August 2011

Knights of Columbus Add New Claims To BNY Mellon Mortgage Suit

NEW YORK (Source: The Wall Street Journal)–The Knights of Columbus, an organization tied to the Catholic Church, on Tuesday raised the stakes in its fight against Bank of New York Mellon Corp. (BK) for failures to carry out duties as [...]


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Is Obama Planning to Keep Fannie and Freddie Alive?

(Source: The New American by Michael Tennant) – Is President Barack Obama working on a proposal to keep Uncle Sam deeply involved in the mortgage business and taxpayers on the hook for billions of dollars in home loans? The White [...]


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Financial Literacy in Schools

(Source: NCPA) – Starting this fall, Virginia high schools join a handful of states, including Missouri, Utah and Tennessee, that mandate a class in financial education. 


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Northern Trust Announces Corporate Strategy Leadership Changes

CHICAGO, Aug 17, 2011 (Source: Marketwatch) — Northern Trust, a leading provider of financial services for individuals, families and institutions, announced today that Jason Tyler of Ariel Investments LLC will be named Head of Corporate Strategy and Market Development.


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Dhahi for Regulation of Real Estate Sector

(Source: khaleejtimes) – Lieutenant General Dhahi Khalfan Tamim, Commander in Chief of Dubai Police, has advised caution on real estate development in the emirate, while calling for regulation of new projects.


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America’s Recession-Resistant Cities For Real Estate

(Source: Forbes) – Since Standard & Poor’s downgraded the United States’ credit rating, the financial markets have ping ponged hundreds of points per day, dropping to 2008 levels only to inch back up.  The July jobs report highlights a national [...]


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China Real Estate 2Q Net Income Drops on Expenses

NEW YORK (Source: MSNBC) — China Real Estate Information Corp.’s second-quarter net income slid 59 percent, burdened by higher expenses and absent a hefty tax refund.


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Bank Of America Scores A Victory

(Source: Forbes Nathan Vardi) – Bank of America has been besieged by mortgage-backed securities lawsuits, spooking investors who fear the bank’s liability from its Countrywide Financial unit will continue to balloon and overwhelm the bank. The day American International Group [...]


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BofA Weighs Foreclosure Deal

(Source: Reuters) – Bank of America Corp may settle a state and federal probe of foreclosure practices in a deal that lets New York proceed with an inquiry into securitizations, Bloomberg reported citing two people with direct knowledge of the [...]


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Wells Fargo’s $3 Debit Card Charge: A Sign of More Bank Fees to Come?

(Source: Daily Finance By Ron Dicker) – A new report emerged Tuesday that Wells Fargo (WFC) will begin charging some customers $3 every month to use their debit card — further indication that banks are putting on the squeeze as [...]


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Persistence Pays Off After 18 Months of Faxes and Late Fees

(Source: The Detroit Free Press) – For 18 months, saving the little house on the slab foundation and her organic garden became Ann Damon’s full-time job.


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Homeowners Share Their Frustrations: We Got Roadblocks, Not Help

(Source: Detroit Free Press By JENNIFER DIXON) – Kim Orsi’s bank told her she needed to earn more money to qualify for a federal loan modification program. So she started a pet-sitting business, only to be told she made too [...]


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Judge Slams Door on Mortgage Ripoffs Homesafe America Inc. and United Solutions

(Source: New York Daily News) – A judge shut down a Long Island mortgage brokerage accused of ripping off hundreds of struggling homeowners through loan modification scams.


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Fannie Mae: Helping or Hurting Homeowners?

(Source: MoneyWatch By Ilyce Glink) – Another instance of tax payer bailout dollars backfiring against the citizens of Main Street?


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BofA Gets Boost as Countrywide Cases are Combined

NEW YORK (Source: Reuters) – Bank of America Corp <BAC.N> won what could prove a legal victory as eight mortgage securities lawsuits against its Countrywide unit were combined into a single case before a federal judge who has ruled favorably [...]


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Goldman Sachs Sued by Allstate Over $100 Million in Mortgage Securities

(Source: Bloomberg By Karen Freifeld) – Goldman Sachs Group Inc. (GS) was sued by Allstate Insurance Co. over the sale of more than $100 million worth of residential mortgage-backed securities that the insurer claims the bank itself called “junk” and [...]


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Nevada Joins States Balking at Bank Releases in Foreclosure Practices Deal

(Source: Bloomberg By David McLaughlin) – A possible settlement of a 50-state probe of foreclosure practices drew more state scrutiny as Nevada’s attorney general joined three other states in voicing concern about a deal that protects banks from continuing mortgage [...]


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4 Banks Cleared to Start Foreclosing Again

(Source: North Jersey.com BY KATHLEEN LYNN) – Four major mortgage lenders were cleared Monday to start filing foreclosure cases in New Jersey again, almost eight months after the state’s chief justice halted most foreclosures following reports of legal irregularities.


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Homeownership Beats Renting in 74% of Major U.S. Cities

(Source: CVBT) – Buy? Or rent? The numbers come down in favor of buying in three out of four of the nation’s largest cities, according to the real estate information company Trulia Inc. of San Francisco.


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Buying is Cheaper Than Renting in Most U.S. Cities

NEW YORK (Source: CNNMoney By Les Christie) – Home prices have taken such a beating and demand for rental units has increased so much that it’s now cheaper to buy a two-bedroom home than to rent one in most major [...]


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U.S. Regulators Lack Key Tool to Unwind ‘Too-Big-to-Fail’ Banks

(Source: Bloomberg By Phil Mattingly) – U.S. regulators given new powers to dismantle “too-big-to-fail” financial firms are still working to draw up so-called living wills — a central component of the toolkit needed to prevent future bailouts.


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Paulson, Soros Pared Financial Stocks Last Quarter Before Losses

Aug. 16 (Source: Bloomberg) – Hedge funds run by John Paulson, George Soros and Steve Mandel cut back on bank shares in the second quarter, before Citigroup Inc. and Bank of America Corp. lost more than one-fifth of their value.


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Fed Says Banks Eased Standards for Business Loans

(Source: LA Times Blogs) – At least before the latest market turmoil, banks were making it a little easier for businesses to get non-real estate loans, according to the Federal Reserve.


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Thousands of Florida Mortgage Brokers Flee Industry

(Source: WCTV) – During the Florida real estate boom of the mid-2000s, one of the most lucrative ways to make a living — or commit fraud — was to be a mortgage broker.


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Small Banks Say New Mortgage Regulations Too Onerous

NORWALK, Iowa (Source: By Adam Belz, USA TODAy) — Alesia Harlan plopped the thick folder on the desk and started flipping through papers.


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Is Now the Time to Refinance Your Mortgage?

(Source: Daily Finance By Catherine New) – Some homeowners in their 50s are taking advantage of historic low rates to refinance their homes and score themselves a mortgage-free retirement.


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Treasury Rush Spurs Refinancing, New Loans Soften

(Source: Seeking Alpha By David Urani) – Mortgage applications were up by 21.7% last week from the previous week, according to the Mortgage Bankers Association. We see some pretty big swings in this data at times, but this is a [...]


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The American Dream Sometimes Turns Into The American Scheme

(Source: MartinezPatch) – By Jim CaroompasEditor’s Note: This is the first in what will be a series of stories called Dispatches From The American Dream, where we take a look at the changing face of the American Dream in Martinez. [...]


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FBI Investigating Home-Loan Frauds

(Source: Colin Campbell, Press TV, Washington) – But the FBI is saying that isn’t the case for all realtors. In fact, crimes involving mortgages are on the rise. Mortgage and investment schemes targeting troubled U.S. homeowners jumped in 2010 and [...]


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Dollar Amount of Manhattan’s Distressed Real Estate Halves

(Source: The Real Deal Online) – The total dollar amount of Manhattan assets classified as distressed has halved since 2008, Crain’s reported, a sign that the market is rebounding at a healthy pace.


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