May 2011

Home Prices May Fall With End to Tax Incentives

May 5 (Source: Inland Valley Daily Bulletin By Andrew Edwards) -The national housing market is at the precipice of a “double dip” in falling prices because of the disappearance of federal tax incentives and large numbers of distressed homes, a [...]


Posted in Real Estate News | Leave a comment

Bank of America to Triple Number of Mortgage Help Centers

May 5 (Source: The Charlotte Observer By Kirsten Valle Pittman) – Bank of America Corp.  will more than triple its number of assistance centers for homeowners facing foreclosure, bringing the total to 40 in 22 states, it announced today.


Posted in Bank News, Banking | Leave a comment

Most Homeowners Do Well By Refinancing

(Source: United Press International) – Three-quarters of U.S. homeowners who refinance their mortgages are keeping their financial house in order, the Federal Home Loan Mortgage Corp. said Thursday.


Posted in Mortgage News | Leave a comment

Gateway Community College Plans Housing Fair

May 5–NEW HAVEN (Source: New Haven Register By Angela Carter) – Gateway Community College Saturday will hold a housing fair so homeowners may make inquiries about a new program that provides forgivable loans to homeowners who are 90 days or [...]


Posted in Real Estate News | Leave a comment

Agreement Reached in Late-Fee Dispute

HELENA, Mont. (Source: Associated Press/AP Online Matt Volz) – A trustee for bankrupt retailers Movie Gallery and Hollywood Video reached an agreement Thursday with all 50 states over how the defunct company collects late fees and other charges from its [...]


Posted in Bankruptcy News | Leave a comment

Madoff Trustee to Begin Distributing Funds

(Source: United Press International) – The trustee tasked with getting money for victims of U.S. con man Bernard Madoff says he plans to release funds recovered in the multibillion-dollar Ponzi plan.


Leave a comment

BofA, Wells Fargo Mortgage Papers Challenged in North Carolina

(Bloomberg By Chris Burritt and David McLaughlin) – Bank of America Corp. (BAC) and Wells Fargo & Co. (WFC), lenders already being probed for faulty home foreclosure practices, were accused by a county official in North Carolina of using mortgage [...]


Posted in Bank News, Banking | Leave a comment

Will Wall Street Finally Have to Pay for its Misdeeds?

(Source: curiouscapitalist.blogsWall Stephen Gandel) – Street may soon have to finally pay for its folly. Earlier this week, the US Attorneys office of the Department of Justice sued Deutsche Bank for allegedly tricking a government insurance program into backing mortgage [...]


Posted in Bank News, Banking | Leave a comment

Cook Co. Mortgage Program Saves Hundreds of Homes

(Source: BY LAUREN FITZPATRICK Sun-Times) – Like the 1,800 homeowners who obtained help from Cook County when sued for foreclosure, Blanca Lopez got into trouble after she lost her job.


Posted in Loan Modification News | Leave a comment

Banks Can Fix Crisis by Easing U.S. Homeowner Debt, Ranieri Says

May 5 (Source: Bloomberg) — U.S. lenders can assist millions of owners who are underwater or in default by offering short-term leases on their homes, said Lewis Ranieri, the pioneer of mortgage securitization.


Posted in Loan Modification News | Leave a comment

Moody’s Cuts BofA’s Mortgage Servicing Ratings

(Source: Bloomberg Business Week) – Moody’s Ratings on Wednesday downgraded Bank of America Corp.’s mortgage servicing ratings because its loss prevention results have deteriorated.


Posted in Bank News, Banking | Leave a comment

Only 13% of Florida’s Mortgage Brokers Recertified

(Source: miamitodaynews By Zachary Fagenson) – Two months after the deadline for Florida mortgage brokers to reapply under new state and federal rules only 5,600 — 13% of the more than 42,000 brokers once licensed — have been recertified.


Posted in Mortgage News | Leave a comment

Federal Judge Denies Local Wells Fargo Suit Dismissal

(Source: memphisdailynews  By Andy Meek) – One week after a federal judge in Baltimore denied an effort by Wells Fargo to dismiss that city’s mortgage discrimination lawsuit against the lender, a federal judge in Memphis has done the same thing.


Posted in Loan Modification News | Leave a comment

Legislator to Produce Own Bill to Limit Foreclosures

(Source: By LESLIE BERKMAN The Press-Enterprise) – State legislation to prevent delinquent borrowers from losing their homes to foreclosure while their lenders are evaluating them for a mortgage modification failed a second time in seven days to win approval from [...]


Posted in Political News | Leave a comment

Federal Funds Available to Help Residents Facing Foreclosure

May 4–NORWALK (Source: The Hour) – Norwalk Mayor Richard A. Moccia announced Tuesday that Norwalk area housing counseling agencies are now accepting applications for new Federal aid available for city and area homeowners who may be facing the loss of [...]


Posted in Loan Modification News | Leave a comment

Mortgage Help Center Opens in Philadelphia

WASHINGTON, May 4, 2011 (Source: Fannie Mae) – Fannie Mae today announced the opening of the Philadelphia Mortgage Help Center to provide free education and counseling services to struggling Philadelphia area homeowners. The Philadelphia, the latest of nine Mortgage Help [...]


Posted in Loan Modification News | Leave a comment

Council Moves to Fund Housing Groups

May 4–REDLANDS (Source: Redlands Daily Facts, Calif. By Chantal M. Lovell) – The City Council moved forward Tuesday with plans to use federal funds to support public services organizations that focus on providing housing to low- to moderate-income people.


Posted in Loan Modification News | Leave a comment

Debt Collection Rules Tighten

May 4 (Source: The Atlanta Journal and Constitution By Russell Grantham) – Last month, Hattie McKinney sued a collection agency that she said had been calling her Powder Springs home for nearly a year over a $300-plus cellphone bill that [...]


Posted in Bankruptcy News | Leave a comment

Pair Face Fraud Charges

May 4 (Source: The Register Guard By Karen McCowan) – A brother and sister who led a failed Albany development company are facing federal securities fraud, mail fraud and wire fraud charges for what investors, who lost more than $5 [...]


Posted in Scam & Fraud News | Leave a comment

Builders Seed Growth with Smaller Homes

May 1–FUQUAY-VARINA (Source: The Cary News By Andrew Kenney) – Backhoes and bulldozers are rolling again in the fields behind the half-completed South Lakes subdivision, the town’s largest. But the homes that will ring the road won’t match the vision [...]


Posted in Real Estate News | Leave a comment

Pollution Credit Swaps Contested in Swindler’s Bankruptcy

May 5 (Source: The Pittsburgh Tribune-Review By Carl Prine) – Adding mystery to the legal saga of convicted swindler Michael Carlow and his Upper St. Clair housemate Elizabeth Jones are air pollution credits traded in October to a Virginia utility [...]


Posted in Bankruptcy News | Leave a comment

Berkline Furniture Company Having $222.8M in Outstanding Debt Files for Chapter 11

(Source: News Sentinel By Ed Marcum) – Berkline/BenchCraft Holdings LLC, which recently announced the closing of its furniture manufacturing operation in Morristown, Tenn., and the layoffs of more than 600 employees, has filed for Chapter 11 bankruptcy protection while it [...]


Posted in Bankruptcy News | Leave a comment

Dominion Club Case Heads to Mediation

May 5  (Source: Richmond Times-Dispatch By John Reid Blackwell) -The parties involved in the bankruptcy case of a Henrico County country club will go into mediation within a few weeks.


Posted in Loan Modification News | Leave a comment

Wells CEO Stumpf Hears From Angry America at Annual Meeting

(Source: bizjournals) – Wells Fargo’s annual meeting routinely draws protestors and shareholders advocating a range of social issues. But Tuesday’s gathering was more intense than prior years, with shareholders calling for the bank to adopt an immediate foreclosure moratorium and [...]


Posted in Bank News, Banking | Leave a comment

Chesapeake Woman Admitted to Preying on Homeowners with Mortgage Scam And Gets 4 Years in Prison

NORFOLK, Va. (Source: Daily Jounral) — A Chesapeake woman who pleaded guilty to preying on homeowners in financial distress will spend four years in prison.


Posted in Scam & Fraud News | Leave a comment

Foreclosures Trapped by a Lack of Lawyers

(Source Wall Street Jounral By NICK TIMIRAOS) – Moves by banks to ditch law firms snared in the “robo-signing” mess are spreading delays and confusion to borrowers, while angering judges grappling with thousands of foreclosure cases now trapped in limbo.


Posted in Loan Modification News | Leave a comment

Bank of America Mortgage-Servicer Ratings Cut by Moody’s, Remain on Review

(Source: Bloomberg By Hugh Son) – Bank of America Corp. (BAC), the biggest U.S. lender by assets, had its servicer-quality ratings cut by Moody’s Investors Service after delaying foreclosures amid concerns that it mishandled mortgage paperwork.


Posted in Bank News, Banking | Leave a comment

Investigators: Mortgage Modifications

(myfoxtwincities by Trish Van Pilsum) – The FOX 9 Investigators followed Jeff and Kathy Richardson through one of the most difficult days of their lives. On this day, they were racing to pack their life’s possessions before the sheriff showed [...]


Posted in Scam & Fraud News | Leave a comment

SEC Fears Banks Are Putting Lipstick on Piggish Loans

(Source: The Motley Fool By Cindy Johnson) – Do you get suspicious when someone tries to hide something from you? What if it were a bank? According to the Securities and Exchange Commission, that just might be going on. As [...]


Posted in Bank News, Banking | Leave a comment

State Foreclosure Mediation Program Sputters

(Source: St Petersburg Times By Mark Puente) – A mediation program ordered by the Florida Supreme Court to prevent foreclosures has helped only 2,162 homeowners keep their homes.


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