On Thursday, federal and state officials announced a $26 billion foreclosure settlement with five of the largest home lenders. California is expected to receive approximately $12 billion in principal write-downs, including through short sales, over the next three years, according to the state attorney general‘s office. [...]
Daily Real Estate News | Thursday, February 09, 2012 After months of tense negotiations, the nation’s five largest banks and state and government officials have agreed to a $26 billion settlement aimed at holding banks accountable for the mishandling of some foreclosures. The settlement is expected to help 1 million home owners, [...]
Finally, someone is getting indicted for robo signing. Robo signing, if you haven’t heard or know what it was, is having employees signing thousands of false mortgage documents. Read the story below from the New York times for further explanation: “DocX, one of the largest companies in the nation to provide foreclosure services to [...]
More mortgage relief from the White House – but congressional OK doubtful In his State of the Union Address, President Obama laid out a plan to help responsible borrowers and support a housing market recovery. Details of that plan were released yesterday. However, funding for the proposed program [...]
SACRAMENTO, CA—A real estate investor pleaded guilty today in United States District Court in Sacramento to conspiring to rig bids and commit mail fraud at public real estate foreclosure auctions held in San Joaquin County, Calif ., Sharis A Pozen, Acting Assistant Attorney General of the Department of Justice’s Antitrust Division, and Benjamin B Wagner, [...]
The 6,316-square-foot Rancho Mirage, Calif., home belonging to the late President Gerald Ford and First Lady Betty Ford is up for sale at $1.699 million. The one-story, flat-roof home overlooks a golf course and features his and her offices, five bedrooms, and six-and-a-half bathrooms. The Ford’s moved into [...]
Fannie Mae and Freddie Mac recently extended their foreclosure forbearance programs to give short-term aid to unemployed homeowners, but housing counselors warn that these borrowers will need to look at longer-term solutions. Making sense of the story In a forbearance program, a lender agrees not to foreclose on a property and gives the borrower several [...]
Cash buyers are sending home values down much lower than they otherwise would be, suggests a new survey by Campbell Inside Mortgage Finance, which polled more than 2,500 real estate agents nationwide. In its December Housing Pulse Tracking Survey, the company found that investors accounted for one out of three real estate transactions last [...]
Shopping for the best rates Interest rates are the lowest in decades, enticing many borrowers to shop for a loan. Mortgage lenders adjust their rates based on perceptions of risk, so unless the borrower can show they’re a low-risk individual, the borrower is unlikely to qualify for [...]
First-time home buyers planning to purchase a house later this year may have a better chance of qualifying for a mortgage if they have had a history of paying their rent on time. Last year, credit-reporting agency Experian added a section to millions of credit reports showing on-time rent payments and raised the credit scores [...]
