Feb
23
Do not see big jump in home loans in 2012: NHB CMD
In an exclusive interview to NDTV Profit, RV Verma, Chairman and Managing Director of the National Housing Bank spoke in depth about the realty sector issues and what the scenario is from the home loan perspective. Below is the complete interview.
Read more on NDTV
The Ensign Group, Inc. Secures .5 Million Loan From RBS Asset Finance, Inc.
"Consistent with our past practice, we expect to continue our pattern of strategic borrowing to support the Company's continuing expansion," she added. The new loan carries a seven-year term, with a fixed rate of 4.75%. Greg Stapley, Ensign's Executive …
Read more on MarketWatch (press release)
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Feb
23
Struggling Floridians line up for a chance to keep homes
Seated at rows of long tables were scores of loan processing agents for 19 lenders who hold 85 percent of the home mortgages in the south Florida market. Over seven hours, the homeowners pleaded for loan modifications or other help under a variety of …
Read more on Reuters
Foreclosure Process, Fraught with Errors, Leads Borrowers to Fight Back
21, 2012 — /PRNewswire/ — Operation Reach 1, Inc., a two-time congressional award winning company, today announced that it is helping to shepherd borrowers through the loan modification process under President Obama's Making Home Affordable (MHA) …
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Financial Relief Law Center Launches Lien Elimination And Mortgage Rate …
Once in an active chapter 13 bankruptcy, homeowners may also be eligible for a loan modification with the lender. While there are many options available when modifying a loan, the most important factor is protecting the home within the Chapter 13 …
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Feb
23
Fresh flowers and a cheese plate: Bringing back house-guest hosting one …
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Fresh flowers and a cheese plate: Bringing back house-guest hosting one …
Here are a few simple hosting ideas to make sure your friends and family enjoy coming to your home — and sticking around a while. This can apply to day or evening guests. • For starters, take their jackets/coats and place them on a guest bed, …
Read more on MLive.com
Vail Daily column: More on the Making Home Affordable Act
In the first part of this series we identified the Making Home Affordable Act, the Obama Administration's initiative to help struggling homeowners get mortgage relief through mortgage modifications, interest rate reductions, refinancing, …
Read more on Vail Daily News
Northeast Home Burglaries Rising, LAPD Warns
Make sure your windows are secured in a closed or partially open position. Another suggestion is to take a picture or video of anyone uninvited who approaches your home. Video surveillance cameras are becoming more affordable, but cameras in modern …
Read more on Patch.com
Objectors to Humberston 400-home development will 'never back down'
Not everyone objects to the development. On www.thisisgrimsby.co.uk, people spoke in support of the new homes. One person claiming to live nearby said: "Affordable housing is great. Its so hard for a young family to get a foot on the housing ladder.
Read more on This is Grimsby
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Feb
23
Financial Relief Law Center Launches Lien Elimination And Mortgage Rate …
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Financial Relief Law Center Launches Lien Elimination And Mortgage Rate …
Many homeowners are seeking help because they are unable to afford their mortgage and have incurred delinquencies. Often these homeowners are also unable to continue paying on a second mortgage or Home Equity Line of Credit (HELOC) and may also be …
Read more on Sacramento Bee
Credit Sesame Launches the Industry's First Interactive Visual Mortgage …
22, 2012 /PRNewswire via COMTEX/ — Today, CreditSesame.com, the popular personal finance and credit education resource site, announced the launch of its interactive mortgage comparison and visualization tool designed to help consumers quickly and …
Read more on MarketWatch (press release)
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Feb
22
Latest Mortgage Loan Companies News
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Should Mortgage Rates Even Be Lower?
Over the past year, a wide gap ripped open between the mortgage rates house hunters see and a benchmark interest rate investors demand to buy bonds backed by home loans. In normal times, this obscure metric would only be of interest to bankers, brokers …
Read more on Wall Street Journal
Watchdog: Limit Fannie, Freddie legal fees more
Fannie and Freddie buy mortgage loans from primary lenders, pool them, and sell them with a guarantee that investors will be paid even if borrowers default. The agencies have helped people buy homes at affordable interest rates.
Read more on Huffington Post
Wall Street Crowds Into Trader Joe's for Bond Deals: Mortgages
Commercial-mortgage bond lenders, who profit on the difference between what borrowers pay and the cash brought in by selling the securities, charge higher rates than insurers and other financial institutions that hold loans on their books.
Read more on BusinessWeek
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Feb
22
Citigroup 'Defrauded' Fannie, Freddie With Bad Loans, Whistle-Blower Says
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Citigroup 'Defrauded' Fannie, Freddie With Bad Loans, Whistle-Blower Says
'Quality Assurance Processes' Last year, Citigroup repurchased 6600 loans from government buyers, an 89 percent increase from 2010, according to a presentation on its website. The bank set aside $ 1.2 billion to buy back defective mortgages as of the …
Read more on Bloomberg
The mortgage settlement: A borrower's guide
A. Borrowers who are delinquent or on the verge of delinquency and have loans that are on the books of one of the five participating banks are the likeliest to be eligible for help cutting the size of their mortgage, known as principal reduction.
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Wall Street Crowds Into Trader Joe's as Trophies Prove Elusive: Mortgages
'Need More Diversification' More than 20 percent of investors in a JPMorgan survey cited heavy retail concentration as their primary concern with new CMBS deals, the bank said in a report this month. The proportion of loans linked to retail buildings …
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Feb
22
Brookstone Law PC: Foreclosure Settlement Can’t Stop Homeowners From Protecting Their Rights
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Newport Beach, CA (PRWEB) February 21, 2012
The recent Federal Foreclosure settlement shows the nation’s major banks are admitting fault in the foreclosure crisis and does not waive the rights of homeowners in dealing with the banks, according to Vito Torchia, Jr., managing attorney of Brookstone Law, PC.
?The settlement numbers can?t hide the fact that the problems of hundreds of thousands of homeowners have not been addressed. This is an attempt by the Banks to escape judgment for the problems they caused while giving politicians an opportunity to act like they are helping homeowners,? said Vito Torchia, Jr. ?We disagree that the outcome gives California a fair deal commensurate with the harm done here and will continue to help individual homeowners facing wrongful foreclosures. Now that the banks have admitted their fault in court, there will be new opportunities for consumers with expert legal help to protect their rights.?
According to media coverage, the nation’s three largest mortgage servicers ? Bank of America, JPMorgan Chase and Wells Fargo & Co. ? committed last week to subsidize a $ 12 billion fund to address principal write-downs, including through short sales, in California over the next three years, the single largest such commitment to come out of the negotiations with state attorneys general over the role of those lenders in the foreclosure crisis.
“By signing on for political reasons, the state of California acted against the interests of homeowners by waiving many claims it could have brought against the banks on behalf of victimized homeowners, including widespread unfair or deceptive business practices and general consumer protection statutes that applied to wrongdoing in the loan modification and foreclosure process,? said Vito Torchia, Jr. ?With expert legal counsel, those claims can still be pursued by individuals.?
According to media reports, the settlement doesn’t include about 60% of the state’s homeowners whose loans are owned by government-controlled mortgage giants Fannie Mae and Freddie Mac. California’s mortgage market currently accounts for about 13% of total U.S. loans serviced and 20% of loans by dollar size. The settlement covers only homeowners whose mortgages are owned by the banks in the deal or are serviced by them on behalf of private investors so will impact only about 250,000 Californians. Iowa Atty. Gen. Tom Miller, who led negotiations for the state attorneys general, noted that they were amazed by ?how much of a problem there was in California.?
?California is by far the most important mortgage lending state in the country, and so is the most important foreclosure state, so as we have predicted, the banks now get to go back to business of aggressively processing foreclosures,? said Vito Torchia, Jr.
ABOUT BROOKSTONE LAW, PC
Headquartered in Newport Beach, Calif., and with offices in Los Angeles, Calif., and Ft. Lauderdale, Fla., Brookstone Law, PC is a law firm comprised of attorneys with experience and success in business, corporate and personal finance, employment, entertainment and media, art and museum, intellectual property and real estate law. The firm has a network of more than 40 affiliate attorneys nationwide and employs highly trained specialists, paralegals, paraprofessionals and administrative staff dedicated to serving clients. For information, call (800) 946-8655 or visit the Brookstone Law PC website at (/http://www.brookstonelaw.com).
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Related Bank Loan Modifications Press Releases
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Feb
21
Fixed Rate Mortgage Rates Remain At Record Lows Announces ForTheBestRate.com
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Wilmington, NC (PRWEB) February 21, 2012
30 year fixed mortgage rates are unchanged since setting a new record low the first week of February, according to mortgage rate research website, ForTheBestRate.com. Holding steady at an average of 3.87% (0.8 points) 30 year home loans are as inexpensive as they have ever been since records have been kept. 15 year fixed rate pricing averaged 3.16% (0.8 points) this week, up only slightly from the record low of 3.14% (0.8 points.)
Mortgage borrowers with excellent credit and desirable (less risky) loan scenarios may be able to find mortgage rates even lower than the current averages. On Friday, February 17 30 year fixed rates as low as 3.500% (APR: 3.641%, Points: 1.25, Fees: $ 950, Lender: United Pacific Mortgage) were posted in the rate tables on the website. For the 15 year fixed product pricing was advertised as low as 2.750% (APR: 2.886%, Points: 0, Fees: $ 1899, Lender: Absolute Mortgage.)
“This is an excellent time for the highest credit worthy applicants to lock in an incredibly low rate. A fixed rate mortgage at 2.75% would have been unimaginable for much of the history of mortgage lending,” commented Nat Criss, Managing Partner of CMG Equities, LLC, which runs ForTheBestRate.com. “Even for those with some credit issues or less equity in their properties, pricing can still be very very low, and represent significant savings over loans taken out just a few years ago,” he added.
The risk level of a loan is determined based on factors such as the credit score and history of the applicant, the percentage of the property’s value that the loan makes up, and the potential borrowers’ income, assets, and other debts.
Current mortgage rates for a number of different residential mortgage programs can be viewed on ForTheBestRate.com. Below is a snapshot of mortgage rates for a variety of home financing products listed on the site on 02/17/2012. Rates are subject to change. Please visit the site to view the criteria used in the survey.
30 Year Mortgage Rates (0 Points)
Absolute Mortgage – 3.625% Note Rate, 3.703% APR, $ 1899 Fees in APR
Emery Federal Credit Union – 3.750% Note Rate, 3.750% APR, $ 0 Fees in APR
15 Year Mortgage Rates (0 Points)
AmeriSave – 3.000% Note Rate, 3.144% APR, $ 1995 Fees in APR
Emery Federal Credit Union – 3.125% Note Rate, 3.125% APR, $ 0 Fees in APR
30 Year FHA Mortgage Rates (0 Points)
Loan Depot – 3.750% Note Rate, 3.750% APR, $ 0 Fees in APR
First Choice Bank – 3.750% Note Rate, 3.793% APR, $ 1050 Fees in APR
30 Year VA Mortgage Rates (0 Points)
Emery Federal Credit Union – 3.750% Note Rate, 3.750% APR, $ 0 Fees in APR
About ForTheBestRate.com
ForTheBestRate.com is a website that offers information regarding mortgages, insurance, and personal finance. ForTheBestRate.com is owned by CMG Equities, LLC based in Wilmington, North Carolina.
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Related Banks Home Loan Press Releases
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Feb
21
American Home Mortgage Servicing, Inc. to Become Homeward Residential
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American Home Mortgage Servicing, Inc. to Become Homeward Residential
AHMSI is the 13th largest mortgage servicer in the country managing nearly $ 71 billion in loan servicing, representing approximately 374000 customers. Since its inception in April 2008, AHMSI has modified over 195000 mortgage loans, including over …
Read more on Bradenton Herald
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Feb
21
Bank of Ireland CEO Says Home Loan Arrears to Peak in 2012
20 (Bloomberg) — Bank of Ireland Plc Chief Executive Officer Richie Boucher said he expects the bank's home-loan arrears to peak this year and loan-loss impairments will “reduce over time” as the Irish economy recovers. Shares in the largest Irish …
Read more on BusinessWeek
Some consumers to receive restitution for alleged foreclosure scam
Last May, the Attorney General's Office filed a lawsuit against the three foreclosure rescue companies, accusing them of collecting thousands of dollars in upfront fees for mortgage loan modification services. The companies allegedly solicited clients …
Read more on Sun-Sentinel (blog)
Banks to increase household loans by 5.4 percent this year
Korean banks plan to expand their lending but cut down on home-backed loans this year, putting more pressure on debt-laden households. In the 2012 management reports filed to the Financial Supervisory Service, the country's banks said they would extend …
Read more on The Korea Herald
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