New home sales up, good news for the economy, Chapter 7 bankruptcies will decline, fewer foreclosures caused by homeowners walking away from underwater homes, right?
Not so fast.
Government interference in the free market, in the form of the first time buyer tax credit, makes things look better than they are.
The big increase was in existing home [...]
Category Archives: mortgage industry
Should I Keep My Home Because Home Values Have To Go Back Up?
FHA Bailout Coming?
Well, the government says no, no FHA bailout, but, seems we have heard that tune before.
After the foreclosure crisis hit, many mortgage brokers switched into the FHA mortgage business.
So, guess what?
More bad mortgages, more foreclosures, more home price declines.
And the foreclosure crisis worsens.
FHA Bailout Coming?
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The Working Class Exists To Keep The Bankers Rich
David Cho of the Washington Post reports on the success of Wells Fargo, J. P. Morgan Chase, Citigroup and Bank of America in dominating the credit market, thanks to our government.
I have been screaming “No Bailouts!” for over two years.
However, the Banks appear to have bought both political parties, as I defy anyone to find [...]
The Working Class Exists To Keep The Bankers Rich
David Cho of the Washington Post reports on the success of Wells Fargo, J. P. Morgan Chase, Citigroup and Bank of America in dominating the credit market, thanks to our government.
I have been screaming “No Bailouts!” for over two years.
However, the Banks appear to have bought both political parties, as I defy anyone to find [...]
Fannie Mae Squeezes Flagstar For NOT Being Aggressive
Hey, we thought the government was here to help us!
Just last month, the Obama administration had all the mortgage servicers in DC to bang their heads to do more modifications.
According to Bradley Keoun and Jody Shenn of Bloomberg, Fannie Mae wants “experts” to service the loans
Fannie Mae loans 90 days in default have tripled in [...]
Mortgage Broker Tale
Typical of what I have seen from mortgage brokers, the Housing Bubble News blog tells a story of unregulated mortgage brokers and unethical appraisers.
Mortgage Broker Tale
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What Did They Know, And When Did They Know It?
Mortgage companies, of course.
A class action suit has been filed by Gary Klein in Massachussettes, as reported by Jenifer McKim in the Boston Globe.
The suit alleges hundreds of homeowners were put into toxic mortgages that were doomed to fail.
I know many homeowners I talked to, having fully disclosed their finances, assumed they would not be [...]
How Do I Find Out What The Mortgage Company Did With My Money?
More posts on RESPA on this site
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Wells Fargo Bank Sues Itself
Your tax dollars at work.
I suppose as a lawyer, I should applaud them for hiring one firm to file the complaint, and another to defend it.
I swear, I do not make this stuff up.
I posted earlier on Wells Fargo foreclosing, taking over a house, then suing to have [...]
What Is A Mortgage Servicer?
Well, a company that services your mortgage, but, not for you, for the mortgage company.
Everything is outsourced these days. Mortgage companies provide the money, but frequently hire another company to keep track of that money. To recalculate monthly payments in Adjustable Rate Mortgages, keep track of taxes and insurance, and allocate the payments between principal [...]
