Freddie Mac Executes Largest Ever Sale of Seriously Delinquent Loans From Its Investment Portfolio

(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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Florida Man Sentenced to 11 Years in Prison for Mortgage Relief Scam

(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…)

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Weekly Mortgage Rate Report for March 27, 2015

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…)

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The CFPB Proposes to End Payday Loan Traps

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…)

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Former Missouri Real Estate Agent Sentenced for $5 Million Mortgage Scam

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…)

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Mortgage Rate Report for Thursday March 26, 2015

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…)

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Supreme Court to Rule on Underwater Second Mortgage Bankruptcy Code

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…)

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Current Mortgage Rates for Wednesday March 25, 2015

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…)

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Mortgage Rates for Tuesday March 24, 2015

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…)

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63 Year Old Texas Real Estate Agent Sentenced to Prison for Mortgage Fraud

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…)

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