Feds Launch Mortgage Task Force Investigation

By Mike Colpitts More than three years after announcing he would launch a federal task force to investigate the mortgage crisis, President Barack Obama has finally launched a federal probe into the U.S. largest financial institutions. New York Attorney General Eric Schneiderman, who pulled his state out of the 50 state robo-signing investigation, sent subpoenas to the largest banks to start the investigation. The president announced the … [Read more...]

Banks Mortgage Settlement Hangs in Jeopardy

By Kevin Chiu A proposed settlement between big money mortgage giants and U.S. states hangs in jeopardy after Delaware rejected the settlement as an unfair deal for homeowners. State Attorney General Beau Biden broke with fellow AGs rejecting the settlement. The proposed settlement between the attorney generals would dedicate $17-billion from lenders to go towards reducing mortgage principal for struggling homeowners. Another $5 billion … [Read more...]

Foreclosures Show Positive Fall

By Kevin Chiu Foreclosure filings dropped 14% in November experiencing a positive fall as default notices, scheduled bank auctions and bank repossessions hit their lowest level in a year, according to RealtyTrac. However, some of the hardest hit states, including California, Arizona and Massachusetts posted year-over-year increases in November. Foreclosure auctions, the final step in the painful foreclosure process reached a nine month … [Read more...]

Likely Failure in Robo-Signing Talks

By Mike Colpitts Talks between State Attorney Generals in Washington, D.C. and representatives of the Obama administration have yet to provide a settlement for the robo-signing scandal, and many of President Barack Obama's critics expect that any agreement with bankers will be a sellout of mammoth proportions. Negotiations between the U.S. Justice Department and the majority of 50 state attorney generals have been dragging on for months, … [Read more...]

MERS Orders Foreclosure Halt

By Mike Colpitts The electronic mortgage registration company at the center of the robo signing scandal has ordered a halt to foreclosures in an effort to protect itself from legal problems in the growing foreclosure crisis. Mortgage Electronic Registration Systems (MERS) has issued a new policy on its website advising members not to foreclose or start legal proceedings in bankruptcy courts in the name of the company. The change comes … [Read more...]

States Balk at Banks Foreclosure Deal

By Kevin Chiu A move by five of the U.S. largest banks to reportedly limit their liability over illegal foreclosures is being rejected by at least three states now investigating lenders for their roll in the robo signing scandal. Massachusetts Attorney General Martha Coakley added the state’s name to the growing list of states refusing to sign on to any agreement worked out by negotiators from state Attorneys General offices in all 50 states … [Read more...]

Actor Nicolas Cage Sells Estate at $9.5 Million Loss

By Kevin Chiu Movie actor Nicolas Cage sold his Middletown, Rhode Island estate at a loss of $9.5-million as the Oscar winning star of more than a dozen major box office hits suffers massive losses in the real estate collapse. Cage purchased the 27-acre estate for $15.7-million at the height of the real estate bubble in July 2007 before encountering financial problems in a series of real estate investments. The mansion sold for … [Read more...]

2011 Massachusetts Housing Market

Despite the lowest mortgage rates in decades, the Massachusetts housing market is slumping as it works its way through the most devastating real estate crash in U.S. history. Home sales declined to the lowest level since 1990 after the federal home buyer tax credit expired. The drop-off is also attributable to high unemployment and weak confidence in the housing market as consumers see foreclosures increase. The foreclosure crisis has … [Read more...]

2010 Massachusetts Housing Market

Housing markets are strengthening in Massachusetts as a result of the home buyers’ federal tax credit, but are projected to slow over the remainder of the year as consumer confidence in the market and the overall economy wanes. Sales increased to the highest level in years, but home price appreciation remains weak. The upsurge in sales was distributed widely across the single family and condominium sectors. Home values of lower priced homes … [Read more...]