Suze Orman on Underwater Mortgages
Home Ownership at 46-Year Low
Couple Threatens to Foreclose on BofA
MORTGAGE RATES » Home Mortgage Loan News
Bank of America NA and its subsidiary BAC Home Loans Servicing LP are being sued due to alleged breach of contract in mortgage loan modifications. Two borrowers involved in the loan modifications are being named as plaintiffs in the proposed class-action lawsuit, according to The Associated Press.
Loan Modifications Gone Wrong 
There are a host of financial institutions offering commercial mortgage loans, all with varying terms and rates. Though there is such a large pool of information and opportunity available to the borrower in need, it can often be difficult to determine where the starting point is when you’re ready to apply for a commercial mortgage loan.
Before you commit your time to preparing for and meeting with a lender, save yourself some trouble and find affordable commercial mortgage rates ahead of time. The easiest way to research mortgage loan interest rates is to find them online.
On Wednesday, Banking giant Bank of America said it will pay an $8.5 billion settlement to investors who were sold fraudulent mortgage securities prior to the 2008 financial crisis. As a result of the settlement, the bank expects to report a second-quarter net loss of between $8.6 billion and $9.1 billion (or a range of 88 cents to 93 cents per share).
22 Investors to Be Paid in Settlement
A new report from S&P/Case Shiller reveals the downward trend in home prices finally broke in April. After eight consecutive months of decline, home prices in the 20-city index actually rose 0.7 percent in April compared with March.
Too Early to Tell if Price Increase Is Permanent
The increase in prices is welcome to many home industry leaders who have been waiting for a change in the downward trend. However, because the market has been struggling for so long, it’s possible the increase is only temporary.
Two counties in Michigan say the state’s public schools lost tens of millions of dollars because Fannie Mae and Freddie Mac failed to pay the state’s property-transfer tax. Because the government-backed mortgage giants own thousands of homes in the state, they are responsible for paying taxes that fund the school systems.
Counties Say Lenders Owe Back Taxes, Lenders Say They’re Exempt
The ex-CEO of what had been one of the largest privately-held mortgage lenders was sentenced jail time Tuesday for a $3 billion fraud that goes down as one of the biggest corporate frauds in U.S. history. In other mortgage news, JPMorgan Chase has agreed to pay $154 million to settle a case alleging it misled mortgage securities investors during the housing market slump.
Ex-CEO Sentenced to 40 Months in Prison
The Fair Housing Act was adopted in 1968 and administered by HUD as a way to minimize discriminatory housing practices. If a complaint is filed with HUD offices, it is investigated by the Office of Fair Housing and Equal Opportunity (FHEO). However, there is more that goes into this act. Let’s take a closer look.
What Does the Act Protect?
A new report from the National Association of Realtors (NAR) has revealed sales of existing single-family homes and condos dropped to a six-month low in May. Sales fell 3.8 percent in the month to a seasonally-adjusted annual rate of 4.81 million, according to the report released on Tuesday.
Sales Mirror 13-Year Low
With today’s historically low mortgage rates, many homeowners are refinancing their mortgages to save on monthly payments or pay off their homes faster. However, even though average home loan rates are near record lows, not every lender offers competitive interest rates. That’s why when you are looking for a lender to refinance your mortgage, choosing Quicken Loans will ensure you are guided to the best possible decision to save you money today and tomorrow.
The Rate Drop Advantage
Civil fraud charges could be filed against several major credit rating agencies for their role in developing mortgage bond deals that helped bring about the financial crisis in 2008. The Wall Street Journal reported on Friday that the U.S. Securities Exchange Commission (SEC) is currently looking at the role these companies played in the crisis and exploring the possibility of holding them accountable.