March 2011

Judge: Batch Property Can Be Seized

(Source: The Pittsburgh Tribune-Review By Brian Bowling) – A Murrysville group can now pocket some of Charlie Batch’s personal property, including two Super Bowl rings, to recover the money the Steelers backup quarterback owes the company, according to federal bankruptcy [...]


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GARY SHILLING: And Now House Prices Will Drop Another 20%

(Source: Business Insider) – Last October, when everyone was jubilant about the housing “recovery,” Gary Shilling of A. Gary Shilling & Co., predicted that house prices would fall another 20%. In the five months since, house prices have resumed their [...]


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Future of debit card swipe fees uncertain

(Source: The Atlanta Journal and Constitution) March 23–When customers buy dresses or shoes at Sandpiper, Melissa Murdock’s Vinings boutique, she tries not to think about just how much money goes to the banks and credit unions that issue debit cards [...]


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Dollar gains against euro on European debt worries

(Source: Associated Press/AP Online) NEW YORK – The euro retreated against the U.S. dollar Tuesday on worries about Europe’s most indebted countries. But the dollar fell against the British pound and the Japanese yen in morning trading in New York.


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Borrowers may get a mortgage servicing bill of rights ‎

In response to alleged abuses, state attorneys general have crafted a draft proposal that sets out minimum standards and operating procedures that would govern how homeowners are treated. (Source: LA Times By Kenneth R. Harney) – When you take out [...]


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Federal Reserve Adopts New Rules to Protect Mortgage Borrowers

(Source: The Baltimore Sun, Maryland By Eileen Ambrose) – During the heady days of the housing boom, unscrupulous mortgage brokers steered trusting borrowers into overpriced loans to earn bigger commissions.


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Freddie Mac Turns to YouTube to Dispel Common Foreclosure Myths

MCLEAN, Va.(Source: PRNewswire) – Freddie Mac is helping consumers separate foreclosure fact from fiction in a new video series launched today on its YouTube Channel (http://www.youtube.com/FreddieMac). Each 90- to 120-second video dispels one of five common myths that could prevent [...]


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Imagining Housing Without Fannie and Freddie

(Source: Tulsa World By ROBERT EVATT) – President Barack Obama said last month that he’d like to phase out Fannie Mae and Freddie Mac.


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South Florida Home Sales Trends Continue; Broward Sees Increase in Prices

(Source: The Miami Herald By Toluse Olorunnipa) – Thousands of tiny blue balloons will be floating above South Florida mailboxes during this weekend’s statewide mass open house event, the real-estate housing industry’s latest effort to pitch a simple message: Florida [...]


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Brady Defends PHA in Letter to HUD Secretary

(Source: The Philadelphia Inquirer By Jeff Shields, Jennifer Lin, and Mark Fazlollah) – In a sharply worded letter to the U.S. secretary of Housing and Urban Development, Rep. Robert A. Brady, the city’s Democratic Party chief, defended the Philadelphia Housing [...]


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SunTrust Bank plans to repay TARP bailout

(Source: News Sentinel) -SunTrust Bank Inc., one of the largest banks in the Knoxville market, has announced plans to repay money it received from the Troubled Asset Relief Program, the taxpayer-funded bailout. The Atlanta-based regional bank said it will combine [...]


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Pacific Launches Compensation Model in Canadian Mortgage Industry

(Source: Datamonitor) – Pacific Mortgage Group Inc., a Canadian integrated financial services company consisting of a CMHC approved mortgage lender, myNext Mortgage Company Limited and Mortgage Architects Inc., has launched the first compensation model in the Canadian mortgage industry that [...]


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Deutsche Bank loses suit over investor losses

(Source: Associated Press/AP Online) FRANKFURT, Germany – A German court ruled Tuesday that Deutsche Bank didn’t sufficiently disclose the risks when selling one of its financial products to an investor. The Federal Court of Justice said that Germany’s biggest bank [...]


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Data Shows Market for Short Sales

(Source: Inland Valley Daily Bulletin By Andrew Edwards) – California’s pending home sales increased during February, and “distressed” homes represented a majority of those deals, the California Association of Realtors reported Monday.


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Reinventing the Market

(Source: Mortgage Strategy) – Sharing risk between parents and offspring, tax relief on savings for a deposit, helping first-time sellers and a reworked MIG are just some of the innovations that could kickstart the market.


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Fannie and Freddie to Play Reduced Roles in Apartments

NORFOLK (Source: The Virginian-Pilot By Tom Shean) – Plans to restructure Fannie Mae and Freddie Mac have sent shivers through the nation’s home-building and home-finance industries.


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Minnesota Home Sales Rise, Bucking Nationwide Trend

(Source: Star Tribune, Minneapolis By Jim Buchta) – While home sales across the country continue to fall, the housing market in Minnesota is showing some signs of momentum. Or at least stability.


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Debt Dropped From Credit Report Still Owed

(Source: Scripps Howard News Service By STEVE BUCCI) – Dear Debt Adviser, I have a charge-off on my credit report. According to my credit report, it will fall off my report in 2012. I need information on what this means. [...]


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Lawyer’s Withdrawal Protested

ALBANY (Source: Times Union By Larry Rulison) – Local restaurateur and former stockbroker Mark Casolo says his bankruptcy attorney never should have been allowed to drop his case.


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Mets Take Swing at Madoff Victims Trustee

(Source: The New York Post By MARK DeCAMBRE) – The owners of New York’s National League baseball franchise slammed Irving Picard in a lawsuit yesterday, alleging that the bankruptcy trustee tasked with clawing back money for Bernie Madoff victims fabricated [...]


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Homeowners frustrated with home modification loan process ‎

(Source: NBC 9 News) DENVER – When many of you told 9NEWS you were frustrated with how banks were treating foreclosures in Colorado, we heard you. The process is frustrating. The banks don’t return phone calls or deny your modification [...]


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Court won’t stop Fed from revealing loan data

(Source: Associated Press/AP Online) WASHINGTON – The Supreme Court won’t stop the release of Federal Reserve Board documents identifying financial companies that received Fed loans to survive the financial crisis. An association of bankers wanted to stop the release but [...]


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Robo-Signing Remedy Has Some Issues

(Source: The Philadelphia Inquirer By Alan J. Heavens) – To handle the volume of legal work connected with all those foreclosures, it was decided that signing the documents without reading them made sense. The practice is now known as “robo-signing.”


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Mortgage Servicers Pummeled with Litigation

DALLAS (Source: PRNewswire) – The final three months of 2010 were very litigious for mortgage servicers. Legal actions against servicers help push the Mortgage Litigation Index up 42 percent as foreclosure cases heated up and actions associated with loan modifications [...]


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Hardest Hit Fund Braces For Giant Jolt

(Source: Detroit Free Press By Greta Guest) – After months of delays, the Michigan Hardest Hit fund is about to get hit hard.


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Anti-Foreclosure Efforts Need More Support, Not Less

(Source: Arizona Daily Star) – Recent price data show home values at nearly their lowest levels in the post-bubble era, and a coming tide of foreclosures means prices will drop further. Seven million families have lost their homes so far, [...]


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Local Family Fights to Save House Amid Job Loss, Medical Bills

(Source: Morning Star By Erin Zureick) – A job loss and costly medical bills for their young son sent the Raynors’ finances into a precarious position. Afraid they would be unable to pay the mortgage on their three-bedroom Wilmington home, [...]


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Md. Considers Adding Consumer Protections Against Shady Contractors

(Source: The Baltimore Sun, Maryland By Eileen Ambrose) – With spring here, your thoughts might turn toward home remodeling. But even before the first nail is pounded, you have plenty of work to do.


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Habitat Bucks National Trend in Foreclosures

MANATEE  – (Source: The Bradenton Herald By Duane Marsteller) – The foreclosure lawsuit is typical. The lender says a couple borrowed more than $57,000 in 2003, using the money for a three-bedroom house on 12th Avenue West in Bradenton. But [...]


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Republicans Against Lending Rules

(Source: Chattanooga Times/Free Press) – Profits among big banks are soaring, their chief executives are in line to reap more millions of dollars annually under higher federal ceilings on dividends, and Sen. Bob Corker has just introduced a misbegotten bill [...]


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