Three Mortgage Officers Sentenced to Federal Prison

By Mike Colpitts Three mortgage officers and a title agent have been sentenced to federal prison for their parts in a nationwide reverse mortgage fraud scheme that lasted nearly a year, and took advantage of dozens of senior citizens, taking in more than $2.5-million. Louis Gendason, 42, was sentenced to 70 months in federal prison and ordered to re-pay over $2-million in restitution. The Delray Beach, Florida mortgage officer was the … [Read more...]

Foreclosures Rise in October, But Nevada’s Chill

By Mike Colpitts Foreclosure auctions, the final step in the formal bank repossession process increased in October, rising 8% from the prior month as foreclosures in states that require courts to formally approve foreclosures moved higher recovering from bank moratoriums. But Nevada saw a major drop in foreclosures as a result of a new law going into effect. Default notices were filed against 77,722 U.S. residential properties during the … [Read more...]

U.S. Expects Riots to Develop From Economic Downturn

A large majority of those surveyed expect the economic downturn to result in riots in the U.S. as factions so desperate for better times vent their anger in violence, according to a Housing Predictor poll that was just completed. High unemployment has sent an estimated 45-million Americans to the job line, and millions of others are under employed unable to pay all their bills, including millions who are unable to pay their mortgages. The … [Read more...]

Taylor Swift Sells Music City Home

One-time teenage music sensation singer Taylor Swift has listed her Nashville home for sale just a year after buying the place. It seems that the 21-year-old country singing star, who has attracted the attention of just about every teenager in the U.S. is tiring from her new digs already. The Country music sensation purchased the four-bedroom, five and a half bathroom house last September after winning four Grammy Awards, seven American Music … [Read more...]

Space Shuttle End May Kill Town

By Mike Colpitts Nervousness and uncertainty send jitters through the community of Titusville, the Florida home to the U.S. Space Shuttle program for more than 30 years. Ronald Reagan was president of the United States when this community led the venture into outer space. But the hub for space science exploration is ending its presence in the nation’s movement into space with the final launch of the Space Shuttle. Some 7,000 NASA workers … [Read more...]

Justice Department Sues Largest U.S. Mortgage Insurer

By Mike Colpitts The largest U.S. mortgage guarantee company, Mortgage Guaranty Insurance Corporation (MGIC) is being sued by the Justice Department for violating the Fair Housing Act for allegedly discriminating against women on paid maternity leave. The suit was filed in U.S. District Court in the Western District of Pennsylvania against the mortgage insurer and two of its underwriters, Elgina Cunningham and Kelly Kane. The suit alleges … [Read more...]

HUD Launches Emergency Home Loans

By Mike Colpitts In a move that has been awaited more than a year, the Housing and Urban Development Department launched the Emergency Homeowners Loan Program to help unemployed homeowners at risk of foreclosure in 27 states. The program is slated to help only a small number of troubled homeowners during its life-span. The White House estimates that 30,000 distressed homeowners will be helped through the plan. Homeowners at risk of … [Read more...]

Where to Invest in Real Estate

By Kim Olson With the economy slowly recovering and the housing market still soft it's a prime time to buy real estate to invest in if you're looking to get into the market. It might surprise you to know that some of the hottest places in the country to historically buy real estate are now also the hottest places to buy investment property. When the economy took a nosedive and the real estate bubble burst, housing suddenly became affordable … [Read more...]

2011 Pennsylvania Housing Market

Demand for homes that are affordably priced is pushing Pennsylvania's housing market towards stabilizing ahead of most of the U.S. However, home sales drifted southward after the federal home buyer tax credit expired putting a crimp on the state’s markets that will have to be worked through with the financial crisis before things fully recover. Pittsburgh saw the lowest number of sales in more than a decade after the credit expired, … [Read more...]

Home Market Recovery in 7 States

It may seem like it's been a gruelingly long time, but housing markets are recovering from their crash in seven states, adding another two states to the list in recovery. Nebraska and Pennsylvania join the line-up leading the U.S. out of the downturn. Despite a national slow down in home sales since the tax credit expired, Nebraska and Pennsylvania are experiencing healthier trends. Lower home prices in both states are attracting buyer … [Read more...]