All Posts Tagged With: "lenders"
Should Mortgage Robo-Signers Go To Jail?
John O’Brien is a Register of Deeds based in Salem, Massachusetts. Instead of burning witches, O’Brien believes we should investigate the people who created the notes and documents that have now destabilized the entire property records system. He also believes those who are guilty of criminal conduct should go to jail and not merely face [...]
23Jan2012 | Peter G. Miller | 1 comment | Continued
Do FHA Mortgage Borrowers Still Face Credit Score Layering?
More that a year has passed since HUD announced that it would investigate 22 lenders. The issue? Layering, the addition of requirements on top of FHA standards. “The investigations,” said HUD, “are in response to 22 complaints the National Community Reinvestment Coalition (NCRC) filed with HUD alleging that the loan activities of the mortgage originators [...]
16Jan2012 | Peter G. Miller | 0 comments | Continued
Why FHA Premiums Should Not Be Raised
Will the FHA loan program raise its insurance premium for new borrowers? At first it might seem as though higher premiums are in order given that the FHA reserve fund — the Mutual Mortgage Insurance Fund or MMI — is well below the 2 percent required reserve. While that may be true, one must also [...]
5Dec2011 | Peter G. Miller | 0 comments | Continued
Should Government Set Mortgage Rates?
With all the talk of getting a new mortgage there’s one question which no one seems ready to touch: Why doesn’t the government ought to set mortgage rates? At first this may seem like an audacious idea, a violation somehow of the free market absolutism preferred by so many businesses and industries — at least [...]
26Sep2011 | Peter G. Miller | 0 comments | Continued
Why Foreclosure Buybacks Are Wrong
In Detroit they’ve found a “solution” to the foreclosure crisis: Don’t pay your mortgage, don’t pay your taxes, allow the property to be foreclosed, and then buy it back at the tax sale. The Detroit News reports that in the past year “about 200 of nearly 3,700 Detroit properties sold at auction last year that [...]
8Sep2011 | Peter G. Miller | 0 comments | Continued
Mortgage Help For Hurricane Victims
Hurricane Irene may be the biggest storm of 2011, and if recent history is any guide mortgage lenders will allow considerable latitude for those who are severely impacted. Hurricanes have the ability to move massive amounts of water in a very short time. The instant result can be flooding along low-lying areas and shores. However, [...]
27Aug2011 | Peter G. Miller | 0 comments | Continued
Should FHA Mortgage Lenders Get 100% Protection?
There are two interesting FHA mortgage figures floating around that may surprise a lot of people: At the end of June, the FHA had 7,151,199 single-family mortgages outstanding and these loans represent had a balance of $994.6 billion. That means the trillion-dollar mark should be hit fairly soon, probably in the next month or so. [...]
27Jul2011 | Peter G. Miller | 0 comments | Continued
Vets Get $22 Million to Settle Mortgage Foreclosure Claims
Two national mortgage lenders will pay more than $22 million to settle claims under the Servicemembers Civil Relief Act (SCRA) that they allegedly violated a law meant to insulate military members from illegal foreclosure, according to the Department of Justice. A Bank of America subsidiary improperly foreclosed on about 160 service members from January 2006 [...]
15Jun2011 | Chris Birk | 0 comments | Continued
Tornado Relief Sought for VA Mortgage Loan Borrowers
The VA is asking mortgage lenders and servicers to provide relief to military borrowers in areas affected by April’s devastating tornadoes. In a circular released earlier this month, the agency encourages servicers to waive late charges and halt credit reporting for veterans whose homes, families or livelihoods were impacted by the storms, which tore through [...]
18May2011 | Chris Birk | 1 comment | Continued
Will Rising Gas Prices Down Home Values?
About the last thing anyone wants to hear is that gasoline prices are rising. They topped $3 a gallon at year-end and the outlook for the future is hardly great: Several sources are predicting $5 gas by 2012. In a very-direct way gas prices have a lot to do with current mortgage rates, refinancing and [...]
3Jan2011 | Peter G. Miller | 0 comments | Continued
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