From HW: Any potential settlement U.S. regulators reach with large mortgage lenders and servicers to modify loans and pay $20 billion or so to help borrowers underwater on their mortgage will do little to help the already fragile market recover, according to Bank of...
From bloomberg.com: This was the year thousands of U.S. homeowners with option adjustable-rate mortgages were supposed to default as their payments spiked. Low interest rates and a surge of early delinquencies mean the numbers probably won’t be as bad as forecast,...
From cnbc.com - click here for the similar on-line version.
From msnbc.com: When is a grace period not really a grace period? When you have to pay a $6 fee for using it. Some Bank of America mortgage customers will receive an unwelcome Valentine's Day gift when the bank's policy for grace period mortgage payments changes on...
Excerpt of a new mortgage-industry idea seen at Bloomberg.com: New System We can’t rely on the same private mortgage system, which specialized in the production and sale of fraudulent securities and almost vaporized the global financial market. The Dodd-Frank law...
http://www.latimes.com/business/la-fi-foreclosure-lawyer-20110114,0,632537,full.story
From HW: Ally Financial’s mortgage unit, Residential Capital, and certain ResCap subsidiaries reached a $462 million settlement with Fannie Mae on potential mortgage repurchases. The agreement covers loans serviced by ResCap subsidiary GMAC Mortgage on behalf of...
Did you know that senior borrowers can use a FHA reverse mortgage to purchase a home, and as a result, have no monthly mortgage payments? For example, a 71-year old person could buy a home for $500,000, and be eligible for a $326,073 FHA HECM reverse mortgage....
Originally, the Governor vetoed the first anti-deficiency judgement law, SB 1178, which had been passed by both the Senate and Assembly of California. But rather than arm-wrestle, they submitted SB 931, both houses passed it, and the governor signed it on October...
Hat tip to SM, from the WaPo: Attorneys general in Connecticut and California ordered Ally Financial's GMAC mortgage unit to freeze all foreclosures within their borders, joining a growing list of states investigating whether the firm and other lenders improperly...
