Blog
Lawmakers Challenge Fannie Mae’s New Policy on Strategic Defaulters
By: Carrie Bay A faction of House Democrats have called on Treasury Secretary Timothy Geithner and the regulator of Fannie Mae, the Federal Housing Finance Agency (FHFA) to suspend the GSE’s recently announced policy to sue homeowners who strategically default on their mortgage. In late June, the mortgage giant issued a notice stating that defaulting... Read More »
Do you think it is immoral or unethical for homeowners to walk away from their mortgages?
The results from a recent survey through the Phoenix Business Journal on whether or not you think it is immoral or unethical for homeowners to walk away from their mortgages (votes cast 1037) 53% of the poll takers said yes they think it’s immoral 37% of the poll takers said no they do not think it’s immoral And 10% are unsure. Here are... Read More »
Nearly 1m More Mortgages Go From Current to Delinquent: LPS
Almost 900,000 loans that were current at the beginning of the year are at least 60 days delinquent or in foreclosure as of July, according to the July 2010 month-end report released by Lender Processing Services’(LPS). Although delinquency volume fell 2.3% month-over-month in July to 9.3%, it remains near historically elevated levels and record... Read More »
Short-sale team singles out lenders
By Matt Carter, Monday, August 23, 2010.Inman News A team of Arizona-based agents specializing in short sales has ruffled feathers in the lending industry by posting videos that they hoped would expose ways in which decisions by lenders can derail short-sale transactions. The agents — Kevin Kauffman and Fred Weaver, who do business as Group... Read More »
Is the Short Sale End in Sight?
Now is the time to build your short sale business more than ever. Why? Short Sales are NOT going anywhere for a long time to come. As agents, over 50% of your potential closings will likely include a short sale transaction. As investors, a short sale offers more control of the discount process than an REO buy. As investors and agents who have... Read More »
Study Shows Foreclosure Lowers a Property’s Value by 27%
By: Carrie Bay Foreclosed homes permeate the American landscape. According to data from the Massachusetts Institute of Technology (MIT), they make up about one in 12 houses with under $1 million left on the mortgage. These foreclosures drive down home prices, and MIT gives two reasons for their depreciating effect – because foreclosed homes add to... Read More »
Benefits of Attorney-Managed Short Sale
Attorney / Client Privliege: Interactions between clietn and attorney are legally protected and “privileged” by law thereby offering a high level of confidentiality and professionalism. Managing Potential Lawsuit Eventualities: As the case evolves through time, should it be necessary that other legal remedies and defenses be required,... Read More »
FHA Rolls Out Principal Reducing Refis for Underwater Borrowers
Nearly a quarter of U.S. homeowners with a mortgage owe more on the loan than their home is worth, and home prices are threatening to fall further and push even more borrowers underwater. The Federal Housing Administration (FHA), though, is throwing out a lifeline. Starting September 7, the federal agency will offer new FHA-insured mortgages to certain... Read More »
An August Surprise from Obama?
by: James Pethokoukis Main Street may be about to get its own gigantic bailout. Rumors are running wild from Washington to Wall Street that the Obama administration is about to order government-controlled lenders Fannie Mae and Freddie Mac to forgive a portion of the mortgage debt of millions of Americans who owe more than what their homes are worth.... Read More »
BofA Agrees to Largest Shareholder Settlement of Subprime Meltdown
By: Carrie Bay Bank of America has agreed to another hefty lawsuit settlement to smooth over charges brought against Countrywide, the subprime mortgage lender it acquired in July 2008. On Monday, a U.S. district judge in Los Angeles approved BofA’s payout of $600 million to Countrywide investors who claim the lender wasn’t forthcoming with disclosures... Read More »