first two weeks of February “appears to have temporarily… CONTINUE
Grab Your Floaties
The predicted wave (tsunami, really) of new foreclosures is detailed last Friday in a report by the Washington Post: About 5 million to 7 million properties are potentially eligible for foreclosure but have not yet been repossessed and put up for sale. Some economists project it could take nearly three years before all these homes… CONTINUE
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