April 2011

The Mortgage Was Like a Shell Game; So Is Responsibility in 3 Deaths

(Source: New York Times By JIM DWYER) – The promise made by a mortgage company in San Diego could not have been more blunt. “Accredited Home Lenders offers an unusually broad line of subprime mortgage products for wholesale mortgage brokers,” [...]


Posted in Scam & Fraud News | Leave a comment

Hundreds Helped at Homeowners’ Event

(Source: Queens Chronicle by Victor G. Mimoni) – Assemblywoman Vivian Cook, left, speaks with Janna Hughes of the center for New York City Neighborhoods anad event coordinator Petra Tuomi, right, during the “Rise Up & Stay Put!” home rescue fair [...]


Posted in Loan Modification News | Leave a comment

State Raises Red Flags Over ‘Foreclosure-Prevention’ Companies

(Source: bostonherald By Jerry Kronenberg) – More than half of “foreclosure-prevention” companies that heavily advertise on local radio or other media allegedly demand upfront fees that Massachusetts law might prohibit, the state Office of Consumer Affairs says.


Posted in Political News | Leave a comment

Split Decision in Broward’s Massive Mortgage Fraud Case

(Source: miamiherald By James H. Burnett III) – After a nine-week trial, thousands of pages of evidence and a parade of witnesses, a federal jury issued a split verdict in a massive mortgage fraud trial involving five Broward police officers [...]


Leave a comment

Fannie, Freddie To Set New Mortgage Servicing Standards

WASHINGTON (Dow Jones) (Source: Wall Street Jounral By Alan Zibel and Nick Timiraos) – Mortgage giants Fannie Mae (FNMA) and Freddie Mac (FMCC) will establish a uniform set of standards for the troubled mortgage-servicing process — and impose fines on [...]


Posted in Mortgage News | Leave a comment

Refinance Loans Drop in Minority Communities

(Source: charlotteobserver By Rick Rothacker) – Access to mortgage refinance loans declined in communities of color from 2008 to 2009, while increasing in mostly white neighborhoods, a study by a coalition of community watchdog groups found.


Posted in Mortgage News | Leave a comment

‘Prada to Payless’ Blogger: Fighting Old Computers, Mortgage Company

(Source: poconorecord By ERIN DeROSA) – Molly is sitting with me, eating her lunch. I gave her leftover chicken, peas and cheese.


Posted in Mortgage News | Leave a comment

Freddie Mac CEO Charles E. ‘Ed’ Haldeman, Jr. Statement on Alignment for Servicing Delinquent Loans

MCLEAN, Va., April 28, 2011 (Source: Freddie Mac) – The following statement was released today by Charles E. “Ed” Haldeman, Jr., Chief Executive Officer, Freddie Mac (OTC Bulletin Board: FMCC):


Posted in Mortgage News | Leave a comment

Housing Counseling Services to Suffer Under Funding Cuts

CHICAGO (Source: Chicago Tribune) – Housing agencies find themselves scrambling to determine how they will serve their communities with dwindling resources after $88 million in housing counseling funds was eliminated from the federal budget.


Posted in Political News | Leave a comment

State Bill Hiking Lender Rates Opposed

April 28 (Source: The Fayetteville Observer By Paul Woolverton) – The Department of Defense says legislation to allow lenders to increase their prices for consumer installment loans in North Carolina will hurt the soldiers, airmen, sailors and Marines stationed here.


Posted in Mortgage News | Leave a comment

National Realtors President Calls Out Lenders at Stop in Norman

April 28–NORMAN -(Source: The Daily Oklahoman By Richard Mize) – The American dream of homeownership — a reasonable hope — morphed into a gambler’s fantasy of easy credit and easy money that fed housing bubbles until they burst.


Posted in Real Estate News | Leave a comment

Fixed Mortgage Rates Drop in Week

(Source: United Press International) – Long-term mortgage rates have dropped for the second consecutive week, the U.S. Federal Home Loan Mortgage Corp. said Thursday.


Posted in Mortgage News | Leave a comment

Investors Sue Wayzata Fund Manager

April 29 (Source: Star Tribune, Minneapolis By Dan Browning) – A handful of investors have filed a federal lawsuit that accuses a Wayzata fund manager of running a multimillion-dollar fraud scheme.


Leave a comment

Feds Sue Former Racine Heating Company Owner Kiernan

April 29-(Source: The Milwaukee Journal Sentinel By Rick Romell) -The U.S. Labor Department has sued Brian T. Kiernan, owner of a now-defunct Racine company, Kiernan Heating & Air Conditioning Inc., accusing him of misappropriating $19,811 contributed by 10 employees to [...]


Posted in Political News | Leave a comment

Bank of America to Raise Rates for Late Payers

Source: The Charlotte Observer (Charlotte, N.C.) Publication date: 2011-04-28 –April 28–Bank of America has started telling customers that it might increase the interest rate on their credit cards if they’re late on payments.


Posted in Bank News, Banking | Leave a comment

EU Targets 16 Major Banks in Swaps Market Probes

Source: Associated Press/AP Online Publication date: 2011-04-29 –BRUSSELS – The EU’s competition watchdog is investigating the practices of some the world’s biggest banks, as well as a financial data firm and a clearing house, in the market for credit default [...]


Posted in Bank News, Banking | Leave a comment

Bank Will Pay $400,000 in Restitution

Source: The Charlotte Observer (Charlotte, N.C.) Publication date: 2011-04-28 –April 28–Asheboro-based CommunityONE Bank has entered into a deferred prosecution agreement with the U.S. Justice Department for its failure to file a suspicious activity report and maintain an effective anti-money laundering [...]


Posted in Bank News, Banking | Leave a comment

U.S. Bancorp Goes After the Deepest of Pockets

Source: Star Tribune, Minneapolis Publication date: 2011-04-28 Arrival time: 2011-04-29 –April 28–U.S. Bancorp has built its brand on the idea that it can be many things to all people.


Leave a comment

Profits up 18% at Deutsche Bank

Source: Irish Times Publication date: 2011-04-29 Arrival time: 2011-04-28 –Deutsche Bank posted an 18 per cent rise in quarterly net profit as crisis-era investment at the investment bank and deals to expand its retail and wealth management operations helped it [...]


Posted in Bank News, Banking | Leave a comment

Foreclosure Prevention Legislation Fails in Sacramento

(Source: Los Angeles Times) – A proposed law that would have ended “dual track” foreclosures in California failed to win a key vote in Sacramento on Wednesday.


Posted in Political News | Leave a comment

There Are A Lot Of Roadblocks With A Loan Modification

(Source: Daily News Pulse By  Kyle Young) – The Home Affordable Modification Program is financed for $75 billion and provided usual loan workout terms to eligible homeowners.  Contributing lenders are entitled for incentive payments by the Treasury Department for each [...]


Posted in Loan Modification News | Leave a comment

A Foreclosure Problem Congress Couldn’t Ignore

(Source: The American Prospect David Dayen) – Last week, the mortgage servicing arm of JPMorgan Chase reached an unusual settlement  in a class action lawsuit, acknowledging it had charged illegally high interest rates and wrongfully foreclosed on 6,000 homeowners across [...]


Posted in Political News | Leave a comment

FBI Says ‘Spoofing’ Covered up Real Estate Scam

SANTA ANA, Calif.(Source: Kansas City Star By Peggy lowe) – At first, Rebecca Smith was relieved when she got a phone call from an FBI agent.


Posted in Scam & Fraud News | Leave a comment

Slow Start for Florida’s Foreclosure Mediation Program

(Source: Miami Harald) – The first statewide report on the Supreme Court’s foreclosure mediation program is out, and at least one South Florida judge says the program is neither helping homeowners nor clearing caseloads.


Posted in Loan Modification News | Leave a comment

Bethlehem Mortgage Modifier Shut Down

(Source: The Morning Call Paul Muschick) – David Swirczewski can’t say he wasn’t warned.


Posted in Scam & Fraud News | Leave a comment

Loan Modification: Real-Life Success Stories

(Source: MoneyWatch) – The housing crisis would be a little less awful if homeowners and lenders could negotiate loan modifications, which would let struggling borrowers keep their houses and allow lenders to recoup a significant portion of their loan. But [...]


Posted in Loan Modification News | Leave a comment

New Foreclosure Law to Help End Loan Mod Run-Around

(Source: KomoNews By Connie Thompson) – Loan modification programs are supposed to help you prevent foreclosure and for many, the programs have worked. But since they started in 2008, they’ve been the target of complaints about lender mistakes, negligence, and [...]


Posted in Loan Modification News | Leave a comment

Banks are Foreclosing While Homeowners Pursue Loan Modifications

(Los Angeles Times By Alejandro Lazo) – Mortgage lenders call it “dual tracking,” but for homeowners struggling to avoid foreclosure, it might go by another name: the double-cross.


Posted in Loan Modification News | Leave a comment

Making Permanent Loan Modifications

(Source: North Jersey) – Q. I have had two different trial payments (for a loan modification) with my lender, and I have paid as expected. But when it comes to making it permanent, there is always some silly reason why [...]


Posted in Loan Modification News | Leave a comment

Chase to Help Fort Jackson Soldiers Struggling with their Mortgages

(source: Business Wire) – Chase loan advisors will set up shop for two days near Fort Jackson to help struggling military homeowners — and non-military families — find the best solution. Homeowners with Chase mortgages can receive the following services:


Posted in Loan Modification News | Leave a comment

Useful Information

Mortgage Calculators, Auto Loan Calculators, Personal Finance Calculators, Student Loan Calculators, Loan Modification, Loan Articles, Loan News