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No HAMP For You! NYC Homeowners Sue Over Mods

JON PRIOR — Mon, 09 Nov 2009 23:04:22 +0000

Four homeowners from Queens and Brooklyn filed a federal class action lawsuit against Aurora Loan Services - a subsidiary of Lehman Brothers - for allegedly not considering their loans for modification under the Home Affordable Modification Program (HAMP). Under HAMP, the US Treasury allocates capped incentives to participating servicers for the modification of loans on the [...]

More Lessons From Bernie

DIANA GOLOBAY — Tue, 03 Nov 2009 20:47:24 +0000

Bernie Madoff’s accountant pleaded guilty today regarding his involvement in the multi-billion dollar Ponzi scheme. Bloomberg has the scoop on the guilty plea from David Friehling, who indicated he failed to execute the required independent investigation into Bernard Madoff Investment Securities. HousingWire magazine reviews an account of the Madoff debacle, Too Good to be True: the [...]

Push for Fire Sprinklers in New Homes Douses Opposition

AUSTIN KILGORE — Mon, 02 Nov 2009 19:48:51 +0000

[Update 1: Clarifies NAHB's position] The International Code Council’s (IRC) recent decision to mandate the installment of fire sprinklers in new homes will go forward, despite protest and opposition from the National Association of Home Builders. The council is responsible for publishing the International Residential Code, and last year, updated the residential building code to require fire [...]

Lend America Mortgage Fraud, 20 Years in the Making?

AUSTIN KILGORE — Mon, 26 Oct 2009 23:00:41 +0000

The civil lawsuit filed against Lend America parent company Ideal Mortgage Bankers takes aim at 40 Federal Housing Administration (FHA)-backed mortgages the Department of Housing and Urban Development (HUD) and the Justice Department claim were fraudulently approved by the New York-based lender. But HousingWire’s review of the 155-page suit reveals allegations of a pattern of mortgage [...]

Luxury Auction Seeks ‘Absolute’ Market Value

DIANA GOLOBAY — Wed, 21 Oct 2009 21:35:10 +0000

A five-bedroom, seven-bath luxury estate 25 minutes from Manhattan is set to hit the auction block on November 17 — with no minimum bid required. This set-up, called an “absolute” auction, is meant to set the market value determined by a competitive bidding process. It eliminates minimum bids and reserves, meaning in theory the market could [...]

Cash for Mortgage “Clunkers”

AUSTIN KILGORE — Mon, 19 Oct 2009 20:16:43 +0000

It sounds like the next federal incentive program — instead of offering taxpayer funds for new car purchases in exchange for that old gas guzzler, this one promises cash for those inefficient, outdated and nonperforming mortgage loans. There’s only one, small difference: This cash is not from the government. And neither is the program. American Homeowner Preservation [...]

Double-Dip Recovery Threat Lingers, But to What Extent?

AUSTIN KILGORE — Wed, 14 Oct 2009 16:58:53 +0000

Investor cash positions are at the lowest level since January 2004 as optimism on the prospect for economic recovery continues to mount, according to a survey of fund managers in a Bank of America Merrill Lynch global research report. While 65% of respondents believe a global recession is unlikely in the next 12 months, an increase [...]

A Condo with a View…of the US Real Estate Collapse

DIANA GOLOBAY — Fri, 09 Oct 2009 21:14:07 +0000

Sure it would make for a long hike up 60+ stories if the elevator were out of service, but the view makes up for it. Nestled in a luxury condominium atop one of New York’s most famous — perhaps infamous — pieces of commercial real estate, any buyer could easily forget that inconvenience. And all for [...]

Reverse Mortgages ‘Revisited’

DIANA GOLOBAY — Tue, 06 Oct 2009 18:36:52 +0000

A report by the National Consumer Law Center (NCLC) is out this month, warning of the dangers associated with reverse mortgages. It marks the latest paper on reverse mortgages since the Office of the Comptroller of the Currency (OCC) in late September issued a consumer advisory warning consumers 62 years of age or older of the [...]

Ferrari Not Included

DIANA GOLOBAY — Wed, 30 Sep 2009 20:55:18 +0000

Recognize the glass wall of that house listing? Maybe the all-around view of lush foliage and green trees? Add a classic Ferrari and a young Matthew Broderick to the picture, and you may recognize the property as the famous house featured in “Ferris Bueller’s Day Off.” Yes, the very house where Bueller’s friend, Cameron Frye, accidentally [...]