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Selfish wrote on Aug 12, 2009 9:39 AM:" These Bailouts and massive spending should have never happened. When our children look back on this they will realize what a mess this administration created. Personally, I think the government should have stepped away and let the markets all fail. Mortgage companies, auto industries, banks; let them all fail. It happened once before and it took a decade but we came out of it a stronger union. We will come out of this one as a weaker union that will also... (Bismarck Tribune, ND)
Open Forum: A good vote by Klobuchar and Franken Aug 13, 2009
A few years back with the help of low interest rates, and mortgage companies that gave out loans like candy at a parade; we had many people purchase homes they could not afford. The result is what is known as the greatest foreclosure crisis in the history of the country. (Brainerd Daily Dispatch)
Credit still at the wheel Aug 12, 2009
There are three possible adjudications for the properties listed for auction today: temporary postponement, failure to meet the bank or mortgage companies' reserve, and an actual auction. Continued 1. (Asia Times Online)
Supporters, protesters debate health care Aug 12, 2009
""I don't want to be taxed anymore," he said. "I don't want taxes going to auto companies, to banks, to mortgage companies and to welfare recipients. And that's all this health care is - more welfare. (Seacoast New Hampshire)
Stuck In The Middle Aug 12, 2009
"The mortgage companies tell us to call, 'call us first, call us before you have a problem. We're here to help.' They're really not," says McCutcheon. If you're stuck in the middle, Kiplinger's Janet Bodnar says keep on pushing. (W-USA News, DC)
Residential Real Estate Forecasters Wanted! Aug 12, 2009
which touches just about every part of the real estate industry, since it sells through builders, real estate agents, title companies, mortgage companies, and directly to consumers. Reader Discussion. (BusinessWeek)
Economists: Keep Bernanke, Recession Over Aug 12, 2009
sjc_1 - I'm not suggesting that banks and mortgage companies were justified in pushing the subprime loans. To not require downpayments and to make loans available to people who could not afford them is irresponsible. (CBS News)
Mortgage Hirings Leap Aug 11, 2009
"An increase in both delinquency and loan modifications has forced mortgage companies to boost their servicing staffs," Mr. Garcia stated. "In addition, record low mortgage rates helped drive up demand for production personnel.". (PR Newswire)
Our views: Greed vs. good Aug 9, 2009
In all, when borrowers fall behind, mortgage companies typically collect late fees reaching 6 percent of the monthly payments far more than the $4,000 they receive from the government for a refinancing. The conclusion is inescapable. (Florida Today)
Loan buyer's closing puts banks on hook Aug 9, 2009
Randy Dennis, president of DD&F Consulting Group, a bank consulting company in Little Rock, says that while banks and mortgage companies have other options, many small community banks in Arkansas will be affected. Dennis says Taylor Bean was considered the mortgage solution for members of the Independent Community Bankers of America, and many small banks used the firm to fund their mortgages. (KSLA.com, LA)
Companies promise foreclosure help, don't deliver Aug 8, 2009
Many consumers seek help because they find it difficult to work out resolutions directly with their mortgage companies. A government report released last week found that loan modifications have been initiated on about 15 percent of eligible loans. (Atlanta Journal-Constitution -- Metro)
Revised flood plain maps may cost Aug 7, 2009
Robinson said mortgage companies require the purchase of flood insurance ... Mortgage companies handle the contract, and the cost can be significantly more than for city residents. (Paragould Daily Press, AR)
Supervisors to hold public hearing on three-year dog tags Aug 6, 2009
Supervisors also will hold a public hearing on an ordinance aimed a stopping mortgage companies from moving mobile homes until back taxes are paid. Easley said companies will receive a special permit showing that all personal property taxes have been made before being allowed to move a mobile home on county roads. (Chatham Star Tribune, VA)
Suits aim at smaller mortgage companies Aug 6, 2009
Local Search Site Search. THIS STORY HAS BEEN FORMATTED FOR EASY PRINTING. (Boston Globe)
Ross: Washington is New Wall Street Aug 6, 2009
The Obama administration is putting new pressure on mortgage companies to help financially distressed homeowners. Specifically, the government is going to publish the names of companies that collect mortgage payments that are behind on working with cash-strapped homeowners. (Newsmax)
Mortgage Modifications Can't Catch Foreclosures Aug 5, 2009
Against this backdrop, the Obama Administration on Aug. 4 unveiled an optimistic report on its signature foreclosure initiative: Mortgage companies have offered to adjust more than 406,500 loans under the Making Home Affordable program, and have actually modified more than 235,000 ... In a blistering statement, the Center for Responsible Lending, a consumer advocacy group, dubbed the Administration's list of mortgage companies a "Wall of Shame." The group, like other housing and consumer... (BusinessWeek)
Patton Boggs Picks Up Mortgage Finance Group Aug 5, 2009
He represents mortgage companies, consumer finance companies, financial institutions, title companies, real estate brokers and secondary market investors on a variety of issues. Socknat, 40, says the group decided to make the move primarily to take advantage of Patton Boggs' public policy capabilities. (Law.com)
Firms failing to modify loans face public shame Aug 4, 2009
When borrowers are denied, they often don't get told why, leading to battles between mortgage companies, housing counselors and borrowers. This article appeared on page DC - 2 of the San Francisco Chronicle. (San Francisco Chronicle -- Business)
US will pressure loan firms to act Aug 4, 2009
When borrowers are denied, they often are not told why, leading to battles between mortgage companies, housing counselors, and borrowers. The lending industry asks for patience and more time to get going. (Boston Globe)
Brother, Can You Spare a Warehouse Line? Aug 4, 2009 Consumer finance overhaul likely to pass House Aug 3, 2009 The US sub-prime crisis in graphics Aug 1, 2009 Colonial Cites `Doubt' It Can Survive After Fifth Straight Quarterly Loss Aug 1, 2009 Skeptics Say Lenders Ignore Loan Mods Jul 31, 2009 Profiting from misery Jul 31, 2009 NYT: Fees may deter efforts to alter loans Jul 31, 2009 Countrywide Alumni Seek Profits at PennyMac From Mortgage Market Collapse Jul 30, 2009 Lenders slow to modify loans Jul 30, 2009 Treasury Pushes Bankers on Loan Modifications Jul 30, 2009 Wells Fargo expands online-payment program Jul 30, 2009 Assurant Specialty Property to Consolidate Insurance Service Centers Jul 30, 2009 Mortgage Co. Face New Pressure on Homeowner Help Jul 30, 2009 White House, mortgage firms meet on loans Jul 29, 2009 Fed and Lenders Meet Over Foreclosures Jul 29, 2009 Feds push mortgage companies to modify more loans amid complaints Jul 29, 2009 Subprime Mortgage Companies Warn on U.S. Foreclosures Jul 29, 2009 WH Hears Mortgage Cos. Side of Story Jul 28, 2009 Meltdown 101: Why Is Housing Aid Slow to Arrive? Jul 28, 2009 Lower-priced home sales buoy the market Jul 28, 2009 Interest rates mixed at weekly Treasury auction Jul 28, 2009 Paying debt poses economic paradox Jul 27, 2009 Bernanke, Geithner clash on consumer protection Jul 25, 2009 Community banks thrive despite economy Jul 22, 2009 New rules require disclosure of mortgage fees Jul 21, 2009 Morgan Stanley to Get Tens of Millions of Dollars for Work on AIG Breakup Jul 20, 2009 Washington Report: Controversial Legislation Jul 20, 2009 Hillary to India: Don't Err on Climate Jul 19, 2009 Job, housing crises linked Jul 18, 2009 Community Profile: Stanley Gorzelany Tax Collector Jul 17, 2009 Housing Hurdle: Senators Frustrated by Foreclosure Aid Jul 17, 2009 Now's the Time to Buy Your Dream House Jul 17, 2009 Consumers Need a Credit Watchdog Jul 17, 2009 Loan officer gets 41 mos. in fraud case Jul 17, 2009 Foreclosures Soar Despite $50B Obama Plan Jul 17, 2009 1.5 Million Homes Foreclosed So Far In 2009 Jul 17, 2009 HERE COMES OBAMACARE Jul 16, 2009 California part of sweep to end bad loan consulting Jul 16, 2009 Obama hopeful about health care Jul 16, 2009 The Law Firm of Shepherd Smith Edwards & Kantas Continues to Investigate and File Claims Involving 'Preferred' Stocks and Structured Products, Including Principal Protected Notes ('PPNS') Jul 16, 2009 McKenna announces civil suits against mortgage companies Jul 16, 2009 CHART: Troubled jumbo home loans in 370 metro areas Jul 15, 2009 Sales of businesses plummet as owners hold on Jul 14, 2009 County's records show errors on property-tax bills Jul 12, 2009 A restitution institution Jul 12, 2009 Geithner Urges More Mortgage Help Jul 10, 2009 Floodplain warnings for Arkansas County Jul 9, 2009 Stricter licensing rules cut hundreds of would-be mortgage brokers Jul 9, 2009 Mortgage lender fined for illegal scheme Jul 8, 2009 Washington Report: Home Valuation Code of Conduct Jul 6, 2009 Companies reconfigure surplus office space Jul 6, 2009 Personal Finance Jul 5, 2009 Stuck with piles of records Jul 3, 2009 Washington Report: Who Chooses Appraisers? Jul 3, 2009 Lawyer helps navigate home-loan program Jul 3, 2009 Foreclosure help available to more homeowners Jul 2, 2009 Home Prices Continue to Decrease Jul 1, 2009 It's enough to make your wig spin Jul 1, 2009 Group demands faster mortgage help Jul 1, 2009 Rendell signs anti-mortgage fraud laws Jul 1, 2009 US plan to modify mortgages making slow progress Jun 29, 2009 JPMorgan Chase, Citigroup Step Up `Jumbo' Lending for Most Expensive Homes Jun 28, 2009 GM’s plant decision brings Tennessee uncertainty Jun 27, 2009 Diplomacy: The Art of Saying "Nice Doggie" Until You Find a Rock Jun 27, 2009 Stimulus Tracker Jun 26, 2009
Since 2007, many of the primary warehouse lenders in the country such as , , , , and left the business or were taken over by institutions that pulled the plug - reacting both to the collapse of secondary market investing and the implosion of major mortgage companies like that left warehouse lenders stuck with loans. Many of those that have stayed in warehouse lending, like Residential Capital (ResCap), restrict lines to a closed pool of approved lender partners who provide a captive line of... (American Banker)
Read 'Cost of Freedom' recap Aug 4, 2009
And the mortgage companies are getting all kinds of service revenue when they get a foreclosure. This is a ridiculous prospect. (Fox News)
Canfield and other industry lobbyists are concerned about any radical shakeup of the way banks and mortgage companies traditionally have been overseen by the federal government. Currently, the regulators responsible for checking on banks' "safety and soundness" also are empowered to look for risky, discriminatory or anti-consumer practices and products at those institutions. (San Francisco Chronicle)
The Bush administration is pushing the industry to renegotiate rather than repossess where possible, but mortgage companies are being overwhelmed by a tidal wave of cases. THE HOUSING PRICE CRASH. (BBC News)
Taylor Bean had assembled about 30 mortgage companies to take a 75 percent stake in Colonial, one of the largest U.S. companies extending credit to smaller home lenders ... Colonial is among the largest warehouse lenders, providing money that independent mortgage companies use to make home loans. (Bloomberg -- US)
They say the delays mostly can be attributed to the reluctance of mortgage companies and servicers to give up revenue from late payments, including on insurance, appraisals, title searches, and legal services. It frustrates me when I see the government looking to the servicer for the solution, because it will never, ever happen,'' said Margery Golant, a Florida lawyer who defends homeowners against foreclosure and who is a former employee of Ocwen Financial. (Realtor Magazine Online)
Mortgage companies are playing for time, hoping that market conditions will improve and make their wildly imprudent loans good again. In the meantime they hope to milk the property owners stuck with sky-high mortgages. (San Francisco Chronicle -- Opinion)
Many mortgage companies are reluctant to help strapped homeowners ... But industry insiders and legal experts say the limited capacity of mortgage companies is not the primary factor impeding the governments $75 billion program to prevent foreclosures ... Instead, it is that many mortgage companies are reluctant to give strapped homeowners a break because the companies collect lucrative fees on delinquent loans. (MSNBC -- Business)
The real-estate investment trust says it will buy loans from lenders who failed as well as mortgage companies and insurers. In January, it purchased $558 million of mortgages that the Federal Deposit Insurance Corp. acquired last year after First National Bank of Nevada failed. (Bloomberg)
But industry insiders and legal experts say the limited capacity of mortgage companies is not the primary factor impeding the government's $75 billion program to prevent foreclosures. Instead, it is that many mortgage companies are reluctant to give strapped homeowners a break because the companies collect lucrative fees on delinquent loans ... Even when borrowers stop paying, mortgage companies that service the loans collect fees out of the proceeds when homes are ultimately sold in... (San Francisco Chronicle -- Business)
REALTOR Magazine Online: The real estate professional's business support tool. YOUR INTERACTIVE MAGAZINE REALTOR.ORG/realtormag. (Realtor Magazine Online)
The service helps customers avoid missing payments or making late payments to merchants that include utilities, auto-finance and mortgage companies. Wells Fargo teamed with for the service, which costs $14. (Charlotte Business Journal, NC)
They develop, underwrite, market and administer specialty property and personal lines of insurance through collaborative relationships with leading home mortgage companies, financial institutions, manufactured home builders and dealers, auto finance companies, property management companies and managing general agents. Assurant Specialty Property serves clients and their customers in all 50 states and the District of Columbia. (PR Newswire)
Mortgage Companies Face New Pressure on Homeowner Help - ABC News. Hot Topics. (ABC News -- Business)
As of this week, only about 200,000 borrowers were enrolled in three-month trial loan modifications, out of about 370,000 who were offered modifications by mortgage companies ... But mortgage companies also say the Obama administration - which announced the program in February - left the public with the impression that the program would be instantly available. (Boston Globe)
Executives from 25 mortgage companies along with officials from the Treasury and the Department of Housing and Urban Development, will discuss cumbersome paperwork and other problems that are hampering programs designed to keep underwater and overextended home owners in their homes. Some observers are saying that the root of the problem is lender reluctance to give borrowers a break. (Realtor Magazine Online)
Get information on education programs that could help you increase your earning power. MORE ON MORTGAGE RATES. (USA Today -- Money)
By Al Yoon July 28, 2009. NEW YORK (Reuters) - Companies that service risky residential mortgages are warning U.S. officials that a key program to slow foreclosures may push some financing costs higher and derail their efforts, said a leading subprime firm. (ABC News -- Wire)
White House Meet Mortgage Companies - ABC News ... Mortgage Companies to Meet With White House. (ABC News -- Business)
A: So far, more than 55,000 borrowers have received refinanced loans and at least 200,000 were enrolled in three-month trial loan modifications, out of about 370,000 who were offered modifications by mortgage companies. Q: What's the difference between a refinanced loan and a modification. (ABC News -- Wire)
The good news about mortgages on Cape Cod is there s a lot of local mortgage originators, local banks and mortgage companies here on Cape Cod, DiGiacomo said. There s an abundance of mortgage money available for local people who have decent credit. (Cape Codder, MA)
The Obama administration's effort to persuade mortgage companies to lower payments for up to 4 million homeowners could fall short of its goal, according to congressional investigators ... As of this week, 31 mortgage companies had signed up, and about 180,000 borrowers were enrolled in three-month trial modifications. (Fresno Bee -- Business)
Bank holdings of Treasuries and debt of mortgage companies Fannie Mae of Washington and McLean, Virginia-based Freddie Mac totaled $1. 33 trillion in the week ended July 8, up 16 percent from a year earlier, according to the Fed. (Honolulu Advertiser)
He said that many non-bank financial firms such as mortgage brokers and large independent mortgage companies "currently operate under no federal supervision.". Thus, the creation of a new consumer protection agency "would fix this problem and ensure a level playing field by extending the reach of federal oversight to all financial firms, no matter whether they are banks or non-banks.". (Yahoo! Asia News)
Terravecchia said that a decade ago, it was evident that an economic crash was on the horizon, explaining how the large banks and mortgage companies loaned out money to unqualified borrowers. The community banks could see it coming, he said. (Weymouth News, MA)
There is an active and aggressive segment of the legal profession that specializes in going after banks and mortgage companies for truth-in-lending violations. Don't be surprised if you hear of lawsuits seeking cancellation of mortgage deals because timing deadlines were not met or appraisals not received. (San Francisco Chronicle -- Business)
Morgan Stanley, which typically advises private corporations, started working with the Treasury when the financial crisis struck last year, counseling the agency on the government takeovers of mortgage companies Fannie Mae and Freddie Mac for $95,000. The fees to Morgan Stanley are in addition to payments that is earning as adviser to AIG. Investment banks including UBS AG and are being paid to handle auctions of individual units. (Bloomberg -- US)
First, it would have primary federal regulatory oversight of all mortgage products offered nationwide -- that includes banks, mortgage brokers, mortgage companies, credit unions and most private lenders. Very likely the agency would identify a limited number of mortgage types it considers standard and relatively safe for consumers, such as 30-year fixed rate mortgages with mandatory full documentation and strict underwriting, and FHA and VA loans. (RealtyTimes)
MUMBAI, India, July 18, 2009. Cites Mistakes Made by U.S. in Carbon Emissions; Expresses Solidarity with Victims of Mumbai Terror Attack. (CBS News)
Last week, Treasury Secretary Timothy Geithner and Housing Secretary Shaun Donovan outlined their frustrations in a letter to 27 mortgage companies, saying the industry needs to "devote substantially more resources to this program for it to fully succeed.". While high-level pressure on the mortgage industry could help, "There's nothing there that's going to help people who don't have jobs," said Jay Brinkmann, chief economist with the Mortgage Bankers Association. (Seacoast New Hampshire)
Three real estate lien sales in the past 16 years, two to mortgage companies and one to an investment company, have given these third parties the right to collect taxes, interest and even to sell the properties of delinquent tax payers, if the parties can't come to an arrangement. The companies had to buy the liens on an 'all or none' basis and they had to buy future liens also. (Fairfield Minuteman, CT)
Herbert Allison, the Treasury Department's assistant secretary for financial stability, said the administration is prodding mortgage companies to add more staff and beef up training ... Last week, top officials summoned executives from the 27 participating mortgage companies to a July 28 meeting to discuss their results. (ABC News -- Business)
Marc Roth, is the founder and president of Home Warranty of America, which touches just about every part of the real estate industry since it sells through builders, real estate agents, title companies, mortgage companies, and directly to consumers. Reader Discussion. (BusinessWeek)
The change would stitch up the hole in the current system that permits credit-card issuers to pick their regulators and lets nonbank mortgage companies grant loans with no effective oversight. The CFPA would also reduce the total regulatory burden by transforming fragmented, cumbersome, and complex regulations spanning seven federal agencies into a coherent set of smarter rules. (BusinessWeek)
According to the indictment against her, Carnagie submitted false information in loan applications and other documents submitted to mortgage companies and to federal housing agencies including false income information and employment verifications in order to obtain mortgage loans and FHA/HUD insurance for buyers who could not otherwise qualify. and the s inspector general s office took part in investigating the case. (Denver Business Journal, CO)
Herbert Allison, the Treasury Department's assistant secretary for financial stability, said the administration is prodding mortgage companies to add more staff and beef up training. "We recognize that challenges remain in implementing and scaling up the program," Allison said. (Newsmax)
As of early July, about 130,000 borrowers were enrolled in three-month trial modifications under the plan, and 25 mortgage companies have signed up to receive potential payments of up to $18 ... Industry experts, however, say the response from most mortgage companies has been lackluster ... A week ago, Treasury Secretary Timothy Geithner and Housing Secretary Shaun Donovan sought to ramp up pressure on the industry, saying in a letter to participating mortgage companies that the industry needs... (Click2Houston, TX)
And at a time when the federal government already has taken an ownership stake in auto companies, banks and mortgage companies, Democrats now want to empower Washington to decide when and where Americans get medical care. And they're racing the calendar, too. (New York Post -- Opinions)
But lawmakers pushed back his appointment while they reviewed class action lawsuits, alleging Long r violated the law governing the relationships between real estate agents and mortgage companies. Prosecutors nationwide filed 189 legal actions Wednesday against loan-modification consultants accused of bilking homeowners who are desperate to make their mortgage payments more affordable. (Fresno Bee)
In a fundraising appeal titled "Hillarycare revisited," the RNC warned about "Obamacare" and said the government "already runs car companies, banks and mortgage companies. Republicans believe that the last thing the American people want is government telling them when and where or even whether they can get medical treatment for their families.". Click for related content. (MSNBC -- Health)
Many financial based companies (mortgage companies, banks and brokerage firms) began issuing shares of preferred stock earlier this year in an effort to raise much needed cash. Many brokerage firms, including UBS (NYSE: - ), Morgan Stanley (NYSE: - ) and Citigroup (NYSE: - ) were either involved in the underwriting or marketing of these products. (Primezone Releases)
Past Month's Most Commented Stories. Wednesday, July 15, 2009 5:32 PM PDT. (Longview Daily News, WA)
A non-conforming loan is a loan that exceeds the for purchase by government-sponsored mortgage companies Mae or Freddie Mac. Fannie and Freddie buy mortgages from lenders and package them as securities for sale to investors. (USA Today -- Money)
At that time when everything was going down, mortgage companies were going under and it was tumultuous, Hankins recalls. It was easier this way. (Nashville Business Journal, TN)
Most residential tax bills are paid by mortgage companies and added to monthly payments, so few homeowners try to understand them. If they do and notice they are not being taxed where they should be, people aren't motivated to correct the error, Russell said. (AZCentral -- News)
The mortgage companies do it for qualified applicants free of charge. The appropriate paperwork needs to be filled out and then there is a waiting period to find out whether the loan will be modified. (Big Bear Grizzly, CA)
While more than 270,000 borrowers have received modification offers many borrowers still are "waiting for help as mortgage-servicing companies get up to speed. The administration has said its program could help as many as four million homeowners," writes the WSJ and quotes a letter written to 25 leading mortgage companies by Treasury Secretary Timothy Geithner and Housing and Urban Development Secretary Shaun Donovan that says: "We believe there is a general need for servicers to devote... (Slate)
The ordinance doesn t say much about homeowners, Cox said, but many mortgage companies and banks won t give out loans to people living in a flood plain if they don t carry flood insurance. If a homeowner tries to take out a second mortgage on a home, more steps may have to be taken if the home is located on a floodplain. (DeWitt Era-Enterprise, AR)
Over the past three years the Massachusetts Division of Banks said it has brought 377 formal and informal enforcement actions against mortgage companies for, among other problems, falsifying borrowers income in order to qualify them for loans. Just yesterday in New York, 13 people and the mortgage company they worked for, AFG Financial Group, were indicted on larceny and fraud charges. (Boston Globe)
This case shows how far some mortgage companies will go to escape our regulation, says Mark Pearce, chief deputy commissioner of banks. This decision holds not only the company responsible, but also the individual owners that profited from the illegal scheme. (Charlotte Business Journal, NC)
Criticism of the code -- from appraisers, realty brokers, and mortgage companies, has risen to a fever pitch in recent weeks. Online petitions are circulating with tens of thousands of signatures from people who want the rules withdrawn immediately. (RealtyTimes)
Some real estate firms, for example, are filling empty offices created by the real estate meltdown with closing attorneys and mortgage companies, said Randy Glazer, general contractor for residential and commercial building for Glazer Design ruction. The firm is doing a lot of interior reconfigurations of work spaces as well as exterior face-lifts on buildings. (Atlanta Journal-Constitution -- Business)
07/05/2009 - Updated 10:32 AM ET. Many credit card issures are already raising prices again, despite President Obama approving redit card reform. (USA Today -- Money)
California is particularly hard hit by this problem because of the number of mortgage companies, title companies and brokerages that have disappeared. According to a survey done by Prism International, a trade group for information management, storage companies in California last year had to deal with an average of 29,110 cubic feet of abandoned records. (San Francisco Chronicle -- Business)
Those rules and procedures were heavily criticized by banks, mortgage companies, appraisers and federal financial regulators, which led to the latest -- and supposedly final -- version. But already Fannie's and Freddie's new "home valuation code" is drawing controversy, and may well end up as an issue for Congress or the federal courts to resolve. (RealtyTimes)
President Barack Obama's Making Home Affordable loan-modification program would pay mortgage companies to renegotiate the loans of homeowners in financial trouble, helping more people stay in their houses in the meltdown ... Beauchamp's assistant, Andrew Shainker, who handles calls from the firm to mortgage companies, said clients he has dealt with range from "people who have lost their jobs to people who make hundreds of thousands of dollars.". (AZCentral -- Business)
Another key component pays incentives for mortgage companies to lower borrowers' payments. Also in msnbc. (MSNBC -- Business)
Mortgage companies holding about 20 percent of the eligible loans still have not signed up for the plan, according to Treasury. 1. (ABC News -- Business)
The federal government has taken over banks, mortgage companies, insurance companies and automobile companies. The feds are racking up trillions of dollars in debt it will take generations to pay and selling our notes to the Chinese. (Fresno Bee -- Lifestyle)
PHILADELPHIA - Several key mortgage companies that benefited from federal bailout funds have yet to sign onto the Obama administration s plan to help more homeowners avoid foreclosure. The community group ACORN held 15 protests around the country yesterday to draw attention to the slow progress of the administration s plan, which was launched four months ago. (Boston Globe)
Pennsylvania Gov. Ed Rendell signed a pair of bills Monday to combat mortgage fraud by strengthening communication between homeowners and their lenders, and encouraging employees at mortgage companies to report illegal activity. These bills will provide increased protection for Pennsylvania consumers shopping for a mortgage or refinancing their homes, Rendell said. (Philadelphia Business Journal, PA)
LOS ANGELES - Somewhere on Earth, there must be a more difficult task than persuading mortgage companies to lower payments for homeowners who can no longer afford their loans ... Under the plan, the government offers mortgage companies $1,000 for each loan they agree to modify, then another $1,000 a year for up to three years. (Boston Globe)
Jumbo loans exceed limits set for government-controlled mortgage companies and Freddie Mac on loans they can buy or guarantee ... New jumbo lending, which includes refinancing as well as debt for home buyers, totaled $348 billion in 2007, before dropping to $98 billion last year as mortgage companies tightened standards, according to Inside Mortgage Finance. (Bloomberg -- US)
Tad2 wrote on Jun 26, 2009 11:44 PM:" no1uno,They also don't acknowledge the fact that the US Govt. bailed out banks, mortgage companies, brokerage firms, etc., they just zero in on the automaker bailouts and blame the UAW. Gosh, I wonder why they had to bail out those non union companies too? Do you suppose they think UAW caused that too? ". Mrbenjamin247 wrote on Jun 27, 2009 2:18 AM:" TO BNICHOLS41What does this have to do with Michael Jackson. He was never proven to be guilty. Do the... (Columbia Daily Herald, TN)
The new regs also prevent loans to purchase a unit if more than 30% of the current owners are behind on their association dues, making due diligence a legal and financial nightmare for would-be buyers, mortgage companies and owners associations all at once. Frank, quite correctly, points out that such restrictions will further severely impair an already troubled condo market. (Townhall.com)
Boosted by bargain home prices and stimulus incentives for first-time buyers, mortgage companies that were recently forced to lay off employees are now scrambling to hire them back. The Whipple Building's $115 million renovation will displace 1,200 workers, and the federal government is considering several areas to put them. (Twin Cities Business Journal, MN)
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