February 2011

The great debate begins: What to do about Fannie and Freddie

(Source: McClatchy Washington Bureau) -  What role should government play in housing finance? A struggle over that $5 trillion dollar question, which divides Democrats from Republicans, will begin Wednesday when a subcommittee of the GOP-controlled House of Representatives considers the [...]


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BofA gets serious on foreclosures

(Source: Foryune) – Posted by Colin Barr – Is Bank of America finally going to drain its mortgage swamp? Perhaps. BofA (BAC), which has frequently outdone the other big banks when it comes to stupid foreclosure tricks, set a plan [...]


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Fransen and Molinaro Offers Help to California Homeowners Who “Failed” a Trial Loan Modification

ATTENTION ALL CALIFORNIA HOMEOWNERS WHO “FAILED” A TRIAL LOAN MODIFICATION (Source: Fransen & Molinaro Law Firm) Do you have a mortgage on your California primary residence with Bank of America (including Countrywide ), Chase , Wells Fargo , PNC , [...]


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Cleveland: Attorneys file class-action lawsuits against US Bank

(Source: WKYC) – On behalf of homeowners in Cleveland and Parma, attorneys filed two similar class-action lawsuits — one against US Bank Home Mortgage and the other against Bank of America and BAC Home Loan Servicing, LP today.


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More consumers face aggressive debt collection tactics

(Source: By Blake Jones, The Post-Star, Glens Falls, N.Y.) –You’re going to jail. You’re a loser. You’ll lose your job. Debt collectors often use threats and insults to intimidate consumers. But in recent years, collection has become more aggressive, more [...]


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Egypt raises $2.2B in T-bill auction

(Source: Associated Press/AP Online) –CAIRO – Egyptian financial officials promised to restart the stock market in a week and raised more than $2 billion through Treasury Bills on Monday, as the government pushed to maintain investor confidence in the country [...]


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Change irks homeowners expecting STAR break

(Source: By Mary B. Pasciak, The Buffalo News, N.Y.) -Letters have started going out to 2,000 local homeowners with some news they would rather not get: They will no longer be eligible for the basic STAR exemption, worth an average [...]


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Five Beloved Myths of the Mortgage Market

(Source: NY Times) – America’s mortgage market almost sank the world economy. But rather than rushing to fix it, the government has blown two deadlines for proposals. The ideas are finally due as early as this week from the Treasury, [...]


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Military families, some at Fort Campbell, fighting foreclosure

(Source: Leaf Chronicle) NASHVILLE — Tila Buchholz is a 29-year-old military spouse and mother of two young kids in Clarksville who is trying to save her family home from foreclosure while her husband, Josh, serves as a signal support systems [...]


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How changes in appraisal industry affects market, consumers

(Source: By Bob Karlovits, The Pittsburgh Tribune-Review) – Change always is shrouded by fear of the unknown, but professionals in home-buying are optimistic revisions in appraisals will be more of a help than a hassle. It might mean homebuyers will [...]


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A deal that seemed too good to be true — and it was

(Source: By Tim Grant, Pittsburgh Post-Gazette) – The men who offered Jacqueline Clancy an opportunity to own her first home told her she would not need any money for a down payment or closing costs, and they would handle all [...]


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Investors waiting to buy up foreclosed property at bargain prices

(Source: By Sandra Baker, Fort Worth Star-Telegram, Texas) – Foreclosures of commercial property increased in the past couple of years, but not at the pace some industry experts expected. Yet market professionals indicate that they expect the numbers to go [...]


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GOP plan would let states go bankrupt

(Source: By Patrice Hill, The Washington Times) – Financial markets have been rocked recently by predictions of a rash of municipal bankruptcies this year and talk among Republican leaders of drafting a law allowing states to go bankrupt as well. [...]


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MARKET VIEW; What’s best course for debt-ridden states?

(Source: News Sentinel) – If you thought the bailouts of AIG and General Motors were controversial, wait until California and Illinois reach their final financial tipping points. GM might have a million union employees/ retirees, but California and Illinois represent [...]


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Real estate executive pleads guilty to bid rigging

(Source: SF GATE) – A Stockton real estate executive pleaded guilty Friday to conspiring to rig bids and commit mail fraud, admitting that he and other investors bought more than $10 million of foreclosed homes at artificially low prices before [...]


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The Real Estate Lobby Is Ready to Rumble

Financiers, homebuilders, and real estate agents are uniting to save mortgage subsidies (Source: Businessweek By Lorraine Woellert) – Barbara J. Thompson plans to put a human face on the high-stakes debate over whether to preserve cherished U.S. government subsidies for [...]


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Marylanders can’t go to Virginia to take out high-cost car-title loans

(Source: By Eileen Ambrose, The Baltimore Sun) MARYLAND -  Don’t do it, Virginia! Our neighbor to the south is weighing legislation that would allow lenders there to make car-title loans with triple-digit interest rates to consumers in Maryland and other [...]


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We bailed them out, but now banks are hitting taxpayers where it hurts

(Source: Belfast Telegraph) –RICH bankers just love the British taxpayer. And, to prove it, they’ll be sending you something in the post shortly. But it won’t be a Valentine card; instead, you’ll be getting your next credit card bill — [...]


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Loan Modification Mistakes

(Source: Key News) – Tonight on KEY News at 6 and 11 p.m. you won’t want to miss a follow up to a KEY News Tipline story. The first time we introduced you to Sheila Duffy, she was fighting to [...]


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Distressed real estate to drive area’s prices down

(Source: By Wayne Faulkner, Star-News, Wilmington, N.C.) – Get ready for a burst of foreclosed homes hitting the market this spring. After holding back for a while, the big banks and Fannie Mae “will take their fingers out of the [...]


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Homeowners caught in foreclosure while waiting for modification

SAN LEANDRO, Calif. (Source: ABC KGO) — Millions of distressed homeowners are struggling to get loan modifications before they lose their home to foreclosure, but many times the homes are being sold while the owners are still trying to negotiate [...]


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Russia’s Putin sees $20.5 bln housing investment

Source: Reuters By Gleb Bryanski – KIROV, Russia, Feb 3 (Russia) – Russia will spend $20.5 billion in state and private investment by 2015 to boost new housing starts by 50 percent, Prime Minister Vladimir Putin said on Thursday. “We [...]


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Phoenix-area homeowners get loan help from non-profit

(Source: AZ Central) – When Neighborhood Assistance Corporation of America organized its first four-day loan-modification event for Arizona homeowners in October 2009, group founder Bruce Marks believed it also would be the last one. But 16 months later, the majority [...]


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Lawsuit: JPMorgan was warned on Madoff

(Source: CNN) – NEW YORK (CNNMoney) — JPMorgan Chase executives suspected that Bernard Madoff’s investment strategy was actually a Ponzi scheme years prior to its collapse, but did nothing to stop it, according to the court-appointed trustee trying to recove [...]


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Texas congressman Hinojosa files for bankruptcy

(Source: Associated Press/AP Online By ALAN FRAM) WASHINGTON – An eight-term congressman who serves on the House Financial Services Committee has quietly declared personal bankruptcy, blaming his family meat company for his problems. Rep. Ruben Hinojosa, D-Texas, has $2.9 million [...]


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BRIEF: Montgomery mayor ordered to stop using credit card

(Source: The Charleston Gazette) CHARLESTON, W.Va. — State ethics officials have ordered Montgomery Mayor James Higgins to stop using a city-issued credit card for his personal use. According to a conciliation agreement signed last month by Higgins and officials with [...]


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BofA goes to top of bank brand rankings

(Source: The Buffalo News) – Feb. 03–So what’s in a brand? For the world’s 500 most valuable banks — including Buffalo-based M&T Bank Corp. and First Niagara Financial Group — it’s hundreds of billions of dollars. Bank of America Corp. [...]


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Bankers Bash on, Regardless

(Source: IPS – Inter Press Service) – ‘What we have seen in Davos is the return of self-complacency of corporate capital,’ Rainer Falk, expert on economic globalisation and publisher of the Luxembourg-based weekly newsletter ‘World Economy and Development’, told IPS. [...]


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California Attorney General Kamala D. Harris Reaches $6.5 Million Settlement with Former Countrywide Executives

Establishes California Foreclosure Relief Fund LOS ANGELES – Attorney General Kamala D. Harris today announced a $6.5 million settlement of a predatory lending case against Angelo Mozilo and David Sambol, former officers of Countrywide Financial Corporation. Attorney General Harris announced [...]


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Bills aim to stem home losses

(Source: By The Record, Stockton, Calif.)  -  Legislation intended to stem the continuing tide of home foreclosures was brought to both houses of Congress in January. Rep. Dennis Cardoza, D-Atwater, re-introduced a bill that would make it easier for homeowners [...]


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