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Archive for June, 2010

How The VA Funding Fee Really Works

How The VA Funding Fee Really Works

VA loans are built to minimize the financial impact on military members who qualify for the program. Credit and income requirements are generally more lenient than conventional loans and sellers are allowed to pay a sizable portion of closing costs and concessions. On top of that, the Veterans Administrations caps what veterans can pay in […]

Posted in: Mortgages
New Mortgage Loan Protections Outlined in Wall Street Reform

New Mortgage Loan Protections Outlined in Wall Street Reform

The House Financial Services Committee has released a summary of the major changes included in the Wall Street Reform and Consumer Protection Act. These are items which have been accepted by a conference committee of the House and Senate. If the conference report is passed by both houses, the measure will then go to the […]

Posted in: Mortgages
Morgan Stanley To Pay $102 Million For Mortgage Role In Massachusetts

Morgan Stanley To Pay $102 Million For Mortgage Role In Massachusetts

Massachusetts Attorney General Martha Coakley has announced that Wall Street titan Morgan Stanley will pay $102 million to settle for its role in creating a market for subprime mortgages in the state. The settlement includes $58 million to roughly 1,000 homeowners. “This has become an all-too-familiar pattern in which the deceptive practices of Wall Street […]

Posted in: Mortgages
Fannie Mae Gets Tough With Mortgage Loan Walk-Aways

Fannie Mae Gets Tough With Mortgage Loan Walk-Aways

In a new get-tough mode, Fannie Mae says it will cut off mortgage financing for as long as seven years in cases where borrowers walk away from mortgage loans. In addition, Fannie Mae says it will seek deficiency judgments when possible. Borrowers don’t have to walk away, says the company. “Troubled borrowers who work with […]

Posted in: Mortgages
HUD Scorecard: Home Prices Stabilizing

HUD Scorecard: Home Prices Stabilizing

HUD has introduced a new public information report, a Monthly Housing Scorecard. This is an idea which makes a lot of sense, not only because of what it says but also because HUD includes data from both governmental agencies and the private sector in one place. The News To start, and given the events of […]

Posted in: News
FTC Seeks Halt To Mortgage & Foreclosure Relief Programs

FTC Seeks Halt To Mortgage & Foreclosure Relief Programs

The federal government is seeking to shut down more than a dozen firms which supply mortgage modification or foreclosure relief services. According to the Federal Trade Commission, the government has sought to ban more than a dozen marketers from selling mortgage relief and foreclosure relief services, in one instance seeking $11.4 million for contempt. The […]

Posted in: Foreclosures
Mortgage Loan Relief For BP Spill Victims

Mortgage Loan Relief For BP Spill Victims

Homeowners impacted by the BP oil spill are getting mortgage relief from Fannie Mae and Freddie Mac, the two largest mortgage owners. In general terms, the loan relief offered by the two companies follows the emergency policies both have had in place following such disasters as hurricanes Katrina, Rita and Wilma. Relief In the usual […]

Posted in: Mortgages
Veterans, VA Loans Weather Wave of Foreclosures

Veterans, VA Loans Weather Wave of Foreclosures

Foreclosure filings dipped slightly in May as the nation’s lenders continued to slog through almost two years’ worth of distressed properties, according to online foreclosure hub RealtyTrac. Ten states accounted for more than 70 percent of the 322,920 filings last month. California alone accounted for more than 22 percent of that total. In all, foreclosure […]

Posted in: Mortgages
This Mortgage Lender Is A Fake (Don’t Just Take Our Word For It)

This Mortgage Lender Is A Fake (Don’t Just Take Our Word For It)

You can’t help but wonder about the good folks at Esteemed Lending Services. They seem so sure, so certain, so familiar…. If you want a mortgage, Esteemed has one for you. Recent bankruptcy? No problem? A foreclosure last month? So what. Less income? They can work with you. And help with short sales? Who could […]

Posted in: News
FTC Does Mortgage Loan Audits

FTC Does Mortgage Loan Audits

Yesterday I criticized the Federal Trade Commission‘s view of mortgage loan audits. The idea was not to defend fraudulent loan audit practices but to say that the FTC did not provide an alternative for borrowers who face what may be unjustified and overblown mortgage claims. I said the public should use licensed and experienced attornies […]

Posted in: News