‘Psycho Character’ Commits Home Foreclosure Scam

By Mike Colpitts Millions of homeowners are suffering through foreclosures, but this guy takes the CAKE! It’s right out of the classic Alfred Hitchcock horror movie Psycho. In a truth is stranger than fiction tail, a Brooklyn man dressed up as his dead mother and "channeled her" to commit real estate fraud in an effort to fight the foreclosure of his late mother’s home. Authorities say Thomas Parkin, 51, didn’t fool anyone when he … [Read more...]

Refinances Lead Mortgage Rebound

By Ryan Jackson Refinancing led a rebound in mortgage financing last week as homeowners applied for mortgages at the highest rate in at least two months, according to the Mortgage Bankers Association. Refinances jumped 13.5% from the previous week. Near record low mortgage rates got homeowners seeking refinances off the sidelines to take advantage of the lower rates. The 30-year fixed rate mortgage finalized by borrowers averaged 4.05%, a … [Read more...]

Rosie O’Donnell Sells Home Quick

Talk show host Rosie O'Donnell has sold her 6,000 square foot Chicago home on the first day she put it on the market. The $2.5 million home  went under contract just five hours after it was listed. The rapid sale or lucky sale in the current housing market is fortunate for O'Donnell, who started a new TV talk show recently on the Oprah Winfrey OWN network. O'Donnell purchased the home for $2.25 million from the president of the cable TV … [Read more...]

Oprah Lists New York Penthouse

Oprah Winfrey, the Queen of talk TV and now the owner of OWN, a new cable television channel is selling her highly coveted Manhattan, New York penthouse, listing it for $7.9 million. Winfrey has reportedly spent little time at the high-end Manhattan penthouse, buying it in a trust to discourage others from learning about the purchase. She has rented it out to life long bud and new CBS Morning Show anchor Gayle King. But King reportedly wanted … [Read more...]

U S Foreclosures Drop Huge

By Mike Colpitts Formal foreclosures or homes that were repossessed by their lenders accounted for 830,000 U.S. homes in 2011, a huge drop of 24% from 2010, according to real estate data research firm CoreLogic. The decline comes as a result of moratoriums enacted by the nation’s five largest mortgage lenders to study damage from the robo signing scandal, and other judicial delays in many areas of the country. CoreLogic also says that 1.4 … [Read more...]

Bank of America Settles Largest Mortgage False Claims Case

By Kevin Chiu The nation’s largest bank has settled the biggest mortgage false claims case with the U.S. government in history. Bank of America will pay $1-billion to resolve wrongdoing uncovered by the U.S. Justice Department in mortgage lending by loan officers operating for Countrywide Mortgage, which BofA acquired at the height of the financial crisis. The settlement will be made up of $500-million to provide recovery for the harm done … [Read more...]

Home Prices Fall Almost 5% in 2011

By Mike Colpitts Home prices fell nearly an average of 5% last year as a result of a troubled U.S. economy, decaying consumer sentiment, high unemployment and a foreclosure crisis that is running out of control, according to real estate research firm Core Logic. The company’s December Home Price Index showed an average 4.7% decline in U.S. home prices, which includes foreclosure and bank assisted short sales. The year-end report indicates … [Read more...]

Mediation Can Save Homeowners from Foreclosure

By Kevin Chiu Millions of homeowners at risk of foreclosure can be saved from losing their homes through mediation, according to a new report issued by the non-profit National Consumer Law Center. The report reviewed existing foreclosure programs in 19 states to come up with recommendations for states to adopt. Programs the organization feels are successful, including those in Connecticut, Nevada and New York are documented as examples of … [Read more...]

2012 New York Housing Market

Economic turmoil, high state taxes and sluggish home sales make it likely that any sort of a recovery in the New York City housing market is a long way off, but real estate markets outside of the metro area are already experiencing better times. Sliding home sales in the Burroughs of New York, telegraph housing markets behind national trends. As most major metropolitan areas in the U.S. experienced the housing bubble popping, New York picked … [Read more...]

Private Equity Firms Purchase Fannie Mae Foreclosures

By Kevin Chiu The bulk sale of foreclosed Fannie Mae homes to private equity firms will place foreclosures right back into the very hands of some of the banks and investors which triggered the foreclosure crisis by manipulating financial markets. Fannie Mae is inviting investors to become joint venture partners in the biggest bulk sale of homes in U.S. history. The government backed agency has disclosed few specific details behind its … [Read more...]