The National Mortgage Expert

Zero money down, not subprime loans, led to the mortgage meltdown. What is really behind the mushrooming rate of mortgage foreclosures since 2007...

LAST week, the stock market tumbled on news that housing foreclosures and delinquencies rose again in the first quarter. The Office of the Comptroller of the Currency said that among the 34 million loans it tracks, foreclosures in progress rose 22 percent, to 844,389...

LOS ANGELES–(BUSINESS WIRE)–May figures show that First Federal Bank of California, a wholly owned subsidiary of FirstFed Financial Corp. (Pink Sheets:FFED), has now modified nearly $1 billion worth of home mortgages, enabling more than 2,000 California families to avert foreclosure...

The Obama administration is expanding the number of borrowers who can refinance home loans under its housing-rescue program, an acknowledgment that more needs to be done to help people who are upside down on their mortgages...

Consumer white paper proposes ban on credit card companies raising borrowing limits or sending out cheques without consultation Credit card companies could be banned from raising borrowers’ credit limits without consultation or sending out unsolicited credit cheques in a bid to prevent people...

The New Jersey Attorney General’s Office announced the indictments of six people yesterday in three separate mortgage-fraud cases...

WASHINGTON — The housing bubble, lax regulatory oversight and an influx of shady loan professionals have made lawmakers uneasy about the safety and soundness of the popular government-backed reverse-mortgage program. For Full article Click Here Like this...

NEW YORK, June 29 (Reuters) – Fannie Mae (FNM.N) (FNM.P) said its gross mortgage portfolio grew at a 35.1 percent annual rate in May, after a 19.2 percent drop in April, while the serious delinquency rate on loans it guarantees accelerated. For full article click here Like this...

WASHINGTON -(Dow Jones)- Loan modifications jumped during the first quarter of the year, even as more borrowers fell behind on their loans and entered the foreclosure process, according to a government report released Tuesday. For full article, click here Like this...

NEW YORK (AP) — Chase said Tuesday it has approved 138,000 trial mortgage modifications for struggling homeowners in the past three months. The company started processing the modifications April 6, as part of President Obama’s Making Home Affordable program...

WASHINGTON (KCBS) - The Obama administration is becoming impatient with the slow pace by which mortgage companies are modifying loans for millions of homeowners. The $75 billion taxpayer-financed program has averted a relatively small number of foreclosures...

Some housing experts believe there is no alternative but outright forgiveness of a substantial chunk of mortgage debt for many people who are at risk of foreclosure...

Countrywide loan modifications are not impossible to get anymore. After the merger with Bank of America, Countrywide was forced to change their criteria and open up their doors to more modifications...

Never before has a change in the housing industry impacted so many participants and caused unsettling debate.The Home Valuation Code of Conduct ( HVCC), is the result of a joint agreement between the Agencies’ Fannie Mae, Freddie Mac, Federal Housing Finance Agency, and New York state attorney...

June 24 (Bloomberg) — There may be another culprit scuttling a U.S. housing recovery: low home appraisals...

Nationwide home sales may have finally hit bottom, new data shows, but a host of thorny problems are hindering any recovery. Sales of previously occupied homes rose by 2.4 percent from April to May — the third monthly increase this year — but the results missed analysts’ expectations...

Existing home sales in the U.S. rose in May for a second month as record foreclosures caused prices to drop. Purchases increased 2.4 percent to an annual rate of 4.77 million, lower than forecast, the National Association of Realtors said today in Washington...

New Jersey will get about $321,500 as part of a multi-state settlement with a Florida-based mortgage company accused of selling mortgages considered high-risk and using questionable lending procedures, a state banking agency said today...

Real estate may be showing signs of a turnaround in many local markets, but the nation’s largest mortgage players are continuing to ratchet up their underwriting rules, making home purchases more difficult for some buyers. For Full Article click Here Like this...

Call it son of subprime. Experts warn that a new wave of mortgage foreclosures may be coming soon and could rival the default rates for subprime mortgages and slow efforts to find bottom in a prolonged national housing slump. For full article, click here Like this...

If President Obama gets his way, consumers who take out mortgages would automatically get a “plain vanilla” loan — such as a traditional 30-year fixed-rate mortgage — unless they opted for a riskier variety...

June 19 (Bloomberg) — Fannie Mae and Freddie Mac may get permission to begin refinancing mortgages with loan-to-value ratios above 105 percent as the Obama administration seeks to boost participation in its anti-foreclosure programs...

The first time a beloved relative in his mid-70s wired several thousand dollars to strangers, believing he was paying taxes on huge lottery winnings, it seemed like a fluke, a mistake he would understand once we straightened him out. Then it happened again. And again...

WASHINGTON (Dow Jones)–A proposed new consumer protection agency would have vast powers to overhaul U.S. mortgage lending practices, upending current federal rules aimed at protecting home buyers...

Bank issuers of credit cards seem much more willing lately to talk about negotiating a debt settlement with delinquent card holders...

The New York attorney general, Andrew M. Cuomo, plans to sue a loan modification company and has subpoenaed information from 14 similar companies as part of a nationwide investigation. “The entire industry is a scam, in my opinion,” Mr. Cuomo said Tuesday...

GARDEN CITY, N.Y. (AP) — New York’s attorney general says consumers do not have to pay upfront fees to companies that promise help in staving off home foreclosures. Andrew Cuomo says his office plans to sue one Long Island company that allegedly charged such fees...

LOS ANGELES (Reuters) - In two years, Angelo Mozilo, the son of a Bronx butcher and a rags-to-riches icon, went from the charismatic helmsman of America’s top mortgage lender to the badly burned face of the nation’s housing meltdown. For Full Article Click Here Like this...

(The Truth About/Flickr Images) Last week, Christina McGrath of Riverside, Calif., got a loan modification. Now she has some advice for the millions of homeowners out there still seeking one: Call 10 to 15 times a day. Ask for the president’s office. Get informed...

Fixed U.S. mortgage rates jumped to the highest level this year, signaling the Federal Reserve’s plan to lower borrowing costs has stalled. The average 30-year rate rose to 5.29 from 4.91 percent a week earlier, Freddie Mac, the McLean, Virginia-based mortgage buyer, said today in a statement...

As she describes it, Beth Jacobson and her fellow loan officers at Wells Fargo Bank “rode the stagecoach from hell” for a decade, systematically singling out blacks in Baltimore and suburban Maryland for high-interest subprime mortgages. Foe Full Article Click Here Like this...

June 2 (Bloomberg) — Christopher Cox, in one of his last acts as Securities and Exchange Commission chairman, took Fannie Mae and Freddie Mac’s regulator to task in a letter questioning whether the agency was upholding its legal duty to “preserve and conserve” the mortgage companies’...

Sen. Charles Schumer said Tuesday he will amend the Borrowers Protection Act, a bill he introduced earlier this year, to include loan modification companies, mortgage brokers and others who collect fees from financially troubled homeowners. In addition, Gov. David A...

Federal and state regulators say the loan modification industry, which came from nowhere fast to offer help to troubled home owners fearful of losing their homes, needs regulation and oversight to prevent people from losing even more money and ending up without the help they need...

OAK LAWN, Ill. - A suburban Chicago man wanted by the FBI for mortgage fraud has turned himself in after an international manhunt...

A couple days ago, I got some pushback for arguing that the credit industry’s tiered model amounted to a subsidization scheme: Credit card users who fall into debt get socked with fees and interest rates that in turn subsidize reward programs and low APRs for the credit users with a steadier cash...

Home sales may be up in many parts of the country but prices continue to scrape along the floor, raising fresh doubts about the recovery of a critical sector...

Missouri Attorney General Chris Koster on Tuesday sued a St. Louis company that allegedly failed to offer the foreclosure relief and mortgage modifications it promised to Missourians...

Kostas Kalaitzidis wanted to buy a home when he moved to Phoenix in 2008, but between his modest salary and the expensive market, he couldn’t swing it. What a difference a year makes...

(NEW YORK, NY) — TALF, the new Federal Reserve’s Term Asset-Backed Securities Loan Facility, is starting to get some respect and attention in a few corners of the commercial real estate domain...

Mortgage-servicing companies are struggling to find the best way to modify mortgages so that borrowers can stay in their homes, according to a Fitch Ratings report expected to be released this week...

May 20 (Bloomberg) — American Express Co. Chief Executive Officer Kenneth Chenault said U.S. legislation to curb credit- card fees may reduce lending to “consumers who need it” and will hurt competitors more than his company...

May 23 (Bloomberg) — Target Corp., the second-largest U.S. discount retailer, should conduct regular reviews of its use of capital, including the remaining credit-card loans it owns, an outside board nominee said...

As job losses rise, growing numbers of American homeowners with once solid credit are falling behind on their mortgages, amplifying a wave of foreclosures...

The New York attorney general, Andrew M. Cuomo, sued two large debt settlement companies Tuesday, saying they had engaged in fraudulent and deceptive business practices and false advertising. For Full Article Click Here Like this...

President Obama today enacted two measures that provide incentives for lenders and loan servicers to make troubled mortgages more affordable...

The Senate passed a major reform of the credit card industry Tuesday that clamps down on arbitrary fee and interest rate increases. But even after President Barack Obama signs the bill, the law won’t fully take effect for nine months...

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While most borrowers can navigate the process of getting their mortgage modified by themselves, there are others who need an assist here or there. And some may want to delegate the entire responsibility...

In an economic crisis, scam artists will naturally proliferate, and the current mortgage meltdown is no exception. Here are some quick suggestions homeowners can use to steer clear of fraudsters when facing foreclosure...

The Obama administration’s plan to help millions of troubled homeowners avoid foreclosure by reducing the size of their mortgage payments is just getting off the ground...

Foreclosure filings in the U.S. rose to a record for the second consecutive month in April as banks increased efforts to seize homes from delinquent borrowers. A total of 342,038 properties received a default or auction notice or were seized last month, RealtyTrac Inc...

Home loan modifications could raise monthly payments but shouldn’t hurt credit ratings. Watch out for scammers NEW YORK — It’s welcome relief for homeowners struggling with mortgage payments...

The Obama administration’s housing stabilization plan is underway and starting to have an impact. As of last week, Chase had modified 15,000 home loans. Two months ago, Ivan Coleman was struggling, his mortgage payment having ballooned to $1,200 - more than half his income...

Mortgage rates remain near historic lows, but rates ticked up a bit this week, a move Freddie Mac links to the improving outlook for the U.S. economy...

JPMorgan Chase & Co. agreed under pressure from New York state to stop charging a new $10 monthly fee to credit cardholders and agreed to refund the proceeds collected since the fee was first levied in January, Attorney General Andrew Cuomo said Monday...

Complaints about loan modification companies that charge hefty fees but provide little or no service are soaring statewide as distressed homeowners struggle to avoid foreclosure...

Given the current housing crisis, there is wide support for measures to make it easier for homeowners to modify their mortgages. That is understandable. Nobody likes seeing the wave of foreclosures. Plus, mortgage modifications may help stabilize home values...

“What ever happened to Andy Williams and Metro Dream Homes?” I’ve heard that question countless times from former participants since Maryland authorities shut the operation down in August, 2007...

The House Thursday approved a bill that would curb what supporters described as predatory credit card practices and eliminate spikes in credit card interest rates. The House approved the package 357-70...

WASHINGTON (Reuters) - The U.S. Senate on Thursday rejected an amendment that would have given bankruptcy judges the power to ease a homeowner’s monthly payments and prevent foreclosure...

(Bloomberg) — Grace and John Pitts got a 4 percent interest rate on a 30-year fixed mortgage when they bought their Cape Cod-style home in Quincy, Massachusetts in 1951. That was about the lowest rate anybody got in the next 60 years. For Full Article, Click Here Like this...

In freshman Sen. Ted Kaufman’s first legislative victory, the U.S. Senate voted Tuesday to give the federal government more funds to investigate and prosecute financial crimes...

The Obama administration unveiled an expansion of its $75 billion foreclosure prevention plan yesterday, providing new subsidies to mortgage lenders and investors...

NEW YORK (Dow Jones)–Freddie Mac’s (FRE) total mortgage portfolio ballooned at an annualized rate of 21% in March, with a surge of refinancing activity fueling purchases of home loans...

WE are almost two years into the housing storm and foreclosure floodwaters continue to rise. A record 800,000 homes received a default or auction notice in the first quarter, an increase of 9 percent from the fourth quarter of 2008, according to RealtyTrac...

New jobless claims rose more than expected last week, while the number of workers continuing to filing claims for unemployment benefits topped 6.1 million. Both figures are fresh evidence layoffs persist amid a weak job market that is not expected to rebound anytime soon...

If you use credit cards — and actually read your mail — you don’t need anyone to tell you that card issuers have been raising fees and interest rates while often cutting credit limits too. The political class has also noticed...

Fannie Mae and Freddie Mac are tacking on extra fees for many loan applicants, while some lenders are going even further in tightening underwriting rules. Reporting from Washington — Mortgage rates and house prices are down — which sounds great for buyers and refinancers...

WASHINGTON (Reuters) - The Treasury Department is considering giving banks and investors billions of dollars in fresh incentives to modify troubled mortgages and save homeowners from foreclosure, sources familiar with official deliberations said. For Full Article, Click Here Like this...

SACRAMENTO – The Senate Judiciary Committee today passed a measure by Sen. Ron Calderon (D-Montebello) that will protect California borrowers who are struggling in today´s troubled housing market. The bill, SB 94, authored by Sen...

WASHINGTON— DEVELOPING: David Kellermann, the acting chief financial officer of Freddie Mac, was found dead at his home Wednesday morning in what broadcast reports said was an apparent suicide.WUSA-TV and WTOP Radio reported that David Kellermann was found dead in his Northern Virginia home...

Flanked by New York City’s five district attorneys, Senator Charles E. Schumer called on the federal government on Monday to pump $100 million into fighting mortgage fraud. Mr...

Attorney General: FBI investigating about 2,100 mortgage fraud cases WASHINGTON - Federal and state officials are cracking down on mortgage modification scams, accusing “criminal actors” of preying on desperate borrowers caught up in the nation’s housing crisis...

The number of people receiving jobless benefits exceeded 6 million for the first time, the government reported Thursday, and housing construction unexpectedly plunged to its second-lowest level on record — fresh evidence that the recession is far from over...

The Treasury Department said yesterday that it has signed contracts with six major mortgage lenders to participate in the Obama administration’s $75 billion foreclosure prevention effort...