Tax Credit Helps Homes Sales Increase
Home sales increased in March in all four regions of the U.S., led by a 44% increase in the southern states. Demand for existing homes could remain elevated through the end of this month as more first time home buyers try to take advantage of the first time home buyer tax credit which will end [...]
Baltimore Sues Wells Fargo, NAACP Backs Off
The city of Baltimore filed a complaint Wednesday against Wells Fargo & Co. in Federal Court claiming, “Wells Fargo’s discriminatory practices, and the resulting unnecessary foreclosures in the city’s minority neighborhoods, have inflicted significant, direct, and continuing financial harm on Baltimore”. Today the NAACP dropped their lawsuit against Wells Fargo & Co. after working with [...]
Qualifying For The New Foreclosure Relief Program
Last Friday the Obama administration announced their latest plans for helping consumers who are currently in foreclosure or are moving slowly toward the foreclosure process. The following information comes from administration statements and analysis of those plans from Goldman Sachs in New York. Help for the unemployed- Jobless mortgage holders can receive a three month [...]
Foreclosure Prevention Program, Fixer Upper Or Turn Key Ready?
On Thursday the House Committee on Oversight and Government Reform examined the impact of the Treasury’s foreclosure prevention efforts. The hearing, “Foreclosure Prevention: Is the Home Affordable Modification Program Preserving Homeownership?”, devoted the majority of time to the Home Affordable Modification Program (HAMP). The Home Affordable Modification Program (HAMP) has been under fire since being [...]
Financial Reform Building Momentum
Senator Chris Dodd, chairman of the Senate Banking Committee, took a step forward when he unveiled his plan for financial reform legislation on Monday. The legislation introduced is a package comprised of concessions from both sides of the aisle. A number of representatives are not satisfied with the language in the bill. A key component [...]
Is The Canadian Housing Market Sustainable?
Is the Canadian economy a success story that we should follow, or are the Canadians traveling down the same path as the American economy? This is an important question for the citizens here in the U.S. We are watching as Canada announces better economic numbers and predicting increasing home sales. According to Canada Mortgage and [...]
‘Seasonality Disorder’ In The Housing Market?
Credit research company TransUnion has just released a report that shows mortgage loan delinquencies have increased and are up for the 12th quarter in a row. RealtyTrac predicts the number of foreclosures will increase to three million in 2010. Some experts see this number as conservative. The total unemployment number is also expected to rise [...]
FTC Proposes Up-Front Fee Ban for Mortgage Modifications
The Federal Trade Commission has proposed a new rule that would ban third party mortgage companies from charging up-front fees for mortgage modification and foreclosure rescue. Under the new FTC rule, third party mortgage companies would only receive payment after services are completed for the borrower. These companies would also be required to disclose the [...]
Coalition Proposes Mortgage Principal Reduction Plan
This week a group of mortgage investors proposed a principal reduction plan to congress. This proposal will encourage a new phase in the HAMP program and would also give homeowners the ability and incentive to pay their mortgage loans. These proposals are from the Mortgage Investors Coalition, lead by the Fortress Investment Group, a New [...]
FHA Announces Tighter Restrictions On Lending
This week the Federal Housing Administration announced tighter restrictions will be placed on lending requirements. This is being done in the hope of reducing risks and strengthening the nations’ financial health. FHA Commissioner, David Stevens outlined a set of policy changes that will enable the agency to fulfill its mission to provide access to home [...]
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