Strategic Mortgage Defaults A Cause For Concern

A new report from the National Consumer Law Center (NCLC) titled “Why servicer’s foreclose, when they should modify, and other puzzles of servicer behavior”, says the number of borrowers expected to walk away from their homes is projected to increase. This is known as strategic default, when a borrower decides to stop making payments on [...]

Making Home Affordable?

A new study out from the Federal Reserve Bank of Boston concluded that “lenders expect to recover more from foreclosure than from a modified loan”. The reason?  Only about 30% of homeowners that fall behind on their mortgage payments are able to start paying again without lender intervention.  When loans are modified, 30% to 45% [...]

California Legislation Tightens Restrictions On Lenders

Governor Arnold Schwarzenegger has approved new legislation that will provide a wide range of protection to the borrowing consumer.  The Governor signed seven new laws that will take effect at the beginning of next year starting with AB 260 which was authored by Assemblyman Ted Lieu (D-Torrance). AB 260 tightens restrictions on mortgage brokers which [...]

California Housing Woes To Continue

Trans Union, a Chicago based credit information company and one of the 3 largest credit reporting agencies in the U.S., reported this week that, “in the immediate future the percentage of California home loans that are delinquent by at least 60 days or are in foreclosure is projected to skyrocket to more than 14% by [...]

Fed Says Growth Likely To Return

Federal Reserve Chairman Ben Bernanke offered his most optimistic outlook on the economy since the financial crisis began last September. Bernanke, during his Jackson Hole Wyoming speech said, “After contracting sharply over the past year, economic activity appears to be leveling out, both in the United States and abroad, and the prospects for a return [...]

Bernanke Expects Housing Recovery

In a closed door session with Senate lawmakers, federal Reserve Chairman Ben Bernanke testified that he expects the U.S. housing market to begin recovery this year. Sen. Pete Domenici (R) said, “He let us believe that the housing situation should begin to ameliorate by the end of the year”. Bernanke signalled that further interest rates [...]

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