Archives for May 2011

Survey Finds Congress Should Force Banks to Modify Mortgages

Congress should force bankers to modify mortgages for homeowners who are in trouble on their home loans instead of foreclosing, a new Housing Predictor survey has found. It’s been a subject of debate since the housing mess started more five years ago in many regions of the country, and especially since foreclosures hit record all-time highs. The foreclosure crisis has now impacted 7-million homeowners and another 8-million are forecast to be … [Read more...]

Hurricane Storm Surge Poses $300 Billion in Home Losses

By Mike Colpitts Hurricane driven storm property damage in ten major urban areas along the Atlantic and U.S. Gulf coastlines would exceed $300-billion in home losses, according to an assessment by a real estate research firm. It’s the second annual assessment by Core Logic, developed to enhance understanding of the heightened risk storm surge damage poses to the U.S. The report comes on the heels of the Federal Emergency Management Agency … [Read more...]

Open Letter on Foreclosure Mills

By Betty Delisle My name is Betty Delisle and I live in New Hampshire. I am self employed and work every day to provide for my family. I bought my first home in October of 2005 and was so excited because I finally had a chance to get off the government programs that I had been receiving for years. After finally buying my first home, I had no idea that someday I would be faced with foreclosure. My business had a fire and I suffered a loss … [Read more...]

Bums No More, Mortgage Defaulters Good Risks

By Kevin Chiu Homeowners who default on their mortgages and still make good on their other debts like credit cards and car payments aren't risky consumers to lend to and are bums no longer, according to a new study. The survey was conducted by TransUnion, one of the U.S. largest credit reporting agencies. Among other things that the survey found was that those who defaulted on their mortgages also saw their credit scores rebound faster … [Read more...]

Mortgage Interest Rates Drop Six Straight Weeks

By Mike Colpitts Driven by slower economic activity and sluggish home sales, mortgage interest rates dropped for six straight weeks as the fixed rate 30-year loan fell a slim one-hundredth of one-percent to an average rate of 4.60%, according to Freddie Mac. The rate on the 15-year mortgage also saw a drop. Slower economic activity, anemic growth, sluggish home sales and high unemployment trouble the U.S. economy. Stocks on Wall Street … [Read more...]

Extra Short Sale Losses to Exceed $375 Million

By Mike Colpitts Short sales in which lenders cooperate with homeowners to sell at a price lower than what is owed on a properties mortgage is costing the lending industry an estimated $375 million in additional losses in 2011, according to a study by a leading real estate research firm. The rate of fraudulent short-sale transactions are on the rise. Suspiciously fraudulent short sales are where a lender may have suffered additional losses … [Read more...]

Housing Downturn Reaches Year Five

By Mike Colpitts The downturn in the U.S. residential housing market is approaching five years, which arrives in just one week with the start of June. Housing markets in California and Florida were the fist to feel the impact of the slowdown that resulted from a combination of Wall Street shenanigans and bankers creative financing products with a record amount of mortgage fraud that odds keepers in Las Vegas wouldn’t even touch. This … [Read more...]

Mortgage Rates Shoot Up As Applications Rise

By Kevin Chiu The volume of home mortgage applications for refinancing and purchases rose slightly higher for the week as mortgage rates took an abrupt jump. The rate on a fully executed 30-year fixed rate loan shot up 0.09 for the week, according to the Mortgage Bankers Association survey. Mortgage rates had been on a consecutive five-week decline on growing concerns over doubts about the U.S. economy, erratic financial movements on Wall … [Read more...]

Tornado, Flood Damage Tops $260 Billion

By Mike Colpitts Catastrophic flooding along the Mississippi River and the outbreak of tornadoes in the Midwest and South are destroying thousands of homes and businesses. The series of disasters are estimated to top $260 billion in property damage, according to initial estimates gathered from federal and state authorities. A tornado believed to be just shy of an F-5 with winds that were estimated to be 198-miles-per-hour just two m.p.h. … [Read more...]

NFL Quarterback Troy Aikman Taking Financial Beating

On the football field former NFL Quarterback Troy Aikman led the Dallas Cowboys to three Super Bowl championships, but in the troubled world of high-end real estate Aikman may soon be taking a financial beating. Aikman’s swank five bedroom, six bathroom mansion in a posh high-end Dallas neighborhood just had its priced slashed $3 million to an asking price of $24 million. The Mediterranean style mansion is more than 10,000 square feet covering … [Read more...]