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Keyword: mortgage

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  • Minor League Baseball Player Pays Off Parents’ Mortgage for Christmas

    12/26/2017 5:15:34 PM PST · by Tolerance Sucks Rocks · 17 replies
    As a heartwarming Christmas gesture, a newly signed minor league baseball player used part of his draft bonus to pay off his parents’ mortgage. In a viral video shared on Twitter, Arizona Diamondbacks prospect Pavin Smith tweeted a video of his parents reacting to a letter he wrote detailing that he wants their home to be officially theirs:
  • The GOP is set to eliminate one of the biggest benefits of owning a home

    12/05/2017 7:47:01 AM PST · by SeekAndFind · 114 replies
    Yahoo Finance via Business Insider ^ | 12/05/2017 | Akin Oyedele
    Housing-industry trade organizations immediately condemned House Republicans' tax bill when it passed in mid-November.Senate Republicans' version passed over the weekend. Unlike the House's bill, it doesn't halve the mortgage interest deduction, but it could still remove tax benefits for homeowners.The Senate's bill raises the standard deduction, meaning households would be less likely to exceed that threshold and choose to itemize their mortgage interest.Both versions could end up weakening home prices. The GOP tax bill should keep homeowners on alert.Early on Saturday, Senate Republicans passed their version of the bill, called the Tax Cuts and Jobs Act, pushing it closer...
  • U.S. Fed buys $3.4 billion of mortgage bonds, sells none

    11/30/2017 11:28:33 AM PST · by Oldeconomybuyer · 28 replies
    Reuters ^ | November 30, 2017 | by Staff
    NEW YORK - The Federal Reserve bought $3.447 billion of agency mortgage-backed securities in the week from Nov. 23 to Nov. 29, compared with $5.516 billion purchased the previous week, the New York Federal Reserve Bank said on Thursday. In a move to help the housing market begun in October 2011, the U.S. central bank has been using funds from principal payments on the agency debt and agency mortgage-backed securities, or MBS, it holds to reinvest in agency MBS.
  • The Tax Bill: Placing a Dagger in the American Dream of Home Ownership

    11/12/2017 3:50:03 AM PST · by SkyPilot · 145 replies
    Huffington Post ^ | 11 Nov 17 | Miles Zaremski
    As we now know, both chambers of Congress have introduced their versions of legislation to overhaul our tax system, or, rather, the tax code. Some say it is reform, others more properly say it is merely a tax cut for the wealthiest and most powerful of American persons and corporations at the hands of those less fortunate, the middle class. But to give the rich their largesse, the middle class is being looked to as the sacrificial lamb by having certain deductions stripped away from them. Among the most critical of these deductions are the ones that make home ownership——the...
  • Obama Looted Fannie Mae and Freddie Mac

    07/29/2017 7:44:42 AM PDT · by Kaslin · 38 replies
    American Thinker.com ^ | July 29, 2017 | Brian McNicoll
    President Obama never was shy about using his phone and pen to achieve what he could not get from Congress on regulatory matters. But documents revealed last week show the Obama administration may have been willing to get around congressional decisions on spending by using a slush fund of sorts funded by the profits of Freddie Mac and Fannie Mae, the two government-sponsored home loan giants. Fannie and Freddie are federally chartered enterprises which buy mortgage loans from banks and bundle them into securities that are sold to investors, thus freeing up capital so that banks can make more home...
  • Bankers Gone Bad

    07/26/2017 9:46:51 PM PDT · by Lorianne · 28 replies
    Full Measure ^ | 23 July 2017 | Sharyl Attkinson
    In the wake of the 2008 financial crisis, big banks paid tens of billions of dollars to settle state and federal fraud investigations, yet not one top bank executive was prosecuted. One investigator calls it the "immaculate corruption." But buried in recently unsealed documents is a revelation: major bank executives WERE referred to the Justice Department for possibly violating the law. A key whistleblower, Richard Bowen, is asking why none of them was charged. Richard Bowen knew where the figurative bodies were buried at banking giant Citigroup, once the largest company in the world. Richard Bowen: Over 60% of these...
  • Home Capital shares plunge after mortgage lender seeks $2 billion credit line as deposits decline

    04/26/2017 2:22:34 PM PDT · by Reverend Wright · 26 replies
    Financial Post ^ | April 26, 2017 | Armina Lagaya
    Home Capital Group Inc. said Wednesday its subsidiary has seen deposits drop by nearly $600 million in recent weeks and it is seeking a $2 billion credit line to mitigate the impact, which it expects to accelerate. ... As part of the agreement, Home Trust would be required to pay a non-refundable commitment fee of $100 million and make an initial draw of $1 billion. The interest rate on outstanding balances would be 10 per cent, and the standby fee on undrawn funds would be 2.5 per cent, Home Capital added. Gloyn said this translates to an effective interest rate...
  • Immigrants Key to Homeownership Growth

    04/20/2017 3:46:17 PM PDT · by smokingfrog · 30 replies
    Realtor Mag ^ | April 12, 2017 | Robert Krueger
    Foreign-born residents will have a "significant impact" on the housing market according to "Housing in America: Immigrants and Housing Demand," released by the Urban Land Institute's Terwilliger Center for Housing. The report also notes that if the current levels aren't sustained, the industry could suffer. "Immigrants have helped stabilize and strengthen the housing market throughout the recovery," says Stockton Williams, executive director of the Terwilliger Center. "Immigrants' housing purchasing power and preferences are significant economic assets for metropolitan regions across the country. This suggests the potential for much more growth attributable to foreign-born residents in the years ahead." Immigrants in...
  • Dear Fellow Shareholders (JP Morgan Chase)

    04/05/2017 10:56:31 AM PDT · by proxy_user · 7 replies
    JP Morgan Chase ^ | April 4, 2017 | Jamie Dimon
    Essentially, Too Big to Fail has been solved — taxpayers will not pay if a bank fails. The American public has the right to demand that if a major bank fails, they, as taxpayers, would not have to pay for it, and the failure wouldn’t unduly harm the U.S. economy. In my view, these demands have now both been met. On the first count, if a bank fails, taxpayers do not pay. Shareholders and debtholders, now due to total loss absorbing capacity (TLAC) rules, are at risk for all losses. To add belts and suspenders, if all that capital is...
  • Trump's first executive order suspends mortgage insurance rate decrease

    01/23/2017 7:22:55 AM PST · by Dacula · 30 replies
    Dayton Daily News ^ | Jan. 22, 2017 | Jared Leone
    President Donald Trump’s first executive order blocked a mortgage insurance premium cut that would have reduced the cost of mortgages for millions of middle-class home buyers.
  • JPMorgan Chase agrees to $55 million settle of mortgage discrimination complaint

    01/19/2017 2:27:10 PM PST · by SeekAndFind · 22 replies
    Reuters ^ | 01/19/2017 | Dena Aubin
    JPMorgan Chase & Co has agreed to pay $55 million to settle a U.S. Justice Department lawsuit accusing it of discriminating against minority borrowers by allowing mortgage brokers to charge them more for home loans, a person familiar with the matter said on Wednesday. The U.S. Justice Department complaint, filed in Manhattan federal court on Wednesday, accused the bank of willfully violating the U.S. Fair Housing Act and the Equal Credit Opportunity Act between 2006 and 2009 and showing "reckless disregard" for the rights of at least 53,000 African-American and Hispanic borrowers. "We’ve agreed to settle these legacy allegations that...
  • Obama Slashes Mortgage Insurance Premiums For Subprime Borrowers With Just 10 Days Left In Office

    01/11/2017 3:17:33 PM PST · by Lorianne · 25 replies
    Zero Hedge ^ | 10 January 2017 | Tyler Durden
    What do you do when a quick rise in mortgage rates suddenly threatens to tame home buying demand from subprime borrowers who, despite the lessons from the past, are still purchasing homes, en masse, with only 3.5% down payments and just enough monthly cash flow to cover mortgage payments? Well, if you're the Obama administration then you simply socialize the problem and force those higher mortgage costs on taxpayers. Anything less would just be a hateful attempt to deny minority and low-income citizens their "right" to home ownership. And while the Obama administration isn't directly passing out tax dollars to...
  • China’s ‘Godfather of Real Estate’ Pitches Reverse Mortgages to Skeptical Elders

    12/29/2016 10:05:50 AM PST · by Lorianne · 4 replies
    CNBC ^ | 28 December 2016 | Sui-Lee Wee
    He is known in China as the "godfather of real estate," helping lay the groundwork for private homeownership in China, a move that enriched millions and laid the foundations for a vibrant and thriving Chinese middle class. Now, Meng Xiaosu wants a lot of Chinese — the older ones, specifically — to cash out. Older people need to mortgage their homes to address China's looming demographic bust, Mr. Meng argues. Because of China's now-defunct one-child policy and other social trends, the country has a rapidly graying population that someday soon may become too expensive for the Chinese government to support....
  • Countrywide Mortgage Devastation Lingers as Ex-Chief Moves On

    06/25/2016 12:17:28 PM PDT · by Reverend Wright · 15 replies
    NY Times ^ | June 24, 2016 | Gretchen Mogensen
    Angelo Mozilo can finally get on with his life. This month the Justice Department told Mr. Mozilo, the former chief executive of Countrywide Financial, once the nation’s largest subprime mortgage lender, that he was no longer under investigation in connection with civil mortgage fraud. The government’s criminal inquiry into Mr. Mozilo’s role in the financial crisis was dropped previously, so he is now in the clear. At least that’s the view from Washington. On Main Street, where the pain of Countrywide’s reckless lending and abusive foreclosure practices still throbs, it’s safe to say that Mr. Mozilo is still identified as...
  • Big win for Bank of America as court overturns $1.3 billion penalty in 'Hustle' fraud case

    05/23/2016 10:23:58 AM PDT · by DUMBGRUNT · 4 replies
    biz journals ^ | 23 May 2016 | Jen Wilson
    Bank of America Corp. (NYSE: BAC) on Monday notched a major legal win when a U.S. appeals court overturned a $1.27 billion penalty handed down in a high-profile fraud case tied to mortgages sold by its Countrywide unit prior to the financial crisis of 2008.
  • ANZ, Westpac hit by hundreds of Chinese home loan frauds

    05/09/2016 11:11:27 AM PDT · by ameribbean expat · 10 replies
    AFR ^ | 05.09.2016 | Christopher Joye
    ANZ Banking Group and Westpac Banking Corp have discovered they have each approved "hundreds" of home loans backed by fraudulent Chinese income documents, which were allegedly manufactured with the help of dodgy mortgage brokers.
  • Column - Norma White: You want change? Try these ideas

    02/02/2016 11:27:50 AM PST · by pilgrim · 41 replies
    Amarillo Globe ^ | October 21, 2008 | Norma White
    Here are a few that I believe all Americans want. Limit Congress from serving more than two terms. That is all that presidents are allowed. Stop Congress from voting for their own raises. How did that ever get started? Stop paying for lawmakers' high-priced insurance premiums. After all, they are only part-time employees. They might pass some law changes on the insurance companies, if they had to find one. Stop paying lawmakers their full salary after serving just one term, or at retirement. We need to get rid of that pension plan; they've let other companies get rid of theirs....
  • Obamanomics in Catastrophic Action: New mortgage program steering toward another housing collapse

    01/22/2016 8:42:52 AM PST · by SeekAndFind · 23 replies
    FrontPage Mag ^ | 01/22/2016 | John Perazzo
    Remember a few years ago, when the American housing market collapsed as a direct result of government policies that—in the name of racial justice—pressured banks to approve mortgage loans for massive numbers of underqualified nonwhite applicants? Remember how that collapse set in motion the financial crisis that then-presidential candidate Barack Obama repeatedly called “the worst economy since the Great Depression”? And remember how Obama—who had long been a leading proponent of precisely the policies that had triggered the crisis—cast himself as the savior who was going to restore fiscal sanity and untangle the whole big mess? Well, now Savior Obama...
  • Too Big to Fail: The Sequel?

    01/19/2016 4:12:14 PM PST · by Kaslin · 2 replies
    Townhall.com ^ | January 19, 2016 | Cal Thomas
    Movie sequels are rarely as good as the original films on which they're based. The same dictum, it appears, holds for finance. The 2008 housing market collapse was bad enough, but it appears now that we're on the verge of experiencing it all again. And the financial sequel, working from a similar script as its original version, could prove to be just as devastating to the American taxpayer. The Federal National Mortgage Association (commonly referred to as Fannie Mae) plans a mortgage loan reboot, which could produce the same insane and predictable results as when the mortgage agency loaned so...
  • Now Obama Bank Regulators Scheming To Degrade Mortgage Credit Scoring

    01/18/2016 6:31:53 AM PST · by Renkluaf · 27 replies
    Investor's Business Daily ^ | 1/15/16 | Editorial Board
    Subprime 2.0: In an orchestrated assault on the credit standards underpinning mortgages, no fewer than four Obama agencies have gone to war against FICO. If politicians don't want another bank crisis, they'll stop the attack. Home loan approvals hinge on FICO credit scores. But the Obama regime views FICO scoring as too strict, cutting off millions of low-income minorities and immigrants from mortgages. So it's pressuring Fannie and Freddie, which control 90% of the mortgage market and set the underwriting standards for the entire mortgage industry, to abandon FICO for a softer standard in evaluating credit risk. Obama's regulators look...