Joe Gross - The National Mortgage Expert

Utah Homeowners Warned of Foreclosure Rescue Schemes

Tconsoli — Fri, 13 Nov 2009 12:00:59 +0000

The state of Utah is no stranger to foreclosures, but the increasing amount of these properties has left some homeowners susceptible to foreclosure prevention schemes. For full article, click here Share this post with the world:

Loan logjam continues, Florida falls behind

Tconsoli — Fri, 13 Nov 2009 12:00:56 +0000

Struggling Florida homeowners are trailing those in California and other states in getting help with their mortgages through a federal program, a new Treasury Department report shows. For full article, click here Share this post with the world:

Loan Modification Program Slowly Gaining Steam

Tconsoli — Fri, 13 Nov 2009 12:00:28 +0000

President Obama’s mortgage relief program started off sluggishly but the administration said as of the end of October, more than 650,000 borrowers have signed up for trials that last up to five months. For full article, click here Share this post with the world:

ARE YOU FALLING BEHIND?

Tconsoli — Thu, 12 Nov 2009 22:16:18 +0000

Are You finding it difficult to keep up with your mortgage payments? As many Americans are falling further into debt with the continued collapse of the housing market, there aren’t very many people to turn to for help. Find out how you can save between $700 to $3000 off your mortgage payment per month. Listen to my [...]

Rates on 30-year loans remain below 5 percent

Tconsoli — Thu, 12 Nov 2009 17:14:45 +0000

Rates this week for 30-year home loans stayed below 5 percent for the second week in a row. The average rate fell to 4.91 percent from 4.98 percent a week earlier, mortgage company Freddie Mac said Thursday. For full article, click here Share this post with the world:

A Reason to Pray for Big Banker Bonuses

Tconsoli — Thu, 12 Nov 2009 12:00:58 +0000

If you are a taxpayer in the Northeast, here is some advice: Get down on a knee, clasp your hands and pray. Pray for banker bonuses this year. Big ones. Cash, preferably. For full article, click here Share this post with the world:

Mortgage Aid Program Helping 20 Percent of Eligible Homeowners

Tconsoli — Thu, 12 Nov 2009 12:00:47 +0000

The Obama administration today announced that over 650,000 borrowers have entered into trial loan modifications under a housing help program designed to keep people in their homes, a success rate of one in five eligible homeowners. For full article, click here Share this post with the world:

Holiday shoppers should remember these tips when buying gift cards

Tconsoli — Thu, 12 Nov 2009 12:00:35 +0000

Gift cards are handy presents – especially for people who seem to have at least one of everything. During the winter shopping season, a gift card can be ideal. For full article, click here Share this post with the world:

Morgan Stanley, Citigroup Lead Mortgage Modifications

Tconsoli — Thu, 12 Nov 2009 12:00:32 +0000

Morgan Stanley, Citigroup Inc. and JPMorgan Chase & Co. lead the pack of U.S. banks modifying home loans to troubled borrowers under the Obama administration’s main foreclosure prevention plan, the Treasury Department said. For full article, click here Share this post with the world:

Credit card companies try to beat new law

Tconsoli — Thu, 12 Nov 2009 12:00:01 +0000

The new law is aimed at protecting consumers from sharp interest rate hikes and fees. Because it doesn’t take effect until next year, banks that issue credit cards are making their moves now. According to a survey by the Federal Reserve, some are raising rates on high-risk customers. For full article, click here Share this post [...]

Former Bear Stearns execs not guilty

Tconsoli — Wed, 11 Nov 2009 17:30:02 +0000

Two former Bear Stearns hedge fund managers were found not guilty on all charges on Tuesday in the first major criminal trial stemming from the housing and financial meltdown. For full article, click here Share this post with the world:

U.S. Home Sales Rise to Two-Year High on Tax Credit

Tconsoli — Wed, 11 Nov 2009 12:00:45 +0000

U.S. home sales increased 11 percent to a two-year high in the third quarter as an $8,000 tax credit for first-time buyers boosted demand. For full article, click here Share this post with the world:

Jobless: 10 percent is tougher than it used to be

Tconsoli — Wed, 11 Nov 2009 12:00:41 +0000

It hurts more to be unemployed now than the last time the jobless rate hit 10 percent. Americans have more than triple the debt they had in 1982, and less than half the savings. For full article, click here Share this post with the world:

Ginnie Mae MBS continue to stabilize secondary market

Tconsoli — Wed, 11 Nov 2009 12:00:29 +0000

The Government National Mortgage Association (Ginnie Mae) has announced that it guaranteed more than $38.6 billion in mortgage-backed securities (MBS) in October. For full article, click here Share this post with the world:

Gift card pitfalls

Tconsoli — Wed, 11 Nov 2009 12:00:21 +0000

Long considered the perfect gift for those times when you’re too busy, lazy or befuddled to buy a traditional present, the gift card is feeling a lot less love this holiday season. For full article, click here Share this post with the world:

NYS Affordable Housing Corporation Approves $500,000 in Grants to Renovate 40 Homes in Albany County

Tconsoli — Wed, 11 Nov 2009 12:00:17 +0000

The board of the New York State Affordable Housing Corporation (AHC) today approved $500,000 in grants to renovate 40 affordable homes in Albany County. For full article, click here Share this post with the world:

Florida shooting suspect had money problems

Tconsoli — Tue, 10 Nov 2009 20:39:20 +0000

It’s unclear whether Jason Rodriguez gave any warning signs before he walked into Orlando’s Gateway Center, where police say he shot and wounded five people and killed one Friday, and they say they may never fully understand his motivation. For full article, click here Share this post with the world:

JPMorgan Chase to hire 1,200 mortgage officers

Tconsoli — Tue, 10 Nov 2009 19:26:34 +0000

JPMorgan Chase & Co. said Tuesday it will hire 1,200 mortgage loan officers by the end of next year, a 60 percent increase in its sales force. For full article, click here Share this post with the world:

Obama home rescue: 650,000 get help

Tconsoli — Tue, 10 Nov 2009 17:54:33 +0000

Some 650,000 troubled borrowers have been put into trial loan modifications under the president’s foreclosure rescue plan, the Treasury Department said Tuesday. For full article, click here Share this post with the world:

No HAMP For You! NYC Homeowners Sue Over Mods

Tconsoli — Tue, 10 Nov 2009 17:38:26 +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). For full article, click here Share this post with the world:

Treasury denies Fannie Mae tax credit plan

Tconsoli — Tue, 10 Nov 2009 17:36:21 +0000

Government controlled mortgage provider Fannie Mae said Monday the U.S. Treasury has blocked its plans to sell more than $5 billion in low-income housing tax credits. For full article, click here Share this post with the world:

Closing Arguments Heard in Bear Stearns Trial

Tconsoli — Tue, 10 Nov 2009 17:29:21 +0000

Closing arguments have wrapped up in the first criminal trial of former Wall Street executives related to the subprime mortgage crisis. Ralph Cioffi and Matthew Tannin are accused of misleading investors about the health of their Bear Stearns hedge funds, which collapsed in the summer of 2007. For full article, click here Share this post with the [...]

Englewood lawyer pleads guilty in $44.7M fraud scheme

Tconsoli — Tue, 10 Nov 2009 17:23:22 +0000

An Englewood lawyer who formerly worked for the Securities and Exchange Commission pleaded guilty Monday to helping a con artist peddle fake investments. For full article, click here Share this post with the world:

Foreclosures hit year’s low point

Tconsoli — Tue, 10 Nov 2009 12:00:50 +0000

New foreclosure filings in Brevard County dropped to the lowest level this year in October. It was the third consecutive monthly decline. For full article, click here Share this post with the world:

As Foreclosure Nightmares Increase, Will More Homeowners Pay Off Their Bankers in Violence?

Tconsoli — Mon, 09 Nov 2009 18:19:19 +0000

Anger and discontent are reaching a boil as a lethal combination of economic corruption and political collusion are deleveraged across the United States. For full article, click here Share this post with the world:

HAMP offers a quick way to reduce mortgage payments

Tconsoli — Mon, 09 Nov 2009 18:07:48 +0000

The frequently used adage of “if it seems too good to be true, it probably is” almost always holds true. But the saying is proving false for many participants in the government’s new Home Affordable Modification Program, known as HAMP. For full article, click here Share this post with the world:

Fannie Mae to allow borrowers in foreclosure to lease back homes

Tconsoli — Mon, 09 Nov 2009 17:52:46 +0000

Mortgage giant Fannie Mae said Thursday that it would throw a lifeline to some people losing their homes to foreclosure by allowing them to lease those properties back for up to a year at market rental rates. For full article, click here Share this post with the world:

FBI warns against home loan modification scams

Tconsoli — Mon, 09 Nov 2009 12:00:43 +0000

In these tough economic times, there are plenty of companies claiming they can save Utahans from foreclosure. For full article, click here Share this post with the world:

Banks offering cash to clear out foreclosed properties

Tconsoli — Mon, 09 Nov 2009 12:00:30 +0000

Despite federal loan modification programs to help struggling homeowners, many lenders are refusing to play ball and are proceeding with foreclosures. But some of those same lenders are quietly paying people to move out and find another place to live. For full article, click here Share this post with the world:

Credit Card Reform to Benefit Consumers

Tconsoli — Mon, 09 Nov 2009 12:00:16 +0000

In May of 2009, President Obama signed into law 800 pages of legislation related to how credit card companies will do business, effective February 2010. For full article, click here Share this post with the world:

Don’t let down your guard on credit card rates

Tconsoli — Mon, 09 Nov 2009 12:00:07 +0000

As the recently passed and sorely needed credit card reforms begin going into effect, consumers can breathe a sigh of relief – but they can’t afford to let down their guard. For full article, click here Share this post with the world:

Tough Staffing Choices Ahead for Home Lenders

Tconsoli — Fri, 06 Nov 2009 12:00:58 +0000

Home lenders face some tough staffing choices, with business expected to drop 40% to 60% next year. Optimistic companies will consider holding on to employees in the hope that a pickup in home-purchase loans will offset a probable decline in refinancings. For full article, click here Share this post with the world:

Foreclosure can be just the beginning of money woes

Tconsoli — Fri, 06 Nov 2009 12:00:34 +0000

People who go through the foreclosure process are often caught in a financial worst-case scenario that can last for years after they lose their property. For full article, click here Share this post with the world:

Credit card companies raise rates ahead of new rules

Tconsoli — Fri, 06 Nov 2009 12:00:29 +0000

For Keith Browning, opening the mail these last few months has been an exercise in patience. “I figured it may happen to us even though we’ve made payments on time, been good customers for years with these companies, but I was a little frustrated and a little bit angry,” says Keith. For full article, click [...]

Ten tips to avoid crafty credit card tricks

Tconsoli — Thu, 05 Nov 2009 19:21:25 +0000

Since the start of the financial crisis, many people have experienced a sudden and unexplained hike in the interest rate on their credit card. For many consumers, this means repaying their debt is likely to take longer and cost more. For full article, click here Share this post with the world:

Is a Bailout for the FHA In the Works?

Tconsoli — Thu, 05 Nov 2009 18:56:16 +0000

Americans now own Fannie Mae and Freddie Mac, the combined $5.2 trillion, heavily politicized housing finance companies nationalized in the fall of 2008, bringing to taxpayers large sums of subprime, no doc, alt-A loans and securitizations that no one wants, backed by abandoned houses. For full article, click here Share this post with the world:

New foreclosure law gives renters a sigh of relief

Tconsoli — Thu, 05 Nov 2009 12:00:54 +0000

Since the foreclosure crisis hit, lawmakers have scrambled to protect homeowners from losing their property — but what about renters? For full article, click here Share this post with the world:

FTC accuses ‘credit card’ companies of defrauding consumers

Tconsoli — Thu, 05 Nov 2009 12:00:50 +0000

The Federal Trade Commission has filed an appeal in federal court concerning the credit card operations deceptive marketing. The complaint alleged that a catalog credit card operation deceptively marketed its card, failed to honor its refund policy, and charged up-front fees for a guaranteed line of credit. For full article, click here Share this post with the [...]

U.S. Home Prices Haven’t Really Bottomed, Pimco’s Simon Says

Tconsoli — Thu, 05 Nov 2009 12:00:40 +0000

The slump in U.S. housing prices is unlikely to end before the middle of next year, and data showing values are rising is misleading, according to Pacific Investment Management Co. For full article, click here Share this post with the world:

A Free Credit Score Followed by a Monthly Bill

Tconsoli — Thu, 05 Nov 2009 12:00:37 +0000

On television it’s hard to miss the wildly popular band of slackers singing ruefully from a shabby apartment or while waiting tables in pirate regalia. The ruined credit that led to their financial misfortune might have been sparkling if only they’d tracked their status on freecreditreport.com. For full article, click here Share this post with the world:

Pending Sales of Existing Homes in U.S. Rise 6.1%

Tconsoli — Thu, 05 Nov 2009 12:00:28 +0000

The number of contracts to buy previously owned homes in the U.S. rose in September for an eighth straight month as Americans rushed to meet a deadline for a home-buyer tax credit. For full article, click here Share this post with the world:

Property buyers in US rush to beat deadline for first time tax credit

Tconsoli — Thu, 05 Nov 2009 12:00:20 +0000

A rush of property buyers is pushing up real estate transactions as they try to beat the government’s deadline at the end of November for the $8,000 tax credit for first time buyers. For full article, click here Share this post with the world:

House to accelerate credit card rules

Tconsoli — Wed, 04 Nov 2009 17:54:21 +0000

House Democrats want tougher rules for credit card companies to go into effect by Dec. 1, accelerating by two months the enactment date of legislation previously passed by Congress. For full article, click here Share this post with the world:

Loan Modification Slow, Tedious for Some

Tconsoli — Wed, 04 Nov 2009 17:30:31 +0000

Judy Risner applied for a mortgage loan modification the day the program was announced. “It’s amazing I’m not in foreclosure. I would be behind if not for my kids,” said Risner. The Orange Park woman said the government’s Loan Modification Program so far has been a joke. For full article, click here Share this [...]

Five Reasons the U.S. Doesn’t Need More Home-Buyer Perks

Tconsoli — Wed, 04 Nov 2009 12:00:43 +0000

Congress is working on a new and even more generous set of perks for house buyers. A tentative deal in the U.S. Senate would extend the closing deadline for an $8,000 subsidy for first-time buyers to July 1 from Nov. 30. For full article, click here Share this post with the world:

Manager hid fund pullout, witness says

Tconsoli — Wed, 04 Nov 2009 12:00:38 +0000

Bear Stearns Cos. hedge fund manager Ralph Cioffi didn’t reveal at a meeting with former Bear Stearns broker Shelley Bergman that an investor was pulling out of a fund, the broker’s former sales assistant said. For full article, click here Share this post with the world:

3 strong economic reports lift hopes for recovery

Tconsoli — Wed, 04 Nov 2009 12:00:38 +0000

Hopes for the fledgling economic recovery got a boost Monday from better-than-expected news on manufacturing, construction and contracts to buy homes. For full article, click here Share this post with the world:

Fighting foreclosure

Tconsoli — Wed, 04 Nov 2009 12:00:26 +0000

With the number of home foreclosures on the rise again in Maryland, Gov. Martin O’Malley’s plan to require mediation before banks can begin proceedings to seize the houses of delinquent borrowers is a good idea, but it doesn’t go far enough to help struggling property owners stay in their homes. For full article, click here Share this [...]

More Walking Away from Mortgages, Homes

Tconsoli — Wed, 04 Nov 2009 12:00:03 +0000

When Sharon Sakson was laid off recently from her job as a television writer and producer, she burned through her savings to pay the $2,400 monthly mortgage on her home. For full article, click here Share this post with the world:

Nearly 30 Loan Modification Companies Face Closure

Tconsoli — Tue, 03 Nov 2009 18:43:50 +0000

Nearly 30 loan modifications companies will be shut down Tuesday for not following a new law. The Nevada Division of Mortgage Lending is closing the companies because they failed to meet their obligations to get a minimum $75,000 surety bond. For full article, click here Share this post with the world:

State trying to stop the scams

Tconsoli — Tue, 03 Nov 2009 17:56:13 +0000

State officials are about to launch a campaign to fight mortgage modification scams, just as existing loan modifiers face a Nov. 2 licensing deadline. For full article, click here Share this post with the world:

FICO says new mortgage changes won’t hurt score

Tconsoli — Tue, 03 Nov 2009 12:00:48 +0000

Like many people doing or considering a mortgage modification, David L. of Oakland wonders how it will affect his credit score. Unlike most people in this situation, David has never missed credit payments and has a very high FICO score of 810. For full article, click here Share this post with the world:

Homeowner Says Bank Told Him To Skip Payments, Then Foreclosed

Tconsoli — Tue, 03 Nov 2009 12:00:41 +0000

When MC lost his second job he had trouble affording his $3,000 mortgage payment. He called his mortgage holder, Flag Star Bank, asking for a break, but the bank told him there was nothing it could do for him unless he skipped payments and submitted a loan modification package. For full article, click here Share this post [...]

Bank of America’s CEO search stalls

Tconsoli — Tue, 03 Nov 2009 12:00:22 +0000

Apparently Bank of America Corp.’s (NYSE:BAC) search for a new CEO is at a standstill, according to a Wall Street Journal report. The board was hoping to pick a successor for Ken Lewis by Wednesday, but the committee choosing the new CEO needs more time. For full article, click here Share this post with the [...]

Genworth: Half Of Defaults Eligible For Government Help

Tconsoli — Tue, 03 Nov 2009 12:00:14 +0000

Mortgage delinquencies continued to climb for mortgage insurer Genworth Financial Inc. (GNW), but the good news is that as many as half the delinquent homeowners it insures are eligible for home-loan modification programs, the company said. For full article, click here Share this post with the world:

Mortgage modifications” are becoming more common, and more lenient

Tconsoli — Mon, 02 Nov 2009 18:40:46 +0000

Banks and mortgage companies have foreclosed on 5,000 residential properties in the St. Louis region so far this year. But a growing number of homeowners are managing to save their houses by convincing lenders to cut their monthly payments. For full article, click here Share this post with the world:

Do Mortgage Lenders Make More Money When a Loan Goes into Foreclosure?

Tconsoli — Mon, 02 Nov 2009 18:31:56 +0000

Have you fallen on hard times? Do you need your mortgage loan modified? Just flip on the television or radio, or surf the Internet, and you will find countless ads placed by companies offering to help you get a loan modification. For full article, click here Share this post with the world:

N.J. man admits fraud in $75M telemarket scam

Tconsoli — Mon, 02 Nov 2009 17:53:51 +0000

A Mount Laurel, N.J., man admitted in federal district court yesterday to fraud and tax-evasion charges. For full article, click here Share this post with the world:

Changes in a federal program to combat the foreclosure crisis aim to address frustrations

Tconsoli — Mon, 02 Nov 2009 17:37:16 +0000

The federal program to help homeowners modify their mortgages and avert foreclosure is undergoing further changes to make it more user-friendly and address frustrations over the performance of mortgage companies. Officials also are looking at new ways to help unemployed people to try to remain in their homes. For full article, click here Share this post [...]

‘Desperate’ Nevadans flooding help line

Tconsoli — Mon, 02 Nov 2009 17:06:31 +0000

She can feel what the callers on the other end of the line are feeling. Recently it’s been tearing, gripping, throat-tightening. Giselle Sanchez and 12 other call center operators spend all day answering questions about where to find help. For full article, click here Share this post with the world:

U.S. Economy: Consumers, Government Propel Return to Growth

Tconsoli — Mon, 02 Nov 2009 12:00:46 +0000

The U.S. economy returned to growth in the third quarter after a yearlong contraction as government incentives spurred consumers to spend more on homes and cars. For full article, click here Share this post with the world:

California Shakes Up Mortgage Modification Industry by Ending Upfront Fees

Tconsoli — Mon, 02 Nov 2009 12:00:42 +0000

Gov. Schwarzenegger signed into law a bill (SB 94), which prohibits anyone from asking for or collecting an advance fee from a consumer for a loan modification or mortgage loan forbearance service. For full article, click here Share this post with the world:

Mortgage Fraud Task Force Raids Title Company

Tconsoli — Mon, 02 Nov 2009 12:00:18 +0000

A Henderson title and escrow office was the focus of a raid by the Nevada Attorney General’s Office. Mortgage fraud investigators took over the office Tuesday morning to investigate. For full article, click here Share this post with the world:

Senate likely to extend homebuyers’ tax credit

Tconsoli — Mon, 02 Nov 2009 12:00:08 +0000

Senate leaders have reached a tentative deal to extend the first-time homebuyers’ tax credit that was originally passed earlier this year as part of the stimulus bill, Republican and Democratic sources told CNN on Wednesday. For full article, click here Share this post with the world:

Where Are All the Foreclosure Lawyers?

Tconsoli — Fri, 30 Oct 2009 12:00:40 +0000

Home foreclosure isn’t a legal abstraction for Yolanda Paschal, a recent graduate of the University of Miami School of Law. Her parents are facing foreclosure on the Miami house she grew up in. For full article, click here Share this post with the world:

Who owns your home? Lost paper trail allows borrower to keep her house

Tconsoli — Fri, 30 Oct 2009 12:00:31 +0000

Those complex financial instruments known as mortgage-backed securities, which famously caused so much damage in the banking sector and the nation’s economy when the housing bubble burst, are causing another problem for some mortgage lenders: the inability to prove that they have a legitimate claim to homes entering foreclosure. For full article, click here Share this [...]

U.S. House Prices Could Fall Another 10%

Tconsoli — Fri, 30 Oct 2009 12:00:27 +0000

This will add to the financial distress facing the banking sector, inhibiting a return to above trend GDP growth in 2010. For full article, click here Share this post with the world:

Check it out, then deposit in trash can

Tconsoli — Fri, 30 Oct 2009 12:00:14 +0000

Sometimes the check in the mail is the worst thing you can get. Direct marketers, credit card companies and — worst of all — scam artists know you don’t get much mail that brings excitement or good news. So they send you what looks like a bit of financial happiness. For full article, click here Share [...]

Foreclosures Spread to Middle Class

Tconsoli — Thu, 29 Oct 2009 17:05:48 +0000

The foreclosure crisis may be coming to a middle-class neighborhood near you. As joblessness continues to rise and as a person’s unemployment lasts on average 6.5 months, roughly 3.4 million homes are expected to go into foreclosure by the end of 2009. For full article, click here Share this post with the world:

888-995-HOPE(TM) Hotline to Help Victims of Loan Modification Scams

Tconsoli — Thu, 29 Oct 2009 16:55:03 +0000

The Homeownership Preservation Foundation (HPF) today announced that its Homeowner’s HOPE(TM) Hotline, 888-995-HOPE(TM), has been selected as the point of contact for homeowners seeking assistance, protection and information on loan modification scams. For full article, click here Share this post with the world:

Calif. Campaign Against Loan Modification Misconduct Claims 3 Attorneys’ Licenses

Tconsoli — Thu, 29 Oct 2009 12:00:59 +0000

Three Southern California attorneys have resigned due to misconduct related to loan modifications, according to the State Bar of California, which this year has stepped up its prosecution of lawyers who offer homeowners such services. For full article, click here Share this post with the world:

Where the Housing Market Goes From Here

Tconsoli — Thu, 29 Oct 2009 12:00:53 +0000

Thanks to the tax credit for first-time home buyers, as well as cheaper home prices and lower mortgage rates, existing home sales increased by 9.4% to a 5.57 million annual rate in September, the National Association of Realtors said Friday. For full article, click here Share this post with the world:

After years of appeals, Hillside couple makes one last attempt to save house

Tconsoli — Thu, 29 Oct 2009 12:00:47 +0000

It’s been nearly seven months since Willie and Cleo Hodge received the final eviction notice ordering them to vacate their Hillside home. In the days since, Hodge, 78, has faxed dozens of letters to county prosecutors, state senators, judges, lawyers and the news media. For full article, click here Share this post with the world:

Overdraft bank fees fall under scrutiny

Tconsoli — Thu, 29 Oct 2009 12:00:21 +0000

Customer after customer lined up at the register, swiping credit or debit cards into a card reader at the Wawa in Pleasantville on a recent afternoon. For full article, click here Share this post with the world:

Got Yield? Try a Ginnie Mae Fund

Tconsoli — Thu, 29 Oct 2009 12:00:15 +0000

Fixed-income investors searching for higher yields have an alternative to stingy bank savings and money market funds — bonds backed by mortgage debt. Some mutual funds that invest in them yield more than 4%. For full article, click here Share this post with the world:

Lenders continue foreclosures after agreeing to housing loan modifications

Tconsoli — Thu, 29 Oct 2009 12:00:03 +0000

A Port St. Lucie couple whose home was bought by their mortgage bank for $100 in a foreclosure action Oct. 9 has won at least a temporary reprieve. In a hearing Wednesday, Circuit Judge Burton Connor ordered a postponement of the final sale pending an evidentiary hearing in the case. For full article, click here Share this [...]

Man Fights To Save Home After Wife’s Death

Tconsoli — Wed, 28 Oct 2009 16:58:34 +0000

An Indianapolis man is fighting to save his house after the death of his wife, but he has been told he doesn’t qualify for help with his mortgage. For full article, click here Share this post with the world:

Five charged in torture, beating of loan modification agents

Tconsoli — Wed, 28 Oct 2009 16:54:18 +0000

Prosecutors filed criminal charges on Monday against two men accused of beating and torturing a pair of loan modification agents who they believed didn’t do enough to restructure a home loan. For full article, click here Share this post with the world:

Dodd Seeks to Freeze Credit-Card Rates

Tconsoli — Wed, 28 Oct 2009 16:17:03 +0000

A top Senate Democrat moved Monday to impose an immediate freeze on credit-card interest rates, as congressional Democrats continued pushing to rein in financial-sector practices. For full article, click here Share this post with the world:

Couple get federal prison time in mortgage fraud

Tconsoli — Wed, 28 Oct 2009 16:13:08 +0000

The former president of GreatStone Mortgage and his wife, an officer in the now-defunct company, were sentenced to federal prison today for their role in a $79 million Ponzi scheme. For full article, click here Share this post with the world:

Apartment Rents Decline in U.S. West as Unemployment Increases

Tconsoli — Wed, 28 Oct 2009 12:00:56 +0000

Apartment rents declined throughout the U.S. West and South in the third quarter as rising unemployment made it harder for landlords to raise their rates. For full article, click here Share this post with the world:

For The “Lucky Few” Who Renegotiate Their Mortgages, Towering Debt Remains

Tconsoli — Wed, 28 Oct 2009 12:00:53 +0000

A Huffington Post analysis of recent mortgage-modification data shows that even those relatively few homeowners fortunate enough to renegotiate their loans are almost never getting lenders to forgive any of the principal. For full article, click here Share this post with the world:

Detroit house auction flops for urban wasteland

Tconsoli — Wed, 28 Oct 2009 12:00:44 +0000

In a crowded ballroom next to a bankrupt casino, what remains of the Detroit property market was being picked over by speculators and mostly discarded. For full article, click here Share this post with the world:

Waiting for the Next McMansion to Drop

Tconsoli — Wed, 28 Oct 2009 12:00:08 +0000

Despite some tentative signs of recovery, the U.S. housing market remains vulnerable to further price drops—especially in areas where large numbers of mortgages are headed toward foreclosure over the next few years. For full article, click here Share this post with the world:

Digging Yourself Out of a Mortgage Mess

Tconsoli — Wed, 28 Oct 2009 12:00:03 +0000

Homeowners struggling to save their houses could inadvertently trash their credit scores. This year, the Obama administration began pushing so-called loan modifications as a way to keep millions of Americans in their homes as real-estate values plunged and unemployment soared. Share this post with the world:

Fannie Mae No Hamp for You? Fannie Offers Hand to Investors

Tconsoli — Tue, 27 Oct 2009 16:58:43 +0000

Fannie Mae is replacing a forbearance program for troubled borrowers with one that will make the breaks available to property investors and owners of second homes. For full article, click here Share this post with the world:

Can Main Street Catch Up with Wall Street?

Tconsoli — Tue, 27 Oct 2009 16:30:52 +0000

If U.S. gross domestic product rebounds as expected on Oct. 29 and turns positive for the first time in 15 months, it would confirm that the recession ended in the third quarter, at least statistically. For full article, click here Share this post with the world:

Homeowners walking away from underwater mortgages

Tconsoli — Tue, 27 Oct 2009 16:27:34 +0000

Andres Duque thought he got a real steal when he paid $125,000 for his Little Haiti condo. But four years later, similar units are selling for $35,000 and even less. For full article, click here Share this post with the world:

Home Tax Credit Audit Shows Abuses

Tconsoli — Tue, 27 Oct 2009 12:00:53 +0000

Just as Congressional leaders are calling for an extension of a popular $8,000 tax credit for first-time homebuyers, or even an expansion to all homebuyers, government investigators reported Thursday that audits suggest widespread abuse and errors in the program. For full article, click here Share this post with the world:

The Countrywide Files

Tconsoli — Tue, 27 Oct 2009 12:00:50 +0000

At last, there’s some good news for taxpayers in the Countrywide Financial loan scandal. On Friday night, House oversight committee chairman Edolphus Towns (D., N.Y.) and ranking member Darrell Issa (R., Calif.) reached an agreement to subpoena documents from the “Friends of Angelo” program. For full article, click here Share this post with the world:

Congress to investigate mortgage lenders

Tconsoli — Tue, 27 Oct 2009 12:00:36 +0000

A Congressional panel has opened an investigation into U.S. mortgage lenders to explore their role in the financial crisis and possible influence-peddling. For full article, click here Share this post with the world:

Wells Fargo, JPMorgan Benefit From Servicing Hedging

Tconsoli — Tue, 27 Oct 2009 12:00:30 +0000

Wells Fargo & Co. earned almost a third of its pretax quarterly profit by hedging mortgage- servicing rights, producing gains similar to those that have helped some of the biggest U.S. banks offset weaker consumer- lending businesses. For full article, click here Share this post with the world:

Lawsuit Filed Against Loan Modification Company

Tconsoli — Tue, 27 Oct 2009 12:00:15 +0000

A West Miami homeowner with a hefty mortgage payment looked for help and thought he found it after watching an ad on a local cable channel, but he hasn’t seen any results. For full article, click here Share this post with the world:

Happy Valley woman’s persistence saves house from foreclosure

Tconsoli — Mon, 26 Oct 2009 18:36:25 +0000

Lisa McConnell is somebody who doesn’t take no for an answer. It’s probably why she’s about to sign off on a home loan modification with Bank of America that will save her Happy Valley home. For full article, click here Share this post with the world:

Credit card companies will be forced to help customers under new laws

Tconsoli — Mon, 26 Oct 2009 18:22:26 +0000

New laws requiring credit card companies to help customers to reduce their debt rather than encourage them to increase it will be proposed tomorrow. For full article, click here Share this post with the world:

Funds dry up for N.Y. homebuyer program

Tconsoli — Mon, 26 Oct 2009 15:11:35 +0000

Less than two months after rolling out a program to encourage first-time homebuyers, the state is asking lenders to stop taking most applications because the money is largely committed. For full article, click here Share this post with the world:

Mortgage applications plummet

Tconsoli — Mon, 26 Oct 2009 12:00:58 +0000

Mortgage applications plunged last week as rates ticked higher above 5%, an industry group said Wednesday, as the expiration of a home buyer tax credit drew nearer. For full article, click here Share this post with the world:

Shadow Market Delays Recovery, Helps Defiant Homeowners

Tconsoli — Mon, 26 Oct 2009 12:00:56 +0000

It’s been almost a year since Horatio Bernard effectively lost his Baltimore row house to foreclosure and roughly 15 months since he last made a payment on his primary mortgage. For full article, click here Share this post with the world:

Loan Modification Programs Still having Trouble

Tconsoli — Mon, 26 Oct 2009 12:00:09 +0000

Scam artists trying to bilk desperate homeowners with the promise of modifying their loans aren’t following a new law that’s in place. Companies that claim they can help modify a loan aren’t registering as fast the state would like. For full article, click here Share this post with the world:

House panel approves consumer protection agency

Tconsoli — Mon, 26 Oct 2009 12:00:07 +0000

The House Financial Services Committee voted Thursday to create a federal agency devoted to protecting consumers from predatory lending, abusive overdraft fees and unfair rate hikes. For full article, click here Share this post with the world: