http://www.freerepublic.com/tag/mortgages/ en-us Fri, 25 Dec 2009 23:17:36 GMT Focus Forum 15 http://www.freerepublic.com/focus/f-news/2415114/posts A group of state and federal judges presiding over foreclosures are wiping away borrowers' mortgage debt, invalidating foreclosure sales and even barring some foreclosures outright. The decisions in recent months by a handful of judges in states including Massachusetts, New York and Texas mark a new phase in the judiciary's battle to stem the rising tide of foreclosures by punishing mortgage companies for paperwork mistakes and alleged mistreatment of borrowers. The number of judges taking such action remains small, and most foreclosures go through without a challenge. But the growing number of rulings against lenders' claims is raising questions among... Wall Street Journal http://www.freerepublic.com/focus/f-news/2415114/posts#comment Fri, 25 Dec 2009 23:17:36 GMT http://www.freerepublic.com/focus/f-news/2413633/posts Americans' mortgage woes continued to get worse in the third quarter. Just 87.2% of U.S. mortgages were current in the third quarter, a decrease of 1.5% from the previous quarter, according to the OCC and OTS Mortgage Metrics Report released Monday. The Office of the Comptroller of the Currency and the Office of Thrift Supervision report covers 34 million loans totaling $6 trillion in principal balances, about 65% of the U.S. mortgage market. Serious delinquencies jumped to 6.2% of mortgage-servicing portfolios, an increase of 16.7% from the previous quarter. The number of prime borrowers in trouble continues to mount as... Daily Finance http://www.freerepublic.com/focus/f-news/2413633/posts#comment Wed, 23 Dec 2009 12:08:44 GMT http://www.freerepublic.com/focus/f-news/2412905/posts For the first quarter ever, the number of homes in foreclosure with mortgages serviced by U.S. national banks and savings and loans topped the 1-million mark, according to figures released Monday by the Office of Thrift Supervision and the Office of the Comptroller of the Currency. The percentage of prime borrowers whose loans were 60 or more days past due doubled from the July-to-September period a year earlier. And more than half of all homeowners whose payments had been lowered through modification plans defaulted again. The report, which covers about 34 million loans, or about 65% of all U.S. mortgages,... LA Times http://www.freerepublic.com/focus/f-news/2412905/posts#comment Tue, 22 Dec 2009 13:49:13 GMT http://www.freerepublic.com/focus/f-news/2410480/posts The Second Wave Is Already Ashore By Jim Nelson 12/17/09 Baltimore, Maryland – The second wave of ARM resets and foreclosures might come sooner than you think. According to Whitney Tilson and Glenn Tongue of T2 Partners, the experts on this subject, about 80% of option ARMs are negatively amortizing. Meaning these so-called top-tier borrowers are heading further into the hole. Once their rates reset, they could be in serious trouble. And that could be happening very soon: The chart above, which should look familiar, shows the two peaks in this long-term housing conundrum. The first mountain is comprised of... The Daily Reckoning http://www.freerepublic.com/focus/f-news/2410480/posts#comment Fri, 18 Dec 2009 16:37:49 GMT http://www.freerepublic.com/focus/f-news/2407414/posts "Judge indicates lender cannot be responsible for 'deterioration of inner city'" "A federal judge has suggested that he might "cut down" an unprecedented lawsuit filed by Baltimore city against Wells Fargo. The city says the mortgage giant engaged in illegal "reverse redlining" -- targeting black neighborhoods for bad loans that resulted in mass foreclosures. U.S. District Judge J. Frederick Motz heard arguments Monday on a motion to dismiss the complaint. Wells Fargo's attorneys say the city can't prove that the company's actions caused widespread urban blight. Motz suggested that it's not plausible to claim that Wells Fargo is responsible for... The Baltimore Sun http://www.freerepublic.com/focus/f-news/2407414/posts#comment Mon, 14 Dec 2009 21:29:59 GMT http://www.freerepublic.com/focus/f-news/2406612/posts They neglected to remind us of the role they played in creating this disaster and of the fact that they both were bought and paid for long ago by Fannie Mae and Freddie Mac. theFinancialSkinny http://www.freerepublic.com/focus/f-news/2406612/posts#comment Sun, 13 Dec 2009 16:31:28 GMT http://www.freerepublic.com/focus/f-news/2404253/posts No Credit. No Economy. By Eric Fry 12/09/09 Laguna Beach, California – “The great American consumer deleveraging continues,” our colleagues at The 5-Minute Forecast observed yesterday. “The Fed announced that consumer credit shrank for a record ninth month in a row in October.” Consumer credit, as we all know, drives a big chunk of consumer spending, which drives a big chunk of the American economy. Ergo, no credit; no economy. But consumers are not the only borrowers between the Atlantic and the Pacific who contribute to economic activity. Commercial and industrial (C&I) borrowers also play a large role. The dots... The Daily Reckoning http://www.freerepublic.com/focus/f-news/2404253/posts#comment Thu, 10 Dec 2009 02:17:27 GMT http://www.freerepublic.com/focus/f-news/2403151/posts JPMorgan (JPM) says the mortgage-related bloodletting is not over: Marketwatch: J.P. Morgan Chase said Tuesday that it sees more mortgage-related losses in coming quarters. Losses on home equity loans could reach $1.4 billion over the next several quarters, the bank said in a presentation posted on its Web site. Prime mortgage losses may reach $600 million and subprime mortgage losses could hit $500 million in coming quarters, J.P. Morgan added in the presentation. The bank also said it's seeing "initial" signs of stability in consumer delinquency trends, but it warned that it's not certain if the trend will continue. J.P.... The Business Insider http://www.freerepublic.com/focus/f-news/2403151/posts#comment Tue, 8 Dec 2009 21:23:37 GMT http://www.freerepublic.com/focus/f-news/2402038/posts Most look to loan type and equity position as two of the most important factors when forecasting loan default. In fact, I believe that epidemic negative-equity is the overarching reason that the default, foreclosure and housing crisis remains in the early innings. But…negative-equity with a caveat. While negative equity is a threat in and of itself, being in an over-leveraged household debt position is the true default catalyst for most in a negative-equity position. And being over-leveraged is also the primary default catalyst for those is a positive equity position. Being in a negative-equity position with lots of top line... The Business Insider http://www.freerepublic.com/focus/f-news/2402038/posts#comment Mon, 7 Dec 2009 15:45:38 GMT http://www.freerepublic.com/focus/f-news/2397119/posts Underwater? Maybe You Should Walk Away From Your Mortgage? By Ilyce Glink | Nov 30, 2009 | 7 Comments According to the latest figures, some 23 percent of Americans are underwater with their mortgage. That means their home is worth less than the amount they owe to their lender.If you have a job, and can afford your payments, being underwater may not cause anything other than a really bad headache. But if you’ve lost your job, you’re probably running through all of your available cash plus anything you can beg, borrow and perhaps steal in order to keep making your... MoneyWatch.com http://www.freerepublic.com/focus/f-news/2397119/posts#comment Mon, 30 Nov 2009 21:13:38 GMT http://www.freerepublic.com/focus/f-news/2396226/posts NEW YORK (CNNMoney.com) -- As foreclosure casualties mount, the Obama administration is expected to announce additional steps on Monday to get long-term help for troubled borrowers. Under the new initiative, the government will provide more resources for borrowers and will partner with organizations to offer homeowners assistance, a Treasury Department spokeswoman said. The plan also calls for increased transparency and accountability on the part of loan servicers. The administration's move is its latest attempt to jumpstart its $75 billion loan modification plan, which many fear will fall far short of its goal to help up to 4 million delinquent homeowners. CNNMoney http://www.freerepublic.com/focus/f-news/2396226/posts#comment Sun, 29 Nov 2009 11:23:57 GMT http://www.freerepublic.com/focus/f-news/2388862/posts ... Under the rules adopted by Philadelphia’s primary civil court, no owner-occupied house may be foreclosed on and sold by the sheriff’s office before a “conciliation conference,” a face-to-face meeting between the homeowner and the lender aimed at striking a workable compromise. Every homeowner facing a default filing is furnished with counseling, and sometimes legal representation. ... When homeowners in Philadelphia receive legal default notices from their mortgage companies, the court system schedules a conciliation hearing. Canvassers working for local nonprofit agencies visit foreclosed homeowners, distributing fliers that inform them of their rights to a conference, and urging them to... New York Times http://www.freerepublic.com/focus/f-news/2388862/posts#comment Wed, 18 Nov 2009 11:23:26 GMT http://www.freerepublic.com/focus/f-news/2396092/posts The Obama administration on Monday plans to announce a campaign to pressure mortgage companies to reduce payments for many more troubled homeowners, as evidence mounts that a $75 billion taxpayer-financed effort aimed at stemming foreclosures is foundering. “The banks are not doing a good enough job,” Michael S. Barr, Treasury’s assistant secretary for financial institutions, said in an interview Friday. “Some of the firms ought to be embarrassed, and they will be.” ... Mr. Barr said the government would try to use shame as a corrective, publicly naming those institutions that move too slowly to permanently lower mortgage payments. The... New York Times http://www.freerepublic.com/focus/f-news/2396092/posts#comment Sun, 29 Nov 2009 01:09:47 GMT http://www.freerepublic.com/focus/f-news/2394177/posts Long Island couple is home free after an outraged judge gave them an amazing Thanksgiving present -- canceling their debt to ruthless bankers trying to toss them out on the street. Suffolk Judge Jeffrey Spinner wiped out $525,000 in mortgage payments demanded by a California bank, blasting its "harsh, repugnant, shocking and repulsive" acts. The bombshell decision leaves Diane Yano-Horoski and her husband, Greg Horoski, owing absolutely no money on their ranch house in East Patchogue. Spinner pulled no punches as he smacked down the bankers at OneWest -- who took an $814.2 million federal bailout but have a record... NY Post http://www.freerepublic.com/focus/f-news/2394177/posts#comment Wed, 25 Nov 2009 14:02:11 GMT http://www.freerepublic.com/focus/f-news/2391797/posts As millions of Americans struggle to hold on to their homes, Wall Street has found a way to make money from the mortgage mess. Investment funds are buying billions of dollars’ worth of home loans, discounted from the loans’ original value. Then, in what might seem an act of charity, the funds are helping homeowners by reducing the size of the loans. But as part of these deals, the mortgages are being refinanced through lenders that work with government agencies like the Federal Housing Administration. This enables the funds to pocket sizable profits by reselling new, government-insured loans to other... New York Times http://www.freerepublic.com/focus/f-news/2391797/posts#comment Sun, 22 Nov 2009 02:41:47 GMT http://www.freerepublic.com/focus/f-news/2390839/posts More than 14 percent of borrowers were in trouble on their mortgage during the third quarter, a new record, according to an industry survey released Thursday, which also suggests that the foreclosure rate is likely not to peak until next year as unemployment rates continue to rise. Unemployment remains a big driver of the problem, according to the Mortgage Bankers Association, which conducts the survey. Those with delinquent loans now include a growing portion of people traditionally considered creditworthy and people whose mortgages are insured by the Federal Housing Administration. "The outlook is that delinquency rates and foreclosure rates will... The Washington Post http://www.freerepublic.com/focus/f-news/2390839/posts#comment Fri, 20 Nov 2009 17:22:34 GMT http://www.freerepublic.com/focus/f-news/2390567/posts ... In its efforts to prop up a shattered housing market, the government is greatly extending its traditional support of real estate, including guaranteeing the mortgages of middle-class and even upper-class buyers against default. In 2007, the government did not insure a single mortgage in [San Francisco], one of the most expensive in the country. Buyers here, as well as in Manhattan, Santa Monica and every other wealthy area, were presumed to be able to handle the steep prices and correspondingly hefty down payments on their own. Now the government is guaranteeing an average of six mortgages a week here.... New York Times http://www.freerepublic.com/focus/f-news/2390567/posts#comment Fri, 20 Nov 2009 08:54:49 GMT http://www.freerepublic.com/focus/f-news/2384801/posts As if we needed more proof that the mortgage market is currently a totally manipulated market. Mortgage applications to purchase homes in the U.S. plunged last week to the lowest level in almost nine years as Americans waited for the outcome of deliberations to extend a government tax credit, reports Bob Willis at Bloomberg. The Mortgage Bankers Association’s index of applications to buy a house dropped 12 percent in the week ended Nov. 6 to 220.9, the lowest level since Dec. 2000. The group’s refinancing gauge rose 11 percent as interest rates decreased, pushing the overall index up 3.2 percent.... Economic Policy Journal http://www.freerepublic.com/focus/f-news/2384801/posts#comment Thu, 12 Nov 2009 17:30:37 GMT http://www.freerepublic.com/focus/f-bloggers/2371751/posts Without question, Tejada's loan is toxic--to her and to the taxpayers who are backing the loan.... In case you're not in tune with exactly where housing prices are set to keep plunging like an overworked plumber for the next several years, it's... drumroll please... California. And if (or, to be more accurate, when) she gets sick, or loses a job, or gets into an auto accident, or simply can't sell her house for what she needs to sell it for, you get to help cover the losses! Aren't you excited? The Melting Pot Project http://www.freerepublic.com/focus/f-bloggers/2371751/posts#comment Tue, 27 Oct 2009 09:19:17 GMT http://www.freerepublic.com/focus/f-news/2365327/posts Thousands At Cow Palace Seeking Mortgage HelpA Carolyn Said, Chronicle Staff Writer Saturday, October 17, 2009 Armed with sleeping bags or folding chairs, many spent a chilly night on the pavement outside the Daly City event center. "I'm just trying to keep my house," said Gerasim Karapetian of Yorba Linda (Orange County), as he waited in the bleachers to meet with a loan counselor. "I drove eight hours, got here at 2 a.m., and waited outside all night. The line wrapped around the whole parking lot." He was among more than 4,000 people from around California and neighboring states who... SF Gate http://www.freerepublic.com/focus/f-news/2365327/posts#comment Sun, 18 Oct 2009 21:39:33 GMT http://www.freerepublic.com/focus/f-news/2357225/posts In the Medieval era -- when the periodic table of the elements was comprised of only Fire, Earth, Air, and Water -- alchemists posited the existence of a fifth magical substance, Quintessence, which when mixed in combinations of the other four would create every other form of matter. They searched in vain for this ethereal substance in their pursuit of a means of changing base metals into gold. Their quest went unrealized, but this magical quintessence was subsequently discovered five centuries later by the new alchemists: mortgage bankers and investors. They found a way to turn worthless mortgages into hordes... Human Events http://www.freerepublic.com/focus/f-news/2357225/posts#comment Thu, 8 Oct 2009 01:45:59 GMT http://www.freerepublic.com/focus/f-news/2354489/posts On April 9, 1965, a 34-year-old lawyer named Charles Rangel took out a low-interest mortgage to renovate his childhood home — a row house on West 132nd Street that he had just inherited from his grandfather. The $39,350 loan came from a New York City program to develop low-income housing. Rangel and his sister Frances were to use the money to turn the family home in Central Harlem, which Rangel affectionately called Buckingham Palace, into six apartments. While Rangel may have thought he scored a sweetheart deal, the loan came back to haunt him during his first run for Congress... NY Post http://www.freerepublic.com/focus/f-news/2354489/posts#comment Sun, 4 Oct 2009 09:55:27 GMT http://www.freerepublic.com/focus/f-news/2350247/posts Guillermo Loaiza, a loan officer for a unit of J.P. Morgan Chase & Co. in Phoenix, has resigned from the board of Acorn Housing, a spokesman for J.P. Morgan said. Acorn Housing is an affiliate of the community-organizing group Acorn, the full name of which is the Association of Community Organizations for Reform Now. Both Acorn and Acorn Housing have been under fire since the recent release of secretly recorded videos that depicted Acorn employees offering advice on evading taxes, setting up brothels and smuggling illegal immigrants. J.P. Morgan has said it doesn't have a regular working relationship with Acorn... Wall Street Journal http://www.freerepublic.com/focus/f-news/2350247/posts#comment Mon, 28 Sep 2009 21:03:47 GMT http://www.freerepublic.com/focus/f-bloggers/2349207/posts A landmark ruling in a recent Kansas Supreme Court case may have given millions of distressed homeowners the legal wedge they need to avoid foreclosure. In Landmark National Bank v. Kesler, 2009 Kan. LEXIS 834, the Kansas Supreme Court held that a nominee company called MERS has no right or standing to bring an action for foreclosure. MERS is an acronym for Mortgage Electronic Registration Systems, a private company that registers mortgages electronically and tracks changes in ownership. The significance of the holding is that if MERS has no standing to foreclose, then nobody has standing to foreclose – on... Matt Taibbi; Global Research.ca http://www.freerepublic.com/focus/f-bloggers/2349207/posts#comment Sun, 27 Sep 2009 04:18:45 GMT http://www.freerepublic.com/focus/f-news/2349068/posts Americans have tamed their wanderlust during this recession, according to the latest data released by the U.S. Census Bureau. Only about 2.4% of Americans moved from state to state in 2008, down from 2.5% the previous year. "The mobility rate is lower than it has been in years," said Robert Lang, a demographer with Virginia Tech University. "There's a recession and a housing bust. People can't sell their homes in California and move to Las Vegas or sell their condo in Florida and move to North Carolina." "People are hunkering down, trying to hold on to what they have," added... Yahoo! Real Estate / CNN Money http://www.freerepublic.com/focus/f-news/2349068/posts#comment Sat, 26 Sep 2009 22:52:13 GMT