January 2011

Contact 13 resolves woman’s loan modification mess

Las Vegas, NV (KTNV) – Our ongoing mission at Action News is to help make Las Vegas a better place to live. So when a local woman contacted us about an issue with a loan modification company, Contact13′s Call for [...]


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Homeowners left in lurch after loan modification company suddenly closes

AMERICAN FORK — The sudden closure of a Utah County loan modification company has left several clients in danger of losing their homes. The doors of Modify Utah’s American Fork office located on east Utah Valley Drive were shuttered this [...]


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Moynihan Fights Fires at BofA Amid Book-Value Doubts

Image by Getty Images via @daylife (Source: SF GATE) – Since succeeding Kenneth D. Lewis on Jan. 1, 2010, Moynihan, 51, has struggled to stanch loan losses and a surge of litigation at the biggest U.S. lender while trying to [...]


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The Story Of 2011 Will Be The Second US Housing Crash

(Source: Buisness Insider) – I’d like to start off the year with another piece on the US housing situation as it looks to be heading into 2011, and its relation to the overall economy. In an interesting quote I read, [...]


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An American dream: government gets out of housing

(Source: Reuters) – Could the U.S. government stop subsidizing mortgages altogether? Probably not in real life. But that is where the debate over reforming Fannie Mae and Freddie Mac, as well as righting the public-private sector balance in housing, should [...]


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Dashed Dreams

(Source:  By Diane Dietz, The Register-Guard, Eugene, Ore.) – FORECLOSURE IN LANE COUNTY — as everywhere — has become a mess, and that’s a literal mess and not a euphemism for sloppy or illegal paperwork. A foreclosed Hawkins Heights property [...]


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BofA to pay Fannie, Freddie $2.8B in mortgage cas

(Source: USA TODAY By Julie Schmit) – Bank of America said it agreed Monday to pay $2.8 billion to taxpayer-funded Fannie Mae and Freddie Mac to settle claims that it sold the mortgage giants bad home loans. The agreement is [...]


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Mortgage assistance on the way for Lane County

(Source: By Greg Bolt, The Register-Guard, Eugene, Ore.) – Lane County homeowners struggling to pay their mortgages now have a shot at a state program that will help them avoid foreclosure by taking over their house payments for up to [...]


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Hecker asks to get out of jail; hearing set for Tuesday

(Source: By MaryJo Webster, Pioneer Press, St. Paul, Minn.) – A hearing is scheduled for Tuesday morning to consider bankrupt auto mogul Denny Hecker’s request to get out of jail. Hecker, 58, asked in a motion filed by his lawyers [...]


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Bankruptcy filings up again in 2010, but pace of increase slows

(Source: By The Honolulu Star-Advertiser) – The number of Hawaii residents filing for bankruptcy continued to climb in 2010, but the pace of increase was the slowest in four years. There were 3,954 cases filed last year, a 28 percent [...]


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Big lenders may be first to settle foreclosure investigation

(Source: Miami Herald) – The five largest loan servicers, including Bank of America and JPMorgan Chase, may be the first to settle with the 50 state attorneys general probing foreclosure practices, Iowa Attorney General Tom Miller said.


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Will California Attorney General Kamala Harris Take on Foreclosure Crisis?

Image by Getty Images via @daylife SAN FRANCISCO — As Democrat Kamala Harris takes over today as California’s attorney general, advocates for homeowners facing foreclosure will be cheering loudly—and watching closely. Around the country, organizations at the frontlines of the [...]


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Payday lenders bailing out in wake of initiative victory

(Source: By Ed Kemmick, Billings Gazette, Mont.) – A voter-passed cap on interest rates that can be charged by payday and car title lenders doesn’t take effect until Jan. 1, but many of the lenders have already gone out of [...]


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Repossessions grow despite moratorium on legal action

(Source: Irish TimesBy FIONA GARTLAND) – ORDERS FOR possession of property granted to mortgage lenders at the High Court continued to increase in 2010 despite a 12-month moratorium on legal action. Figures compiled by The Irish Times show 311 orders [...]


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Volunteers of America secures HUD money for subsidized housing

(Source: By Cindy Uken, Billings Gazette, Mont.) – With a $1,000 monthly Social Security check as her only income, 80-year-old Lorraine had difficulty making ends meet. Her apartment rent was $600 a month. Her monthly supply of prescription medication runs [...]


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Rising rental demand fuels real estate firm

(Source: By Alexandra Clough, The Palm Beach Post, Fla.) – A funny thing happened to Damien Barr on his way to buying up homes for investment. As soon as he bought a property, people were seeking to rent it. It [...]


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Two Brothers Plead Guilty In San Diego To $30 Million Ponzi Scheme

(Source: KPBS) – Two brothers pleaded guilty in San Diego federal court today for their roles in masterminding a $30 million Ponzi scheme and related mortgage cons.


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Suicidal Man Threatens to Kill Wife, Torch Home

“When I walked over there, I asked him if he was moving,” Taloza said. “Why would he be giving these things out if he wasn’t? He told me he had to move because he had asked for a loan modification [...]


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Selling when at risk of foreclosure can keep credit intact

(Source: News Sentinel) – Homeowners must sometimes make tough decisions to avoid losing their home. What should you consider if you’re at risk? Almost everyone I know knows someone who has recently lost a job. And I’ve seen countless appraisals [...]


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Where are the Mortgage Mods?

(Source:CNBC) – Weighing in on whether the government sponsored mortgage modification effort is another strike out for team Obama, with Keith Boykin, Daily Voice and Matt Englett, KEL Attorneys. Visit msnbc.com for breaking news, world news, and news about the [...]


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Myrtle Beach lawyer Pavilack creditors fight over what’s left

(Source: By David Wren, The Sun News, Myrtle Beach, S.C.) – Bank officials and the trustee in charge of Myrtle Beach lawyer Harry Pavilack’s finances are fighting in bankruptcy court over who has the right to an investment account Pavilack [...]


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Foreclosures also hit high end of Sacramento market

(Source: By Phillip Reese and Robert Lewis, The Sacramento Bee, Calif.) – Within the gates of the exclusive Los Lagos development in Granite Bay, home to business executives and real estate magnates, the postman delivers almost one fresh home loan [...]


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Bank of America Announces Fourth-Quarter Actions With Respect to Its Home Loans and Insurance Business

CHAROLETTE, N.C. (Source: Bank of America) – Bank of America today announced agreements with the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae) to resolve repurchase claims involving certain residential mortgage loans sold [...]


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Fannie Mae CEO Statement by Michael J. Williams on the Bank of America Repurchase Agreement

WASHINGTON  — Fannie Mae (BULLETIN BOARD: FNMA) has reached an agreement with Bank of America, N.A., and its affiliates – BAC Home Loans Servicing, LP, and Countrywide Home Loans, Inc. – to address outstanding repurchase requests for residential mortgage loans [...]


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Tricky home deals frustrate some valley buyers, aid others

(Source: By Garth Stapley, The Modesto Bee, Calif.) – Real estate short sales: a home buyer’s savior or worst nightmare? Both, depending on who’s telling the story. Many people have picked up sweet deals when lenders are willing to let [...]


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Mortgage company booming, looking to hire and expand

(Source: By Bob Campbell, Detroit Free Press) – Port Huron-based First Preferred Mortgage not only weathered the home mortgage crisis of the past few years — the privately held company is booming. Founded in 1992 by brothers Hale and Mark [...]


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California housing for developmentally disabled has high cost

(Source: By Jack Chang, The Sacramento Bee, Calif.) – In 2006, a state-funded center serving developmentally disabled people spent $2.9 million to develop four houses for its clients in Riverside County. Just months after the houses were completed, the county [...]


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Subprime lenders remake themselves as fixers

FOOTHILL RANCH, Calif. — PacWest Funding’s CEO watched in late 2007 as rival mortgage brokerages, banks and collaborators collapsed under the weight of the declining housing market.


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Real estate puzzle pieces

(Source:By Jenny Kincaid Boone, The Roanoke Times, Va.) – Wanda and William Lawrence’s housing dream is to live at the Orchard Villas in Bonsack. The retired couple want one-floor living and an active group of neighbors who enjoy congregating at [...]


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Ruling could hurt Bank of America

(Source: United Press International) – A New York State Supreme Court ruling could make it harder for the Bank of America to defend itself in lawsuits involving some home mortgages, officials said. The ruling declared that the Municipal Bond Insurance [...]


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