(Source: Freddie Mac) - Freddie Mac announced last week it sold via auction 5,398 deeply delinquent non-performing loans (NPLs) from its mortgage investment portfolio on March 25th, 2015. The loans have an aggregate unpaid principal balance (UPB) of $985 million. The transaction is expected to settle in early May 2015. (more…)
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(Source: SIGTARP) - Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP), and Stephen R. Wigginton, United States Attorney for the Southern District of Illinois, today announced that Jonathan L. Herbert, age 36, of Lighthouse Point, Fla., was sentenced today to 140 months in federal prison for wire fraud in connection with a fraudulent mortgage relief scam. (more…)
The weekly report for mortgage rates at the nation's top lenders are mostly down. As I mentioned yesterday, these low rates and good weather had caused U.S. mortgage applications to rise this past week.
Freddie Mac’s Primary Mortgage Market Survey released yesterday said the 30-year fixed-rate mortgage (FRM) averaged 3.69%, down from last week when it averaged 3.78%. A year ago at this time, the 30 year averaged 4.40%. The 15-year is averaging 2.97%, down from last week when it averaged 3.06%. A year ago at this time, the 15-year FRM averaged 3.42%. (more…)
The Consumer Financial Protection Bureau (CFPB) announced today that they are considering plans to put an end to "payday debt traps" by requiring lenders to help make sure borrowers can repay their loans. The CFPB is also proposing to restrict how lenders can collect payments from debtors’ bank accounts, and rack up huge fees. These protections being considered would apply to payday loans, vehicle title loans, deposit advance products, certain high-cost installment loans and open-end loans. (more…)
The United States Department Of Justice (USDOJ) announced this week that a Missouri woman who operated a real estate business was sentenced to federal prison for a $5 million mortgage fraud scheme.
Teresa Jean Whitten, 41, of Claycomo, was sentenced to six years by U.S. District Judge Dean Whipple, and to pay $1,527,607 in restitution, according to Tammy Dickinson, United States Attorney for the Western District of Missouri. (more…)
The current national average for mortgage rates this week are on a major downward trend. Rates are at their lowest levels since February, causing the number of U.S. home loan applications to also go up this past week.
Freddie Mac's most recent rate survey shows that the 30-year fixed-rate mortgage (FRM) averaged 3.69%, down from last week when it averaged 3.78%. A year ago at this time, the 30 year averaged 4.40%. The 15-year is averaging 2.97%, down from last week when it averaged 3.06%. A year ago at this time, the 15-year FRM averaged 3.42%. (more…)
Under the current bankruptcy code, in a Chapter 13 bankruptcy, homeowners may be able to discharge their debts on underwater second mortgages. Section 506(d) of the code says that if “a lien secures a claim against a debtor that is not an allowed secured claim, such lien is void.” Section 11 of USC 1322 says a that homeowners, under certain situations, may be able to wipe out their 2nd mortgages.
The condition is that the price of your home has declined to a level that is lower than the value for the first mortgage. If so, this is when these second mortgage liens may be "stripped off or voided" from the asset of the debtor because there is insufficient equity in the asset after the senior liens, such as the first mortgage, have been deducted.
The facts are that the banks don't like this law one bit. If it was up to them, borrowers would have to pay on these drowning debts until the debtor dies and is placed six feet under. (more…)
As weekly average fixed mortgage rates move down again across the board to their lowest levels since February, the number of U.S. home loan applications rose this past week. Two great indicators that we are moving into a robust season for home buying, and refinance market for this spring. (more…)
Mortgage rates at the nation’s top lenders are down big time for this Wednesday. This downward trend has happened all week and I smell a mini refinance boom in the spring time air.
The national average for the 30 year fixed is 3.78%, and the 15 year fixed average is 3.06%. The 5 year ARM is 2.97%, and the 1 year ARM is also 2.97%. The Jumbo 30 Year Fixed is averaging at 4.02%, and the FHA 30 Year Fixed is 3.80%. (more…)
The Federal Trade Commission (FTC) said today that the Austin, Texas-based Home Relief Foundation, Inc. and its two owners have settled charges with the FTC for illegally charging consumers up-front fees for loan modification services. The owners were John DiCristofalo and Josephine Amanda DiCristofalo. (more…)
The FBI announced yesterday that former North Miami Mayor, Marie Lucie Tondreau, a/k/a “Lucie Tondreau,” was sentenced to 65 months’ in prison, followed by five years of supervised release by U.S. District Judge Robert N. Scola for her participation in a multi-million dollar mortgage fraud scheme. (more…)
The the National Association of Home Builders (NAHB) said today that new home construction sales rose 7.8% in February which was the highest numbers since February 2008. The seasonally adjusted annual rate is at 539,000 units. (more…)
The current national weekly average for conforming mortgage and ARM loan rates are at a six week low. The nation's top lenders are all offering the 30 year fixed mortgage right around the 3.625% - 3.75% range. As we head into the spring time, it looks like these low rates will help home buyers with some sunny mortgage weather.
Here is a brief report on the state of the mortgage market for this Tuesday. (more…)
The United States Department of Justice (USDOJ) recently announced that a 63-year-old real estate agent from Red Oak, Texas was sentenced to 33 months in federal prison for his role in a mortgage fraud scheme, U.S. Attorney John M. Bales said.
King pleaded guilty to conspiracy to commit wire fraud in connection with his role in the scam, and he was ordered to pay $685,704.73 in restitution. (more…)
Here is a great article from the Federal Reserve Bank of San Francisco research department on a study of bank lending and how the expansion in credit over the last 50 years or so had caused the ratio to GDP to have quadrupled in advanced economies.
A dramatic growth caused mainly in mortgage loans backed by real estate. (more…)