June 2011

Bank’s Actions Hurt Homeowners

(Source: coloradoan) – I am writing to update readers about my struggle with Bank of America. The Coloradoan ran an article covering my story on May 12, following a public action where I was joined by dozens of other homeowners [...]


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Regulator ‘Not Interfering’ in Mortgage Talks

WASHINGTON (Source: By Ronald D. Orol, MarketWatch ) — A top bank regulator pushed back Wednesday against a group of Senate Democrats who have been seeking to have the regulatory agency work with states and the Justice Department in their [...]


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Wells Fargo’s Mortgage Loan Losses Could Rise as Treasury Cuts Incentives

(Source: NASDAQ) – The U.S. Treasury Department’s recent audit revealed that the nation’s largest mortgage loan servicers, namely Bank of America ( BAC ), Wells Fargo (NYSE:WFC) and JPMorgan Chase (NYSE:JPM) have done a poor job of modifying distressed home [...]


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Beware Loan-Modification, Foreclosure Scams

LOS ANGELES (Source: KABC) – One in nine homeowners nationwide are more than 90 days behind on their mortgage payments and fear of foreclosure has desperate homeowners turning to loan modifications or foreclosure rescue companies for help. But that may [...]


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Nancy and Paul Pelosi Have a Plethora of Real-Estate and High-Tech Holdings

(Source: Washinton Post By Paul Kane) – As she wound down her final days as House speaker, the estate of Rep. Nancy Pelosi (D-Calif.) and her husband in the Napa Valley bore financial fruit for the couple, literally. The estate, [...]


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Federal Law Bars Libel Suit Against New York Bloggers

(Source: RCFP) – A federal law protects website publishers who add material to defamatory posts and attempt to elicit greater discussion on the topic, New York’s highest court ruled earlier this week.


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Checkout Lane: Your Real Estate Agent Can Make or Break a Sale

(Source: By Shaunna Gately GateHouse News Service) – Whether you are buying or selling a house, getting a good real estate agent can save you a lot of time and frustration.


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Fed’s Foley Says Banks Face Losses on Declining Real Estate

(Source: Bloomberg By Joshua Zumbrun) – Falling property prices are a renewed threat to banks engaged in mortgage, home-equity and commercial real-estate lending, said Michael R. Foley, senior associate director in the Federal Reserve’s bank supervision division.


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How (and Where) to Make Money in International Real Estate

(Source: International Living by Suzan Haskins) – At the last coffee break of the last day of the 2011 International Real Estate Investment Forum, I overheard a man talking to Ronan McMahon in the hallway.


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FDIC’s Bair to Tell Congress Banks Need to Raise More Capital

(Source: Bloomberg By Meera Louis and Cheyenne Hopkins) – U.S. banks must be willing to raise capital to guard against a potential financial crisis that could have severe consequences, Federal Deposit Insurance Corp. Chairman Sheila Bair will tell lawmakers at [...]


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Tarullo’s Capital Idea

(Source: Wall Street Journal) – We’ve almost given up hope that Washington will fix the housing policies at the core of the 2008 financial meltdown. But at a hearing today of the House Committee on Financial Services, politicians will at [...]


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One Bank Catering to the Rich, Trying Not to Crater

(By Robert Trigaux, Times Business Columnist ) – When serving the wealthy, style and image are key. So when Palm Beach-based Lydian Private Bank expanded to Tampa in 2006, it threw an elite party at the ornate Tampa Theatre, complete [...]


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European Banks Drop on Greek Debt Concerns, Led by Dexia

(Source: Bloomberg By Maud van Gaal) – Shares of European banks fell to the lowest level in two years, led by French lenders, on concerns the region will fail to stem the Greek debt crisis and the risk of contagion [...]


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Cattaraugus CEO Tells Congress of Unfair Bank Regulatory Burden

WASHINGTON (Source: Buffalo news By Jerry Zremski)  — While the banks that are too big to fail caused the financial crisis, the banks that are too small to be noticed are now suffering for it through a regulatory burden they [...]


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Mortgage Modification Obstacles ‎

(Source: Florida Times Union) -My brother, Stephen, says that a mortgage modification is always better than a foreclosure because of the stability and security it brings to the homeowner’s life.  That is a wet blanket statement if the circumstances are [...]


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Courts may reshape mortgage industry ‎

(Source: Washington Post) – The cases also underscore the uncertainty that continues to surround Mortgage Electronic Registration Systems, known as MERS, which has allowed the financial industry to transfer and reassign millions of mortgages quickly and cheaply since the 1990s. [...]


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Senators Press OCC to Work With States on Mortgage-Servicing Plans

(Source: Bloomberg) -Twelve U.S. senators urged the Office of the Comptroller of the Currency to work with state attorneys general and other federal agencies as it considers banks’ plans for addressing mortgage-servicing deficiencies.


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JPMorgan Ousts Mortgage Chief Lowman

(Source: Bloomberg) -JPMorgan Chase & Co. (JPM), the second- largest U.S. bank, ousted mortgage chief David Lowman after it overcharged active-duty military personnel on loans and improperly foreclosed on other borrowers. “Dave Lowman and I have decided he will leave [...]


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Fannie Mae broadens foreclosure sale incentives ‎

(Source: Businessweek) -Fannie Mae is offering more incentives for buyers who purchase a home from the mortgage company’s roster of foreclosed properties.


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Affluent black county mired in mortgage mess ‎

(Source: MSNBC) -America’s wealthiest black county is in trouble. Prince George’s County, Md., has gained prominence in recent years as the most affluent county in America with a majority African-American population. Average income in the county is almost double the [...]


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American Express Banks on Low-Fee Prepaid Card

NEW YORK (SOURCE: MainStreet) — American Express (Stock Quote: AXP) launched a new prepaid debit card Tuesday in what the company claims will be a “game changing move” that brings prepaid cards into the mainstream. The new card, which can hold [...]


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Banks Turn to Schumer on Patents ‎

(Source: NY Times) – For years and much to their frustration, big banks have paid hundreds of millions of dollars to a tiny Texas company to use a patented system for processing digital copies of checks, making Claudio Ballard, the [...]


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Senate Lawmakers Want Tough Approach in Foreclosure Talks ‎

(Source: WSJ) – Senate Democrats on are calling on a federal bank regulator to take a tougher approach in fixing problems in banks’ home-foreclosure practices.


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Ohio probe sought in pensions’ currency dispute ‎

(Source: Business Week) -Ohio Treasurer Josh Mandel has asked for a state investigation into whether banks may have manipulated foreign exchange rates charged to Ohio pension funds and the state’s injured worker insurance, potentially costing pensioners and businesses tens of [...]


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Treasury: Top Three Banks Doing Poor Job At Mortgage Modifications

(Source: Business Insider By Christopher Maag) – The nation’s three largest bank-owned loan servicers are doing such a poor job modifying mortgages for distressed homeowners that the federal government will stop paying them until they improve, according to a report [...]


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Homeowners Who Took Out Second Mortgage More Likely to Be Underwater

(Source: NCPA) – Almost 40 percent of homeowners who took out second mortgages are underwater on their loans, more than twice the rate of owners who didn’t take out such loans.  The finding, in a report released by real estate [...]


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Is It OK to Walk Away From Your Mortgage?

(Source: Money Land By Zac Bissonnette) – In spite of the mild economic recovery we’re experiencing, the percentage of homeowners who are underwater on their mortgages — that is, they owe more than their homes are worth — has barely [...]


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Bank Of America Can’t Escape Mortgage Problems

(Source: Forbes) – Countrywide Financial is like a bad virus Bank of America can’t seem to shake- and a pricey one at that.


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Bank of America Hindered Foreclosure Review

SAN FRANCISCO (Source: msnbc) — Bank of America Corp unnecessarily burdened U.S. regulators who were reviewing the mortgage giant’s foreclosure practices, according to a court filing.


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US Mortgage Securities Probe Widened

(Source: Financial Times By Kara Scannell) – State prosecutors in the US are expanding their investigation into mortgage securities to include financial institutions that serve as trustees for the securities, according to a person familiar with the matter.


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