Teenager Builds Tiny House, Avoids a Mortgage

(Source: tucsoncitizen by Kate Kaemerle) – This teenager built his own tiny home in his parent’s backyard. It’s 130 square feet, has a sleeping loft, an electrical hookup and he’s planning his kitchen. He plans to live in it when he attends college to have his...

Banks Said to Balk at ‘Robo-Signing’ Offer

NEW YORK, Sept. 6 (Source: UPI) — U.S. banks are balking at an offer by state officials to limit their blame for alleged improper mortgage practices in return for a multibillion-dollar payment.Mortgage giants Bank of America Corp., J.P. Morgan Chase & Co.,...

Mortgage Suits Inflict Super-Damages on Banks

LONDON, Sept 6 (Source: Reuters Breakingviews) – Just when investors in European and U.S. banks thought things couldn’t get worse, 17 financial institutions have been sued over $196 billion-worth of toxic mortgage bonds. Bank shares fell up to 12 percent...

Swiss Real Estate Will Become The New Gold

(Source: ftalphaville Posted by Izabella Kaminska) – Here’s an interesting view on the consequences of the SNB’s move from Societe Generale’s Sebastian Galy.First of all, as others have noted too, Galy believes the decision to defend a 1.20 level floor against...

Are Bankers Competent to be Running Banks?

(Source: Forbes Tom Groenfeldt) – Not especially, according to an IBM report which surveyed more than 2,000 financial executives.How good are banks on core technology skills? Not very, they admit. Although 39 percent told IBM they think capitalizing on new...

Odds of a Second Credit Crash Rising

Fact 1 (Source: The Globe and Mail) – The European debt crisis has taken a turn for the worse:There is a serious risk that even the half-baked bailout plan announced on July 21 cannot be implemented. Source: The Globe and Mail Posted on Tuesday, September 6,...

Is the Euro Doomed?

NEW YORK (Source: CNNMoney By Ben Rooney) — After a summer fraught with uncertainty, investors in Europe returned this week from holiday to find the eurozone sovereign debt crisis may actually be getting worse.The European Union made a grand gesture in July,...

Nevada AG Renews Mortgage Fraud Battle

(Source: Bloomberg Businessweek) – Nevada’s attorney general wants a federal judge in a big mortgage fraud case to set aside an earlier consent judgment so the state can sue Countrywide Financial Corp. and Bank of America for consumer fraud.Catherine...

Real Estate Woes of “Real Housewives”

(Source: CBS News) – Drama and backstabbing! Shopping sprees! Lavish events and parties! Cat fights! But, on a more serious note, there has also been a rash of headlines involving bankruptcy, foreclosures and short sales.We’re talking about the cast of...

Banks Waive Fees For Hurricane Irene Victims

(Source: Time MoneyLand By Martha C. White) – Americans along the East Coast, especially in the Northeast, are still grappling with the aftereffects of Hurricane Irene. Many have no power and a smaller number have been displaced from their homes or are trapped...

3 Questions on Financial Stability

(Source: The New York Times By SIMON JOHNSON) – The Dodd-Frank financial legislation of 2010 created a Financial Stability Oversight Council, tasked with taking an integrated view of risks in and around the financial sector in the United States. Known as the...

Pawnshops Over Bank Of America

(Source: Seeking Alpha) – The troubles at the banks like Citigroup (C) and Bank of America (BAC) are no secret. Their performance over the last 1, 3, 5, and 10 years has been miserable. You will not find very many happy investors with stock performance like that...

Banks, State Reach a Deal

(Source: The Wall Street Journal BY LIZ RAPPAPORT) – The mortgage industry will take a step toward cleaning up some of its most controversial practices under a deal between a New York regulator and three financial firms, including Goldman Sachs Group Inc.Under...

Real Estate Agent Charged in Scheme

SEAL BEACH (Source: Press Telagram By Tracy Manzer)  — A Seal Beach real estate agent has been charged with 34 felony counts in connection with a scheme that saw victims buy into a fake investment pool to the tune of nearly $300,000, police announced Tuesday. The Seal...

Two Arrested in Real Estate Fraud Case

(Source: The Press Enterprise BY LESLIE BERKMAN) – Two men have been arrested by the San Bernardino County district attorney’s real estate fraud unit and charged with forgery and recording fake documents in an alleged scheme to defraud homeowners trying to...

5 Tips for Refinancing a Mortgage Today

BOSTON (Source: MainStreet By Jerold Leslie) — Fears of a “double-dip” recession and the possibility of a widening European debt crisis have lowered U.S. mortgage rates to levels not seen in more than half a century. Thirty-year fixed-rate mortgages...