Suze Orman on Underwater Mortgages
Home Ownership at 46-Year Low
Couple Threatens to Foreclose on BofA
MORTGAGE RATES » Home Mortgage Loan News
The number of home foreclosures fell by 33 percent last year, according a new report released by RealtyTrac. While the numbers looked good for the year, the company explains that the drop was attributed to a continued backlog of paperwork, not necessarily an improvement in the housing market.
Foreclosure Filings Fall to 3-Year Low 
Pending home sales of existing U.S. properties jumped to a 1-1/2 year high in November, according to data released on Thursday.
However, despite this data showing improvement in the U.S. housing market for the month, other findings released earlier show that the sector may still be on a rocky ride toward recovery.
Pending Home Sales Highest Since April 2010
A Bank of America Settlement has been reached, which requires them to pay a record $335 million to compensate Countrywide Financial Corp. borrowers who were charged more for mortgage loans based on national origin or race. The U.S. Justice Department announced on Wednesday that Bank of America will be responsible for repaying black and Hispanic customers who were affected in the unfair lending settlement.
Countrywide Minority Borrowers Charged Higher Fees
Short sales and foreclosures (REOs) made up 46 percent of homes sold in November, according to a new survey conducted by Campbell/Inside Mortgage Finance. The survey, released on Tuesday, showed just how difficult it has been for the U.S. housing market to bounce back from its crisis.
Foreclosures and Short Sales Offer Major Discounts
Five major mortgage lenders could be facing concessions totaling $19 billion as bank representatives and government officials put finishing touches on a settlement for wrongful mortgage foreclosures, sources have told The Wall Street Journal. Officials have been working with banks for months to determine how they should be held responsible for the mortgage robo-signing scandal, but some states expressed concerns that the deal on the table doesn’t meet their expectations.
Banks Held Responsible for Wrongful Mortgage Foreclosures
Fannie Mae has struggled to stay afloat financially since its first government bailout several years ago–but during third quarter 2011, the mortgage giant revealed it lost an astounding $7.6 billion and now needs additional federal assistance to avoid falling further into debt.
Occupy Wall Street demonstrators and other housing activists are heading to neighborhoods hardest hit by the foreclosure crisis to protest mortgage lenders’ mistreatment of homeowners. Protesters in New York, Los Angeles, Chicago and other cities are expected to visit neighborhoods for one scheduled day of protests on Dec. 6.
Occupy Our Homes Rallies Against Foreclosure Crisis
Fannie Mae, Freddie Mac and several large mortgage lenders have announced that they will not foreclose on delinquent borrowers during the Christmas season. The mortgage servicers said they are taking this step to help struggling homeowners rest assured that they won’t have to think about facing a stressful foreclosure for at least a few more weeks.
Nevada’s Attorney General announced on Thursday that two people have been indicted for allegedly being involved in a “massive” robo-signing mortgage scheme. A spokeswoman for Attorney General Catherine Masto said she believed the indictments will represent the first criminal charges filed in association with robo-signing, an illegal act of falsifying foreclosure documents.
Two Individuals Face Dozens of Robo-Signing Charges
The home buying process is an exciting time for many people. As you start to look for homes, you may be wondering if you should build a home or buy a preexisting home. While there are pros and cons to each decision, you may be surprised at what you can get when you compare the two.