June 2011

Banks May Not Have Properly Documented Loan Bundling

(Source: Delaware Online ERIC RUTH) – The Delaware attorney general has teamed with his New York counterpart to take aim at a new target in the mortgage mess — companies that were in charge of bundling and “securitizing” home loans [...]


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FEMA Answers Questions About Mortgage Pay Offs

Columbia, MO – Source: infoZine – Some applicants may receive insurance proceeds and their bank or mortgage holder may require the total mortgage be paid in full. This is known as a forced payoff, possibly leaving the applicant with an [...]


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Avoid ‘Charge Off’ in Short Sale

(Source: OC BY CHRIS DIAZ) – Register Dear Sir: I currently have an equity line of credit (2nd), which I have been attempting to modify with the bank (Indy Mac or Bank West). They have been unresponsive although I have [...]


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Short Sales Surge, But No Thanks to Government Program

(Source: CNBC By: Diana Olick) – Any time I see a 74 percent jump in anything, I hear alarm bells, so when the Treasury Department reported just that big a jump in its Home Affordable Foreclosure Alternatives (HAFA) program, I [...]


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7 Highest-Performing Major Housing Markets

(Source: IB Times) – Several real estate markets are starting to show signs of improvement with home prices in the last quarter as the industry demonstrates more signs of stabilizing, according to Clear Capital’s latest monthly Home Data Index Market [...]


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SoCal Housing Market Sputters in May

(Source: LA Times Blog) – Southern California’s housing market weakened in May, with sales and prices dropping in all of the region’s counties, providing further evidence of a weak spring shopping season.


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Renters are Next Victims of the Housing Market

(Source: MSNBC By Jane Hodges) – Stephan Metelica, a 24-year old charter pilot, shares a two-bedroom apartment with a friend in Chicago’s Lincoln Park neighborhood. The duo split the $1,525 monthly rent, but they were surprised this month when their [...]


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Are Big Banks Doomed to Fail?

FORTUNE -(Source: CNN Money By Allan Sloan) – Have you ever watched something unfold, knowing that it hasn’t got a prayer of succeeding?


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Now Banks Take a Turn at Coupons

(Source: New York Times By TANZINA VEGA) – Bank statements give customers monthly tallies on what they have saved and what they have spent. Now those same statements may give suggestions on where customers should spend their money, too.


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JPMorgan Multiplies as Bank of America Shrinks in Deposit Grab

June 14 (Source: Bloomberg  By Dakin Campbell) — Charlsey Smedley, a retired schoolteacher in Orlando, Florida, started moving her checking account last month to JPMorgan Chase & Co. from Bank America Corp., where she has been a customer for more [...]


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As Banks Search for Revenue, the Rules of the Game Get Tougher for Consumers

(Source: The Associated Press By Candice Choi) – Free checking accounts may be one step closer to extinction. Starting July 21, new rules are apt to sharply limit the fees banks can collect from merchants when customers pay with debit [...]


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The New Entrepreneur Banks Approving More Business Loans, Survey Indicates

(Source: Bloomberg Business Week  by John Tozzi) – Banks rarely make public how many loan applications they deny. A new survey by researchers at Pepperdine University suggests that lenders are approving slightly more business loans than they did in the [...]


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Our View – The For-Profit Price of Federal Student Loans

(Source: Press Citizen) – Last week, Iowa Sen. Tom Harkin and the other Democrats on the Senate Health, Education, Labor and Pensions Committee heard horror story after horror story about how for-profit colleges and education companies were targeting at-risk populations, [...]


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Deduct This: The History of Student Loan Interest

(Source: Forbes) – This week, I reached a pretty significant milestone: I finally paid off my undergraduate student loans.


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Recession Grads: Juggling a Tough Job Market and Student Loans

(Source: San Francisco Chronicle By Melissa McDonough) – Heading to college may double your life earnings, but it’s certainly an expensive endeavor. Student loan debt is now higher than credit card debt nationwide.  This is at a time when many [...]


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6 Ways To Cut The Cost Of Your Car Loan

1. Tighten Up Your Credit (Source: Forbes) – The terms of your loan are based on your credit score. If you have perfect credit, you receive the lowest possible interest rate. If you don’t, you have to pay more because [...]


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3 Consequences of Walking Away From Your Mortgage

(Source: nasdaq) – Before you decide to walk away from your mortgage, consider the real, long-term costs.


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New York, Delaware Probe Banks’ Paperwork in Mortgage Bundling, NYT Says

(Source: Bloomberg By Courtney Dentch) – Bank of New York Mellon Corp. (BK) and Deutsche Bank AG (DBK), two of the largest firms serving as trustees for mortgage bundling, have received information requests from two state attorneys general investigating the [...]


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Man Sentenced For Loan Modification Fraud

SAN DIEGO (Source: 10 News) – A man who ran a fraudulent San Marcos telemarketing operation in which he and others sold more than $900,000 worth of loan modification services to homeowners delinquent on their monthly mortgage payments was sentenced [...]


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Real Estate Fraudster Ruined Daughter in ‘Flipping’ Scheme

(Source: SeattlePI By LEVI PULKKINEN) – A Snohomish man charged with ripping off investors of $2.6 million in part to pay for a gambling habit is now accused of ruining his daughter’s credit in a house “flipping” scheme.


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Short Sales Frustrating, But Better Than Foreclosures

June 12 (Source: By Rebecca U. Cho, San Bernardino County Sun, Calif.) – Short sales have been anything but short in duration.


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New Short-Sale Contracts Upsetting Realtors

(Source: Herald Tribune By Michael Braga) – New short-sale contracts issued by two of the largest banks in the country are causing concern in the local real estate community.


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Sell My Home? Not Now, Thanks

(By ALLISON BOURG, Staff Writer Hometown Annapolis) – When Mike and Gillian DuVall moved into their Cape Cod-style home in Admiral Heights five years ago, they assumed they’d someday be moving to a new house.


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Affordable Real Estate Counties In Montana

KALISPELL, Mont. (Source: NBC) – The National Association of Realtors reports three counties in Montana rank in the ‘affordable threshold’ category for real estate.


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Welcome to Orange County’s 42 Miles of Sun-Kissed Coastline

LOS ANGELES (Source: Kansas City By CHRISTOPHER REYNOLDS) – Hear that? That dull roar, like the sound from inside a shell?


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Bank Probes Its Executives

(Source: The Wall Street Journal BY DAN FITZPATRICK) – The board of Regions Financial Corp. is investigating whether executives delayed public disclosure of loans that were going sour during the financial crisis, according to court documents and people familiar with [...]


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Let Free Markets Rule, and Banks Win, on Debit-Card Fees

(Source: Bloomberg) – The Dodd-Frank financial-reform law, which was enacted last year, requires the Federal Reserve Board to set a limit on how much banks may charge for processing debit-card transactions. The average fee now is 44 cents per transaction. [...]


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Al’s Emporium: Banker vs. Banker

SHANGHAI (Source: The Wall Street Journal) – China’s foreign-exchange regulator said Monday it will relax certain rules on banks’ conversion of foreign currency for their own business operations as of July.


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China SAFE To Relax Rules On Banks’ Foreign Currency Conversion

SHANGHAI (Source: The Wall Street Journal) – China’s foreign-exchange regulator said Monday it will relax certain rules on banks’ conversion of foreign currency for their own business operations as of July.


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Mass Joinder Lawsuit Looks Like An Organized Nationwide Criminal Mortgage Gang

(Source: LoanSafe.org by Moe Bedard) – Can anyone say RICO? And no, I am not talking about Rico Suave either….


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