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80%  
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Keyword: mortgages

Brevity: Headers | « Text »
  • Freddie Mac CEO to step down

    10/26/2011 8:23:47 PM PDT · by rabscuttle385 · 28 replies · 2+ views
    The Hill, Washington, DC ^ | 2011-10-26 | Peter Schroeder
    Charles E. "Ed" Haldeman, Jr., has announced his plans to step down as chief executive officer of mortgage giant Freddie Mac sometime in the next year. The Federal Housing Finance Agency (FHFA), which regulates Freddie and its counterpart Fannie Mae, announced Wednesday that Haldeman is looking to leave the government-sponsored enterprise some time next year.
  • Five Ways the White House Is Changing Federally Backed Mortgages

    10/25/2011 10:39:03 AM PDT · by WOBBLY BOB · 9 replies
    national journal ^ | 10-24-11 | Julia Edwards
    President Obama’s message to spur the economy has changed from “pass this bill” to “we can’t wait.” And mortgage rates are the impatient administration’s first target. Rather than waiting for congressional action to improve the outlook for homeowners, the White House is making it easier to refinance loans backed by the Home Affordable Refinance Program. Though the executive branch can’t legally reach into the practices of private lenders, here is a look at a list of changes (and nudges) the administration plans to implement beginning on Nov. 15:
  • Obama administration to offer home re-fi plan "independent of how deeply underwater they are"

    10/24/2011 2:37:57 PM PDT · by martosko · 31 replies
    The Daily Caller ^ | 10/24/2011 | Neil Munro
    President Barack Obama is expanding his use of federal regulations by prodding the financial sector to sell low-interest mortgages to millions of cash-strapped homeowners “independent of how deeply underwater they are,” said Shaun Donovan, Secretary of the Department of Housing and Urban Development, Monday morning. White House officials worked with real-estate and financial-sector groups to shift the financial risks that have kept high-risk borrowers from getting mortgages. Under Obama’s plan, mortgages will even be offered to homeowners who need to borrow 125 percent of a house’s value, Donovan added.
  • President Obama to Announce Major Revamp of Home Lending Program, HARP

    10/24/2011 8:17:51 AM PDT · by ColdOne · 43 replies
    FoxNews.com ^ | 10/24/11 | FoxNews
    Las Vegas – Seeking to breathe new life into a sagging economy, President Obama will attempt an executive branch rescue of homeowners trying to refinance underwater mortgages, with a new initiative that lets people with little or no equity get a better interest rate at a reduced cost. The initiative, the first in a series of announcements expected this week by the president, applies to homeowners with federally guaranteed mortgages who are current on their payments. The revamped Home Affordable Refinance Program, which aims to avert foreclosures, is expected "to encourage new, lower-cost loans" to more homeowners who are paying...
  • Banks Not Wanting to Lend Myth / Preventing Foreclosures Hurting Housing Market

    10/23/2011 5:24:00 PM PDT · by Razzz42 · 10 replies
    mhanson.com ^ | October, 23 2011 | Mark Hanson (Mr. Mortgage)
    Banks Not Wanting to Lend is a myth. It’s a trendy thing to blame the banks for not wanting to lend, but it’s not reality. Don’t get me wrong…most everything else might be able to be blamed on them, but not this. This is what makes the problem in mortgage and housing so fundamentally grave. It’s just not as easy as lowering rates, doing a mass refi event, or pulling Foreclosures off the market. After nearly 5 years, if there was an easy fix (such as printing trillions of dollars in order to try to create inflation) housing would be...
  • Congressman: Obama should unilaterally ‘refinance every home mortgage’ [VIDEO]

    10/22/2011 4:59:16 PM PDT · by Sub-Driver · 57 replies
    Congressman: Obama should unilaterally ‘refinance every home mortgage’ [VIDEO] By Nicholas Ballasy - The Daily Caller 11:43 PM 10/21/2011 Virginia Democratic Rep. Jim Moran told The Daily Caller on Thursday evening that President Obama should “refinance every home mortgage” without congressional approval in order to “reset the economy.” “Absolutely, I think [Obama] should do that but there are not a lot of places where he can act unilaterally,” Moran told TheDC during Conservation International’s Oct. 20 dinner in Washington, D.C. “If he chooses to act unilaterally,” Moran said, “the likelihood is that there will be language in the appropriations bills...
  • Here's The Fed Speech That Has Everyone Buzzing About 'QE3' Tonight

    10/20/2011 7:50:58 PM PDT · by blam · 23 replies
    TBI ^ | 10-20-2011 | Joe Weisenthal
    Here's The Fed Speech That Has Everyone Buzzing About 'QE3' Tonight Joe Weisenthal Oct. 20, 2011, 6:53 PM The big econ news of the night is this report from WSJ that the Fed is considering large-scale mortgage purchases to drive down rates even further. This talk appears to have been set off by a speech given by Fed Governor Daniel Tarullo given this evening at Columbia where he talks up precisely this: Mortgage purchases. Here's the relevant bit: Within the FOMC and in the broader policy community, there has been considerable discussion of possible additional accommodative measures, from communication strategies...
  • Banks turn to demolition of foreclosed properties to ease housing-market pressures

    10/14/2011 8:38:40 PM PDT · by FritzG · 24 replies
    The Washington Post ^ | 12 Oct 2011 | Brady Dennis
    The sight of excavators tearing down vacant buildings has become common in this foreclosure-ravaged city, where the housing crisis hit early and hard. But the story behind the recent wave of demolitions is novel — and cities around the country are taking notice. A handful of the nation’s largest banks have begun giving away scores of properties that are abandoned or otherwise at risk of languishing indefinitely and further dragging down already depressed neighborhoods. The banks have even been footing the bill for the demolitions — as much as $7,500 a pop. Four years into the housing crisis, the ongoing...
  • Banks are dunning the wrong people/vanity

    10/12/2011 6:50:27 AM PDT · by estrogen · 16 replies
    today | estrogen
    Banks dunning people who pay their bills....what about the deadbeats !!!
  • Mortgage rates drop below 4 percent for first time ever

    10/06/2011 10:57:40 AM PDT · by ilovesarah2012 · 2 replies
    msnbc ^ | October 6, 2011
    The average rate on the 30-year fixed mortgage this week fell below 4 percent for the first time ever, to 3.94 percent. For those who can qualify, it's an extraordinary opportunity to buy or refinance. And mortgage rates could fall even further now that the Federal Reserve plans to reshuffle its portfolio of securities to try and lower long-term rates. On Thursday, Freddie Mac said the average rate on a 30-year fixed mortgage dropped from 4.01 percent last week, the previous low. The average rate on a 15-year fixed loan, a popular refinancing option, dipped to 3.26 percent, also a...
  • No Rise in Home Prices Until 2020: Bankers

    09/30/2011 11:24:02 PM PDT · by 2ndDivisionVet · 23 replies
    CNBC ^ | September 30, 2011 | Karina Frayter, CNBC Markets Producer
    Home prices are unlikely to recover before 2020 and mortgage defaults will persist for years, says a survey of bank risk managers out Friday. The survey conducted by the Professional Risk Managers’ International Association for FICO, found that 49 percent of respondents do not expect housing prices to rise back to 2007 levels for another nine years. Only 21 percent of respondents said they would. The findings, which authors called “a decidedly pessimistic outlook”, are a sharp reversal from cautious optimism the survey respondents expressed late last year and in early 2011. In addition, 73 percent of surveyed bankers say...
  • Are there any California freepers knowledgeable about mortgages?

    09/25/2011 4:20:07 PM PDT · by LouAvul · 26 replies
    I know a divorced lady who is upside down in her mortgage. Her employer has also been cutting back her hours and she was late last month making her payment. She financed through a bank that sold her mortgage in the secondary market to Bank of America. Bank of America refuses to talk to her about renegotiating her loan. Other than walking away, does she have any options? Thanx.
  • New plan: Let’s sue all the banks! (in response to the damage they did to Fannie and Freddie)

    09/02/2011 7:53:33 AM PDT · by SeekAndFind · 38 replies
    Hotair ^ | 09/02/2011 | Jazz Shaw
    Dear Banks, Remember all of that bailout money you received? Sure hope you saved some of it. US authorities are preparing to sue more than a dozen big banks over claims they misrepresented the quality of mortgages sold during the 2006-7 housing bubble.The US Federal Housing Finance Agency (FHFA), which is overseeing the remains of failed mortgage giants Fannie Mae and Freddie Mac, is reportedly planning to argue that America’s biggest banks failed to check the health of mortgages before they sold them on to investors. The collapse of hundreds of thousands of sub-prime mortgages triggered the 2008 credit crisis...
  • U.S. to sue big banks for billions over mortgage crisis

    09/02/2011 2:28:25 AM PDT · by markomalley · 33 replies
    The Telegraph ^ | 02 Sep 2011
    Bank of America, JPMorgan Chase, Deutsche Bank and Goldman Sachs are among those expected to be named in the lawsuit. The agency that oversees U.S. mortgage markets is preparing to file suit against more than a dozen big banks, accusing them of misrepresenting the quality of mortgages they packaged and sold during the housing bubble, The New York Times reported on Thursday. The Federal Housing Finance Agency, which oversees mortgage giants Fannie Mae and Freddie Mac, is expected to file suit against Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank, among other banks, the Times reported, citing three...
  • U.S. Set To Sue Big Banks Over Bad Mortgages

    09/01/2011 9:23:39 PM PDT · by Steelfish · 23 replies
    MSNBC ^ | September 01, 2011 | NELSON D. SCHWARTZ
    U.S. Set To Sue Big Banks Over Bad Mortgages Agency says B of A, JPMorgan Chase, Goldman Sachs, others misrepresented securities By NELSON D. SCHWARTZ The federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac is set to file suits against more than a dozen big banks, accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble, and seeking billions of dollars in compensation. The Federal Housing Finance Agency suits, which are expected to be filed in the coming days in federal court, are aimed at Bank...
  • US Preparing To Sue Banks For Billions Over Misrepresenting Safety Of Mortgage Securities

    09/01/2011 8:31:48 PM PDT · by blam · 55 replies
    TBI ^ | 9-1-2011 | Zeke Miller
    US Preparing To Sue Banks For Billions Over Misrepresenting Safety Of Mortgage Securities Zeke Miller Sep. 1, 2011, 10:37 PM The New York Times scoops that the federal government is preparing to file suit against a dozen major banks in the coming days for their roles in 2008 financial crisis. The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, is alleging that the banks misrepresented the quality of mortgages bundled together as securities — billing subprime loans as secure investments. Among the banks set to be slapped with lawsuits according to the Times are: Bank of America,...
  • Justice's New War Against Lenders

    09/01/2011 9:00:40 AM PDT · by KeyLargo · 6 replies
    The Wall Street Journal ^ | Aug 31, 2011 | Mary Kissel
    Justice's New War Against Lenders The Obama administration repeats mistakes of the past by intimidating banks into lending to minority borrowers at below-market rates in the name of combatting discrimination. By MARY KISSEL Talk about not learning from past mistakes: A government department is again intimidating banks into lending to minority borrowers at below-market rates, all in the name of combating "discrimination." Welcome to the next housing mess. The 1990s may have brought us supercharged politicized lending, but Eric Holder's Department of Justice is taking the game to an entirely new level, and then some. The weapon is a "fair...
  • Maxine Waters Warns ‘Gangsta’ Banks, "We're Gonna Tax Them Out of Business" (VIDEO)

    09/01/2011 6:25:38 AM PDT · by Halfmanhalfamazing · 54 replies
    hapblog.com ^ | August 31st
    At a Town Hall event in Los Angeles, Dem congresswoman Maxine Waters said the president should use the bully pulpit to, "bring the gangstas in, put them around the table and let them know that if they don't come up with loan modifications and keep people in their homes, that they've worked so hard for, we're gonna tax them out of business"
  • Maxine Waters bullies banks: “[W]e’re going to tax them out of business”

    08/31/2011 5:08:14 PM PDT · by SanFranDan · 26 replies
    MichelleMalkin.com ^ | 8/30/11 | Michelle Malkin
    Ah, the Swamp Queen is doing what she does best: Throwing the weight of government around to intimidate private businesses and shake ‘em down. The Congressional Black Caucus is trying to help by organizing job fairs across the country. Congresswoman Maxine Waters also wants to help by putting more pressure on the big banks to help with mortgages. “If they don’t come up with loan modifications and keep people in their homes that they’ve worked so hard for, we’re going to tax them out of business,” said Waters.
  • U.S. Bancorp sues Bank of America over bad mortgages

    08/30/2011 5:28:11 PM PDT · by WOBBLY BOB · 11 replies
    pioneer press ^ | 8-30-11 | ap
    The lawsuits against Bank of America are piling up. The latest comes from Minneapolis-based U.S. Bancorp, which wants Bank of America Corp. to repurchase poorly-written mortgages sold by Countrywide Financial in 2005. Bank of America bought Countrywide Financial Corp. in 2008. The lawsuit, which was filed in New York on Monday, claims Countrywide sold U.S. Bancorp a pool of over 4,000 loans originally valued at $1.75 billion. U.S. Bancorp claims Countrywide ignored its own mortgage underwriting guidelines when issuing those loans. According to the complaint, Countrywide agreed to repurchase loans within 90 days if any of the statements made in...
  • Pending home sales slip 1.3% in July

    08/29/2011 8:23:11 AM PDT · by Free Vulcan · 3 replies
    Marketwatch ^ | 8.29.11 | Steve Goldstein
    WASHINGTON (MarketWatch) -- An index of pending home sales fell 1.3% in July, the National Association of Realtors reported Monday.
  • How to Fix the Housing Depression

    08/26/2011 1:05:25 PM PDT · by Kaslin · 22 replies · 1+ views
    Townhall.com ^ | August 26, 2011 | Linda Chavez
    As the president contemplates his options for creating jobs and stimulating the economy, here's one idea he should consider: Create a new immigration lottery that would let in up to a million newcomers -- on the condition that they immediately purchase a home with cash. I know this idea is bound to infuriate some people, but it could do more to stimulate the economy than anything the Obama administration -- or the Republicans -- have come up with so far. There's no question that the depressed housing market is a major factor stalling the economic recovery. Most Americans' wealth is...
  • Justice Dept. Investigating S.&P. Over Mortgages (Payback Time)

    08/17/2011 7:15:40 PM PDT · by tobyhill · 22 replies
    ny times ^ | 8/17/2011 | Louise Story
    The Justice Department is investigating whether the nation’s largest credit ratings agency, Standard & Poor’s, improperly rated dozens of mortgage securities in the years leading up to the financial crisis, according to two people interviewed by the government and another briefed on such interviews. The investigation began before Standard & Poor’s cut the United States’ AAA credit rating this month, but it is likely to add fuel to the political firestorm that has surrounded that action. Lawmakers and some administration officials have since questioned the agency’s secretive process, its credibility and the competence of its analysts, claiming to have found...
  • Thaddeus G. McCotter: The Great Deflation - We must address the clear and present threat to...

    08/16/2011 1:37:31 PM PDT · by neverdem · 33 replies
    NATIONAL REVIEW ONLINE ^ | August 16, 2011 | Thaddeus G. McCotter
    The Great DeflationWe must address the clear and present threat to our economy. Our prosperity stands on the precipice. Concerned Americans demand an explanation of how this happened and leadership that will walk us back from the cliff. But in the White House and along the campaign trail, the purported leaders fail to recognize or refuse to acknowledge the clear and present threat to our economy: the Great Deflation. The failure to differentiate between an economic recession and this Great Deflation will cause an economically doomed generation. But this need not happen. The strength of our economy — its capacity...
  • Does Anyone Have a Real Economic Plan? The critical issue the candidates avoid: the voters are...

    08/16/2011 7:30:58 PM PDT · by neverdem · 21 replies
    Research Magazine ^ | August 2011 | Nicole Gelinas
    The critical issue the candidates avoid: the voters are deep in debt. Going into next year’s election, President Obama is in a heap of trouble over the economy. Some evidence: in June, only 29 percent of the people who participated in a Wall Street Journal / NBC News poll thought the country was “headed in the right direction.” A full 62 percent, by contrast, thought America was “on the wrong track.” A clear majority, too — 41 to 54 percent — disapproved of the president’s economic performance. The numbers aren’t moving in Obama’s favor, either. Another problem for the White...
  • BofA chief meets top US officials - WSJ

    08/11/2011 9:51:05 PM PDT · by Nachum · 19 replies
    Reuters ^ | 8/12/11 | Sakthi Prasad in Bangalore
    Aug 12 (Reuters) - Bank of America Chief Executive Brian Moynihan met privately this week with Treasury Secretary Timothy Geithner and Federal Reserve governor Daniel Tarullo amid the campaign to calm investors and employees about the bank's share price fall, the Wall Street Journal reported. The separate meetings took place on Wednesday in Washington, the WSJ said, citing people familiar with the situation. The intent of the meetings with the two top federal officials was for Moynihan to discuss issues related to housing, consumer spending and the U.S. economy, two people familiar with the meetings told the Journal.
  • Freddie Mac seeks $1.5 billion from taxpayers (as they were getting downgraded)

    08/08/2011 7:45:24 PM PDT · by tobyhill · 10 replies
    reuters ^ | 8/8/2011 | re
    Mortgage finance giant Freddie Mac FMCC.OB said on Monday it would need to ask for an additional $1.5 billion from taxpayers due to losses stemming from weak housing markets. The company reported a comprehensive loss in the second quarter of $1.1 billion. Despite income of $1 billion, the company registered a net worth deficit of $1.5 billion. That is in part because it was required to pay dividends worth $1.6 billion to the Treasury. As a result, the cost to taxpayers of its rescue declined by $100 million this quarter. Freddie Mac has drawn $65.2 billion from the government since...
  • Freddie Mac reports 2Q loss, asks gov't for $1.5B

    08/08/2011 2:46:09 PM PDT · by Justaham · 14 replies
    WASHINGTON (AP) - Government-controlled Freddie Mac is asking for $1.5 billion in additional federal aid after posting a loss this spring. The mortgage giant says it lost $4.69 billion, or $1.44 cents per share, in April-June quarter. That takes into account $1.6 billion in dividends paid to the Treasury Department. It compares with a loss of $6 billion, or $1.85 per share, during the same quarter in 2010. The government rescued McLean, Va.-based Freddie Mac and sibling company Fannie Mae in September 2008 after massive losses on risky mortgages threatened to topple them. Standard & Poor's cited the link to...
  • Fannie Mae seeks $5.1 billion more from taxpayers

    08/05/2011 4:45:32 PM PDT · by DeaconBenjamin · 9 replies
    Reuters ^ | 9 hrs ago | By David Lawder
    Fannie Mae said it would ask for an additional $5.1 billion from taxpayers as a weaker housing market causes continued losses on loans made before 2009. The largest U.S. residential mortgage funds provider also reported a second-quarter net loss attributable to common shareholders of $5.2 billion, or 90 cents per share.It forecast continued weakness ahead, with high unemployment and foreclosures expected to put more downward pressure on home prices. Fannie Mae paid $2.3 billion in dividends to taxpayers in the second quarter, reducing its net capital draw to $2.8 billion. Since the firm was seized by the U.S. Treasury in...
  • Eric Holder's Newest Witch Hunt

    07/31/2011 7:17:16 AM PDT · by Kaslin · 45 replies
    Townhall.com ^ | July 311, 2011 | Bob Beauprez
    The Department of Justice is executing a "Witch Hunt" against banks. Through the DOJ's Civil Rights Division, Attorney General Eric Holder is forcing banks to "relax their mortgage underwriting standards and approve loans for minorities with poor credit as part of a new crackdown on alleged discrimination," according to a published report by Investor's Business Daily after reviewing court documents. The DOJ has already extorted $20 million for weak and poor credit loans from banks that "settled out of court rather than battle the federal government and risk being branded racist." The DOJ admits another 60 banks are already under...
  • No more owner financing for real estate.

    07/28/2011 9:52:58 AM PDT · by Bill W was a conservative · 51 replies
    Federal Reserve ^ | 4/19/2011 | The Bolsheviks at the Federal Reserve
    The Federal Reserve Board on Tuesday requested public comment on a proposed rule under Regulation Z that would require creditors to determine a consumer's ability to repay a mortgage before making the loan and would establish minimum mortgage underwriting standards. The revisions to the regulation, which implements the Truth in Lending Act (TILA), are being made pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposal would apply to ALL CONSUMER MORTGAGES(except home equity lines of credit, timeshare plans, reverse mortgages, or temporary loans).
  • Bank of America Reports Loss of $8.8 Billion

    07/19/2011 5:17:02 AM PDT · by markomalley · 43 replies
    NY Times ^ | 7/19/11
    Bank of America reported a loss of $8.8 billion in the second quarter, as the nation’s biggest bank by assets doled out huge payments to settle legal claims related its troubled mortgage division. The loss, which amounted to 90 cents per share, was steep, but was fully baked into expectations. Analysts predicted the bank would lose 90 cents per share, compared with the second quarter of 2010 when it notched a $3.1 billion profit, or 27 cents a share. The mortgage problems also ate into the bank’s revenue, which fell by roughly 55 percent to $13.2 billion. The revenue drop...
  • AP Exclusive: Mortgage 'robo-signing' goes on

    07/19/2011 5:44:52 AM PDT · by Titus Quinctius Cincinnatus · 8 replies
    Yahoo Finance ^ | 18 July 2011 | Michelle Conlin and Pallavi Gogoi
    Mortgage industry employees are still signing documents they haven't read and using fake signatures more than eight months after big banks and mortgage companies promised to stop the illegal practices that led to a nationwide halt of home foreclosures. County officials in at least three states say they have received thousands of mortgage documents with questionable signatures since last fall, suggesting that the practices, known collectively as "robo-signing," remain widespread in the industry. The documents have come from several companies that process mortgage paperwork, and have been filed on behalf of several major banks. One name, "Linda Green," was signed...
  • Special report: Banks continue robo-signing

    07/19/2011 5:03:31 AM PDT · by Kartographer · 9 replies
    Reuters/YahooNews ^ | 7/19/11 | Scot J. Paltrow
    The bank now trying to foreclose on Marjorie Gunter has produced a troubled paper trail. OneWest submitted a document signed this February to prove that the original lender for her mortgage, a company called MortgageIT, had signed over ownership to OneWest. But MortgageIT, owned by Deutsche Bank, wasn't in business in February. It had ceased operations three years earlier, in 2008. A Deutsche Bank spokesman declined to comment. Even if the February document were authentic, it wasn't recorded until nearly 10 months after OneWest had launched its foreclosure action, which began in May 2010. Real estate law throughout the United...
  • Hawaii Adopts Obama Style Tax Hike On Rich

    07/09/2011 1:19:44 PM PDT · by Clairity · 66 replies
    Forbes ^ | July 9, 2011 | Janet Novack
    Despite all the talk about curbing tax breaks for corporate jets and big oil companies like Exxon Mobil and Chevron, the largest dollars in President Barack Obama's proposed deficit-reducing tax hikes ($293 billion over ten years) come from limiting the value of itemized tax deductions claimed by the better off. While it's gotten little notice on the mainland, Obama's birth state has just raised its taxes on the well off in much the same way. Last month, Democratic Governor Neil Abercrombie signed S.B. 570, making Hawaii the first state in the nation to place a dollar cap on the itemized...
  • Man falls behind on payments, mortgage company has home trashed

    07/07/2011 9:58:59 PM PDT · by Kartographer · 122 replies
    WTSP ^ | 6/30/11 | Mike Deeson
    Imagine coming back to your home after being away a few weeks and finding the locks changed and the home trashed. That's what happened to Chris Boudreau of Brooksville. Boudreau showed us the home, which was stripped bare. Walking through the living room, he tells us "I used to have a couch, a sofa, a couple of end tables, a TV, DVD player, tapes and cabinet... but they are now gone." It happened after 21 Mortgage Corporation in Knoxville, which is Boudreau's lender, hired a local company to do the job.
  • BofA Deal Could Break Mortgage Market Logjam, BlackRock Says

    07/07/2011 10:30:31 AM PDT · by Ernest_at_the_Beach · 7 replies
    Market Watch ^ | JULY 7, 2011, 12:47 P.M. ET | AL YOON
    BY AL YOON NEW YORK—Bank of America Corp.'s plan to resolve investor complaints about how it treats troubled homeowners and foreclosed properties is the most significant move yet to reconcile the conflicting interests that have stymied efforts to fix delinquent home loans, said a BlackRock Inc. money manager. In addition to a proposed deal to pay $8.5 billion under an agreement with 22 investors, including BlackRock, Bank of America last week agreed to send some of its highest-risk mortgages to so-called special servicers—experts who specialize in assisting troubled borrowers. The new approach adjusts financial incentives to encourage special servicers...
  • Mark Steyn: It's all bumps, no road in Obamaville

    06/10/2011 9:41:30 PM PDT · by passionfruit · 21 replies
    Orange County Register ^ | 6/10/11 | Mark Steyn
    "There are always going to be bumps on the road to recovery,'' President Obama said at a Jeep plant in Toledo the other day. "We're going to pass through some rough terrain that even a Wrangler would have a tough time with.'' His audience booed. They're un-fire-able union members with lavish benefits, and even they weary of the glib lines from his 12-year-old speechwriters. We're not on the road to recovery. You can't get there from here, as they say. Obama was in Toledo to "celebrate" the sale of the government's remaining stake in Chrysler to Fiat. That's "Fiat" as...
  • Foreclosure limbo: Staying without paying.

    MODERATOR, I OPENED THIS UNDER CHIT CHAT AND WANT MY TITLE, THIS IS NOT A NEWS STORY POSTING Charles and Jill Segal have not made a mortgage payment in nearly five years -- but they continue to live in their five-bedroom West Palm Beach, Fla. home. Lynn, from St. Petersburg, Fla., has been living without paying for three years. In Thousand Oaks, Calif., an actor has missed 30 payments, and still, he has not lost his home. They're not alone. Some 4.2 million mortgage borrowers are either seriously delinquent or have had their cases referred to lawyers to pursue foreclosure...
  • U.S. Mortgage Proposal May Result in ‘Rental Entrapment’

    06/05/2011 8:06:43 AM PDT · by Altura Ct. · 45 replies
    Business Week ^ | 6/2/2011
    Minorities and the working class may find it harder to buy homes under a U.S. plan that would require larger down payments to qualify for lower-cost mortgages, according to lenders, consumer groups and lawmakers. Bankers and consumer advocates, often at odds on policy issues, united today to make the case for revising the government proposal and released data that they said shows the rule would deny loans to millions of borrowers while doing little to reduce defaults. “This is a civil rights issue,” John Taylor, chief executive officer of the National Community Reinvestment Coalition in Washington, said in an interview....
  • (Effective) Negative Equity at Epidemic Levels – Estimates Greatly Underestimate Distress

    05/11/2011 3:34:38 PM PDT · by Razzz42 · 21 replies
    mhanson.com ^ | 5/10/2011 | Mark Hanson
    1) Remember, these stats rarely include second mortgages or firsts that were refi’d after the purchase where cash out was pulled and the loan amount was increased, as most negative equity estimates are based on original purchase price of the house itself. Zillow, quoted in the story below, is one that uses original purchase price. 2) With respect to negative equity as it relates to the housing market and repeat buyers — the much needed but missing ingredient to a magic housing fix — effective negative equity is far greater. This is because to rebuy a homeowner has to sell,...
  • A Renewed Crackdown on Redlining,in the wake of the subprime implosion

    05/11/2011 12:04:38 PM PDT · by NoLibZone · 14 replies
    businessweek ^ | May 5 2011 | By Clea Benson
    Community activists in St. Louis became concerned a couple of years ago that local banks weren't offering credit to the city's poor and African American residents. So they formed a group called the St. Louis Equal Housing and Community Reinvestment Alliance and began writing complaint letters to federal regulators. Apparently, someone in Washington took notice. The Federal Reserve has cited one of the group's targets, Midwest BankCentre, a small bank that has been operating in St. Louis's predominantly white, middle-class suburbs for over a century, for failing to issue home mortgages or open branches in disadvantaged areas. Although executives at...
  • Judge Allows Redlining Suits to Proceed [ HERE GOES THE DNC AGAIN!!!!! ]

    05/11/2011 11:06:26 AM PDT · by NoLibZone · 32 replies
    New Yrok Times ^ | May 5 2011 | Andrew Martin
    wo lawsuits accusing Wells Fargo of discriminatory lending practices have been allowed to move forward, a victory for plaintiffs that have accused the bank of steering African-Americans toward predatory loans. In one lawsuit, brought by the city of Memphis and Shelby County, Tenn., Judge S. Thomas Anderson of Federal District Court for the Western District of Tennessee on Wednesday denied a motion from Wells Fargo to dismiss, partly on the grounds that the suit was too broadly drawn. Both jurisdictions accused the lender of improperly steering African-Americans toward loan products that ultimately led to foreclosures, vacancies and increased government costs....
  • 65 Ways That Everything That You Think That You Own Is Being Systematically Taken Away From You

    04/12/2011 3:07:37 PM PDT · by blam · 39 replies
    TEC ^ | 4-12-2011
    65 Ways That Everything That You Think That You Own Is Being Systematically Taken Away From YouApril 12, 2011 Everything that you own is slowly being taken away from you. It is being done purposely and it is being done by design. Many Americans like to think of themselves as "well off", but as will be demonstrated below, we don't "own" nearly as much as we think that we do. The truth is that most of us have to frantically run around accumulating wealth as rapidly as we can so that we can somehow stay ahead of the rate that...
  • McCain, Hatch Introduce Bill To Wind Down Fannie, Freddie (MCRINO ALERT)

    04/03/2011 9:24:58 PM PDT · by rabscuttle385 · 7 replies
    Dow Jones ^ | 2011-03-31 | Alan Zibel
    WASHINGTON (Dow Jones)--Two Senate Republicans joined an effort to rapidly wind down government controlled mortgage titans Fannie Mae (FNMA) and Freddie Mac (FMCC), hoping to put pressure on Democrats to take action soon. Sens. John McCain (R., Ariz.) and Orrin Hatch (R., Utah) introduced a bill Thursday to wind down or privatize Fannie and Freddie over the next five years. Their bill mirrors one introduced earlier this month by Rep. Jeb Hensarling (R., Texas). "The events of the past three years have made it clear that never again can we allow the taxpayer to be responsible for poorly managed financial...
  • Senate report to reveal mortgage crisis details: WSJ

    04/03/2011 12:17:36 PM PDT · by NormsRevenge · 105 replies
    Yahoo ^ | 4/3/11 | AFP
    WASHINGTON (AFP) – The Senate will soon issue findings of a probe of the US mortgage meltdown that fueled the global financial crisis, with Goldman Sachs likely to face fresh embarrassment over its role, the Wall Street Journal reported Sunday. The Senate Permanent Subcommittee on Investigations, whose high-profile inquiry commission subpoenaed Goldman's and other executives last year, is due to release its report on the subprime implosion of 2007 and 2008. The paper, citing people familiar with the matter, said the report was expected to release emails from securities firms that developed or sold subprime mortgages and financial vehicles including...
  • Freddie Mac Rules Out MERS Foreclosures

    03/28/2011 12:45:34 PM PDT · by glorgau · 11 replies
    MND NewsWire ^ | 2011-03-24T11:37 | Jann Swanson
    Effective April 1, servicers managing Freddie Mac loans will no longer be allowed to foreclose on properties in the name of Mortgage Electronic Registration Systems (MERS). This was one of a several changes announced yesterday by Freddie Mac through Single-Family Seller/Servicer Guide Bulletin 2011-5. According to the directive, Freddie has "eliminated the option for the foreclosure counsel or trustee to conduct a foreclosure in the name of MERS. Effective for Mortgages registered with MERS that are referred to foreclosure on or after April 1, 2011, Servicers must prepare an assignment of the Security Instrument from MERS to the Servicer and...
  • Glenn Beck Now !! Unions Preparing to Collapse Economy in May (25 minute tape)

    03/22/2011 6:18:22 AM PDT · by Scythian · 253 replies
    This could be the most important story of this decade.
  • Without Loan Giants, 30-Year Mortgage May Fade Away

    03/06/2011 11:15:59 AM PST · by YankeeReb · 46 replies
    Yahoo Finance ^ | 3/4/11 | Binyamin Appelbaum
    How might home buying change if the federal government shuts down the housing finance giants Fannie Mae and Freddie Mac? The 30-year fixed-rate mortgage loan, the steady favorite of American borrowers since the 1950s, could become a luxury product, housing experts on both sides of the political aisle say. Interest rates would rise for most borrowers, but urban and rural residents could see sharper increases than the coveted customers in the suburbs. Lenders could charge fees for popular features now taken for granted, like the ability to "lock in" an interest rate weeks or months before taking out a loan....
  • The Vote Democrats Don't Want: Whatever you do, don't mention Countrywide.

    10/17/2009 3:37:48 AM PDT · by Scanian · 12 replies · 1,690+ views
    Wall Street Journal ^ | OCTOBER 16, 2009 | JAMES FREEMAN
    If you think moderate Democrats are afraid of voting for ObamaCare, you should see how they react to a potential vote on the Countrywide Financial loan scandal. The House oversight committee was scheduled to meet on Thursday afternoon to mark up several minor pieces of legislation. Days before the meeting, California Republican Darrell Issa notified committee Chairman Edolphus Towns that Mr. Issa would call for a vote to subpoena Countrywide documents from Bank of America, which bought the failed subprime lender last year. Recall that, under the "Friends of Angelo" program, named for former Countrywide CEO Angelo Mozilo, Democratic Senators...