News
American Chopper — Foreclosure Vs. No Foreclosure
So which is it: Was the Orange County Chopper world headquarters foreclosed or not? The answer as derived from the American Chopper TV show and public information is very simple: Both. Let’s start with foreclosure. It’s plain that a foreclosure action was initiated by the lender, the GE Commercial Finance Business Property Corp. The matter [...]
7Nov2011 | Peter G. Miller | Comments Off | Continued
Occupy Movement Eyes Foreclosures & Squat-Ins
The Oakland branch of the Occupy movement has passed a resolution favoring the seizure of foreclosed and abondoned homes. There are a lot of homes available for squatters in the state because of unpaid mortgages and loans. California has the nation’s second-highest foreclosure rate according to RealtyTrac. Nevada ranks #1. While the Occupy movement started [...]
4Nov2011 | Peter G. Miller | 2 comments | Continued
Why Bernanke Is Wrong On Mortgage-Backed Securities
Oh no, Federal Reserve Chairman Ben Bernanke wants more taxpayer dollars to bailout the upper-class. He doesn’t actually say that, of course, but what else would be the result if the government — us — starts to buy mortgage-backed securities from poor, down-trodden investors who hold billions of dollars in mortgage-backed securities? In basic terms [...]
3Nov2011 | Peter G. Miller | 0 comments | Continued
Who Will Get Help Under Fed Mortgage Review Plan?
Mortgage borrowers with claims against lenders for improper foreclosures may well get some relief under a new plan proposed by several government regulators. The catch: Most distressed borrowers won’t qualify for assistance. “Remediation will be based on documented financial harm stemming from improper foreclosure practices by the servicer,” says one regulator. If a foreclosure activity [...]
2Nov2011 | Peter G. Miller | 0 comments | Continued
Why Mortgage “Checks” Are Not In The Mail
The checks are no longer in the mail and this is one time you really can blame the government. Until recently the daily mail would often include one or more “checks” to buy or refinance real estate. Such checks looked real with lots of “official” numbers and “genuine” markings. Most importantly, they included your name [...]
27Oct2011 | Peter G. Miller | 0 comments | Continued
Has Mortgage Lending Gotten Better Since Wall Street Reform?
Has lending really gotten better for borrowers during in the past few years? Certainly mortgage rates have improved. In recent weeks they have been at or near historic lows. But no less important the lending system has improved. It’s not just that mortgage rates are better, it’s also that the probability of getting a good [...]
24Oct2011 | Peter G. Miller | 0 comments | Continued
Guess What? Social Security Has A Profit
You’ve probably heard that Social Security is going broke, not good news for most of those with hopes of a sane and fiscally-secure retirement. The reality is that for most households Social Security is a central source of retirement funding, especially as more employers have moved from defined benefit plans to defined contribution plans. But, [...]
20Oct2011 | Peter G. Miller | 0 comments | Continued
Why Foreclosures Should Be Slower
Down in Florida there’s an effort to hurry the foreclosure process by taking courts out of the process. According to the St. Petersburg Times, “Gov. Rick Scott, House Speaker Dean Cannon and Senate President Mike Haridopolos all say they are interested in considering legislation to change Florida laws so judges won’t have to referee foreclosures.” [...]
17Oct2011 | Peter G. Miller | 0 comments | Continued
Are Big FHA Mortgages Really Risky?
Who will win and who will lose with FHA loan limits that were reduced as of October 1st? The answer may be surprising. In general terms there has been considerable support for lower FHA loan limits for several reasons. First, lower FHA limits mean more opportunities to sell private-sector loans. Second, the FHA has long [...]
13Oct2011 | Peter G. Miller | 0 comments | Continued
The Fake “Run” on Banks
Oh no, someone is proposing a “run” on the banks! Hide the children and womenfolk, or at least do what banks do and lose the mortgage note. “Incredible,” headlines the Washington Times, “Dick Durbin urges run on Bank of America.” “UNPRECEDENTED,” echoes Fox News. “Dick Durbin Tells Citizens ‘Get The Heck Out’ of Bank of [...]
12Oct2011 | Peter G. Miller | 0 comments | Continued
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