From Jacksonville.com: Perry Laspina was in the middle of foreclosure with the possibility of losing the house he owned in Jacksonville. Then the mail came one day in late January telling him that the house was his. Despite the $72,000 mortgage that he barely paid...
From Lily Leung, the new real estate reporter for the Union-Tribune - we're rooting for you Lily! Fewer San Diego homeowners defaulted on their mortgages in February, and foreclosures have decreased year-over-year for the fifth consecutive time. Could this signal...
A question not asked in this video with Ted Lange, a reverse-mortgage specialist for Wells Fargo: Does the loan balance go up? Answer: Yes, the interest payments are tacked on, based on today's 30-year fixed rate (which is 5.06%):
From HW: Rep. Jeb Hensarling (R-Texas) re-introduced legislation late Thursday that would end the bailouts of Fannie Mae and Freddie Mac and end their conservatorship in two years. "It’s time to enact fundamental reform of Fannie and Freddie before these companies go...
From the nytimes.com: It is the saddest of paradoxes: a government-backed financial maneuver intended to free up extra money for struggling older people turns out to have left some widows and widowers on the brink of foreclosure. This week, AARP sued the Housing and...
From HW: Bank of America Executive Vice President Terry Laughlin said the new mortgage servicing division will work through its $1 trillion in legacy and delinquent mortgages in the next three years. In February, BofA put Laughlin in charge of the new division,...
From the wsj.com - unfortunately there is no commentary about the expected effect on the market. Around here I'm guessing that the effect of a lower Fannie/Freddie/FHA loan limit at a higher monthly cost might diminish the competition slightly, but doubt the sellers...
Hat tip to Clearfund for sending this along, from Forbes.com: Last weekend after Berkshire Hathaway released Warren Buffett’s annual letter, there were a flurry of articles and blog posts hanging off Warren’s every word. One part of his long letter that didn’t get a...
From Nick at the wsj.com: Banking regulators are pushing for mortgage-lending rules that require homeowners to make minimum 20% down payments on loans classified as lower-risk, according to people familiar with the matter. The proposal is being floated as a way to...
From HW: Thirteen of the 20 largest mortgage servicers participating in the Home Affordable Modification Program have begun principal write-downs, according to Laurie Maggiano, director of policy at the homeowner preservation office inside the Treasury Department....
