February 2011

Average rate on 30-year mortgage hits 5.05 pct.

(Source: Associated Press/AP Online By JANNA HERRON) NEW YORK – The average rate on the 30-year mortgage topped 5 percent this week for the first time since April. Higher rates could further hamper the struggling housing market ahead of the [...]


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Financial adviser Miller under investigation by FBI, IRS probe

(Source: By Jim Balloch, The Knoxville News-Sentinel, Tenn.) – Editor’s note: The headline on an earlier version of this story misidentified one of the agencies investigating Brian Keith Miller. When financial adviser Brian Keith Miller filed for bankruptcy in July, [...]


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Credit card fraud nets man prison term

(Source: Tulsa World) –A California man has been sentenced in Tulsa to seven years in prison for taking part in an interstate credit card fraud conspiracy that involved more than $100,000 and victimized 18 financial institutions, ranging from Merrill Lynch [...]


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Mortgage activity drops in week

(Source: United Press International) – The Mortgage Bankers Association said U.S. mortgage activity declined in the week ending Feb. 4, as long-term interest rates increased. Interest rates for 30-year, fixed-rate mortgages rose from 4.81 percent to 5.13 percent with points [...]


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A San Diego Attorney Speaks Out on How SB 94 Has Taken Legitimate Lawyers Away from Homeowners

(Source: Martin Mandelman of Manelman Matters) – I think it’s fair to say that I’ve written more on the subject of lawyers and loan modifications than anyone else… I’m not bragging, in fact I wish it had never been necessary [...]


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30% of mortgages are underwater

NEW YORK (CNNMoney) — Sometime, somehow, the foreclosure crisis will ease. But probably not anytime soon. Home prices dropped 2.6% nationwide during the last three months of 2010, pushing more borrowers underwater, according to a quarterly real estate market survey [...]


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Quicken says it doesn’t owe OT as trial opens

DETROIT (AP) — Quicken Loans employees were highly trained sales agents who deserve overtime after “pounding the phones” 60 to 70 hours per week at the online mortgage giant, a lawyer told jurors Tuesday.


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S. Fla. home values continue to slip

(Source: By Toluse Olorunnipa, The Miami Herald) – South Florida homeowners saw their values slip another 3.3 percent in the last three months of 2010, as home-sellers ended the year with more slashed prices and continued to sell at a [...]


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Woman Recounts Scam That Preyed on Troubled Homeowners

(Source: 8 News Now) LAS VEGAS — Innocent homeowners desperate to save their homes are being preyed upon by shady loan modification companies. State officials say hundreds of businesses are under investigation. As it turns out, 8 News NOW has [...]


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Government Looks to Part Ways with Fannie, Freddie

(Source: Fox Business Video) -Government looks to drop mortgage lenders Watch the latest video at video.foxbusiness.com


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Even More Millionaires Defaulting on Mortgages

(Source: CBS)  The RealtyTrac organization predicted earlier this month that home foreclosures in 2011 will likely exceed the record 3.8 million reported in 2010. CBS News correspondent John Blackstone reports one group of mortgage defaulters seems to be bucking the [...]


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JPMorgan says it did nothing wrong in Madoff fraud

(Source: Associated Press/AP Online) NEW YORK – The bank where Bernard Madoff kept his clients’ money is defending itself against allegations that it should have done more to stop his massive fraud. JPMorgan Chase said in a court filing late [...]


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Vacant house, once an eyesore, now a ‘neighborhood asset’

Source: The Kansas City Star (Kansas City, Missouri)  By Glenn E. Rice  –The vacant house near 65th Street and North Broadway in Gladstone was once a complete mess. Weeds sprouted through the cracks in the driveway, the gutters needed replacing, [...]


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Third of homes in Seattle metro area worth less than mortgage

(Source:By Eric Pryne, The Seattle Times) – The owners of one-third of the houses in the Seattle metro area now owe more on their mortgages than their homes are worth, Zillow.com estimates. That’s up from less than 23 percent a [...]


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No big rush on help for underwater home loans

(Source: USA TODAY) – A government program intended to help hundreds of thousands of underwater homeowners is off to a slow start. Since its September launch, only 38 homeowners have refinanced mortgages through the FHA Short Refinance program, backed with [...]


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3 Home Mortgage Refinancing Nightmares

(Source: US NEWS) – Just a few months ago, my wife and I talked about how much money we were going to save by refinancing our 6 percent fixed-rate mortgage down to 4.25 percent interest. A few years earlier, we [...]


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Reverse mortgage off menu at BofA

(Source: By Christina Rexrode, The Charlotte Observer, N.C.) – Bank of America will stop offering reverse mortgages, products that late-night TV advertises to the elderly as an easy way to get quick cash. The move is meant to free up [...]


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Senate panel OKs bills on handling of mortgage records

(Source: By Julian Walker, The Virginian-Pilot, Norfolk, Va.) – A Senate committee approved two bills to tighten the handling of mortgage and foreclosure records Monday but stalled a measure to require a court order before a foreclosure sale can proceed. [...]


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Dems: Obama Broke Pledge to Force Banks to Help

(Source: Probublica By Paul Kiel and Olga Price) – Before he took office, President Obama repeatedly promised voters and Democrats in Congress that he’d fight for changes to bankruptcy laws to help homeowners—a tough approach that would force banks to [...]


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Bankruptcy filings hit record on North Coast

(Source: By Steve Hart, The Press Democrat, Santa Rosa, Calif.) – More than 5,000 consumers and businesses on the North Coast sought protection from their creditors in U.S. Bankruptcy Court last year, an unprecedented wave of financial misery that experts [...]


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Couple get loan modification, but the bank reconsiders

(Source: King 5) – The Schlegel’s home is a busy place. After renting the house for a while, they bought it four years ago and are raising their three kids under the same roof. With help from the neighbors, the [...]


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Augusta lawyer Cruse disbarred for behavior

(Source: By Sandy Hodson, The Augusta Chronicle, Ga.) – An Augusta lawyer given repeated chances to save his law license was disbarred Monday. In an opinion released Monday, the Georgia Supreme Court disbarred Samuel W. Cruse. Cruse began practicing law [...]


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A Shocking Satellite Tour Of The World’s Biggest Slums

(Source: Business Insider) – Booming urban populations have seen poverty on the rise in some of the world’s biggest cities. Of the 3.49 billion people that now live in cities, 827.6 million are slum dwellers, according to a UN Habitat [...]


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Robo-gate Will Haunt REO Inventory for Four Years

(Source: UPI) – Fall-out from the scandal known as “Robo-gate” will lengthen the time frame for clearing all the current non-agency inventory of distressed properties to four years, according to a new report today by Fitch Ratings. Fitch said corrections [...]


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Foreclosures likely to rise because of poor loan-modification performance, report says

(Source: LA Times) – Major financial institutions’ poor record with modifying home mortgage loans will probably lead to an increase in the number of U.S. foreclosures, according to a report released Monday. About 36,500 mortgage modifications on private mortgages were [...]


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Bankruptcy filings hit record on North Coast

Source: The Press Democrat, Santa Rosa, Calif Publication date: 2011-02-07 By Steve Hart, The Press Democrat, Santa Rosa, Calif. Feb. 07–More than 5,000 consumers and businesses on the North Coast sought protection from their creditors in U.S. Bankruptcy Court last [...]


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Six important things your credit provider doesn’t want you to know

(Source: Belfast Telegraph) –THERE’S more to your credit card than meets the eye — and your provider could be keeping quiet about it. Here are six things, for example, that your credit card company doesn’t tell you: 1. YOU CAN [...]


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Bank can foreclose despite lost mortgage note, judge rules

(Source: By Kathleen Lynn, The Record, Hackensack, N.J.) – A Bergen County judge has ruled that a lender can foreclose on a mortgage even if the lender doesn’t have the mortgage note because a previous lender lost it. Bogota homeowner [...]


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Feasting on Foreclosures: Foreclosure sales can wreck lives, neighborhoods

(Source: By Rich Lord, Timothy McNulty and Tim Grant, Pittsburgh Post-Gazette) – When friends came to visit Shirley Hernandez in her new house in Penn Hills in 2007, they raved about it. “Oh my God, Shirl, this is so nice,” [...]


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Extension Service can help struggling homeowners

(Source: Ocala Star-Banner By Fred Hiers, Ocala Star-Banner, Fla.) – During the housing boom, Lynda Spence could fill a classroom with would-be homebuyers wanting to attend her Marion County Extension Service lectures on home ownership. In January, she canceled the [...]


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