CBA Testifies on the Condition of Small Business & Commercial Real Estate Lending In Local Markets

(LoanSafe.org) Press Release: Arlington, VA – Cathleen H. Nash of Citizens Republic will testify on behalf of the Consumer Bankers Association (CBA) today during a joint hearing of the US House of Representatives Small Business & Financial Services Committees.

Nash, a member of CBA’s board of directors, will address the issues surrounding small business and commercial real estate lending. As president and CEO of Michigan-based Citizens Republic, Nash has more than 20 years of experience in banking. Citizens Republic is one of the 50 largest bank holding companies headquartered in the United States. (more…)

HUD ADVANCES FIGHT AGAINST LOAN MODIFICATION SCAMS

WASHINGTON — The U.S. Department of Housing and Urban Development, in partnership with the Loan Modification Scam Prevention Network, today announced the launch of PreventLoanScams.org.

“ Homeowners at risk of foreclosure can be easy prey for home loan modification scammers. Often, dishonest individuals lure vulnerable homeowners into foreclosure rescue scams by making false promises. Scammers frequently claim they can lower mortgage payments or stop the foreclosure process. ” (more…)

How to buy a HUD home

Let’s start this off by first saying just what HUD stands for: Department of Housing and Urban Development. HUD homes are received when a home that was foreclosed had a loan that the lender insured with the FHA (Federal Housing Administration). When it is foreclosed, the lender will file a claim with the FHA and then they pay off the claim and give the home to HUD to sale. (more…)

Freddie Mac Announces They Will Stop Buying Interest Only Mortgages

McLean, VA – Freddie Mac (NYSE: FRE) announced today that on or about September 1, 2010, the company will cease purchasing and securitizing interest only mortgages, including Freddie Mac Initial InterestSM fixed-rate and adjustable-rate mortgages. Additional information will be provided to Freddie Mac Seller/Servicers in an upcoming Single-Family Seller/Servicer Guide bulletin. (more…)

California Association Of Realtors® Survey Says 67% of All Sellers Forced to Sell

C.A.R. releases “2009-2010 Survey of California Home Sellers”
Report
– finds 67 percent of California sellers sold their homes due to inability to meet mortgage obligation

LOS ANGELES (Feb. 25) –Changes in family and employment status as well as adjustments to monthly mortgage obligations played significant roles in California’s homeowners’ decisions to sell their homes in 2009, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2009-2010 Survey of California Home Sellers.” According to the report, 67 percent of all sellers in California did so as a result of difficulties related to meeting their mortgage obligation. (more…)

Chase Loan Modification Centers to Open in Tri-State

Chase opens two more centers to keep Tri-State area families in their homes

NEW YORK, Feb. 25, 2010 – Chase today marked the official opening of new homeownership centers in the Bronx and Brooklyn to help families struggling with their mortgage payments.

Chase now has five centers in the Tri-State area providing face-to-face assistance to distressed borrowers who have a loan serviced by Chase.

The Chase Homeownership Centers in the Tri-State area are: (more…)

FHFA: House Prices Fall Modestly in the Fourth Quarter

Washington, DC – U.S. house prices fell slightly in the fourth quarter of 2009 according to the Federal Housing Finance Agency’s (FHFA) seasonally adjusted purchase-only house price index (HPI). The HPI, calculated using home sales price information from Fannie Mae and Freddie Mac-acquired mortgages, was 0.1 percent lower on a seasonally adjusted basis in the fourth quarter than in the third quarter of 2009. Over the year ending with the fourth quarter of 2009, seasonally adjusted prices fell 1.2 percent. The quarterly report analyzing
housing price appreciation trends was released today by FHFA Acting Director Ed DeMarco.

The decline in prices in the fourth quarter was much more significant when measured without seasonal adjustment. The unadjusted national decline was 1.5 percent, a much larger drop than the 0.1 percent decline measured on a seasonally adjusted basis. (more…)

DONOVAN AND REID ANNOUNCE $1.3 MILLION TO HELP LAS VEGAS AND CLARK COUNTY

STABILIZE NEIGHBORHOODS GRAPPLING WITH FORECLOSURES
HUD Deputy Assistant Secretary to hold Background-only conference call with reporters TODAY, Details Below

WASHINGTON – U.S. Housing and Urban Development Secretary Shaun Donovan and Nevada Senator Harry Reid today announced up to $1.3 million in emergency technical assistance to help reverse the effects of foreclosure and abandonment in certain neighborhoods in the City of Las Vegas and Clark County. The unprecedented aid announced today is funded through the American Recovery and Reinvestment Act and is part of the Obama Administration’s plan to help communities hardest hit by the downturn in the housing market. (more…)

Do Credit Unions Use Chexsystems?

Many people believe that banks and credit unions alike use chexsystems, and this is sometimes the case. However, this is not always the case, and while many credit unions and banks do use chexsystems, there are those that do not as well.

So, what does this mean to you? Well, if you have had trouble maintaining your bank account and have found yourself reported to chexsystems, then you might have found that the trouble has followed you. Chexsystems is a system in which banks can report people (sort of like a bank account version of a credit score) who fail to pay fees, who overdraw, who cannot keep track of their account, etc. (more…)

No Banker Left Behind – The War On Greedism

There was a very interesting article written on Tuesday by Robert Scheer of truthdig.com called “No Banker Left Behind”. The article talks about a recent report from the New York State comptroller that stated bonuses for Wall Street financiers reached a whopping $20.3 billion in 2009, a jump of 17%.

This fact just illustrates exactly what we’ve been saying for years now… that despite the fact that record numbers of people are losing their homes, underwater on their mortgages, losing jobs and racking up debt, the Wall Street fat cats who caused this whole mess in the first place are laughing all the way to the bank.

Read the full article here

Their bonuses certainly weren’t paid because of the fact that they’ve saved the economy or helped the millions of struggling Americans to get by. In fact it’s the polar opposite. They gambled with the homes and mortgages of those on Main Street, and when things didn’t continue to balloon as they had anticipated, they had the US Treasury (read US Taxpayers) flip the bill, to the tune of 1.25 TRILLION dollars.

Once playing with the houses’ money, they bought low and essentially won their “double down” bets, making record profits for the huge financial institutions. But on Main St. things keep getting worse. 1 in 4 mortgages are upside down, millions are behind on their mortgages and/or unemployed. Consumer confidence is at a nearly 30 year low, and the FDIC’s list of “problem” banks just hit a 20 year high. Pat yourselves on the back ladies & gents in the finance industry, bang up job you’re doing over there… enjoy that trip to the Caribbean.

Civil Disobedience and The Debtors Revolt has begun. This YouTube Video has 504,963 views and growing fast with a 5 star rating.

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Jon Maddux

CEO

www.YouWalkAway.com

House Bill 2765: House Democrats announce Foreclosure Rescue for Arizona

(LoanSafe.org) STATE CAPITOL, PHOENIX – House Democrats announced on Monday a foreclosure rescue package to get Arizona back on the right track when the state ranked second in the nation last month for foreclosures.

The Foreclosure Rescue for Arizona Act, House Bill 2765, an omnibus bill, and other foreclosure bills introduced by House Democrats will prevent fraud and help families, homeowners and renters stay in their homes. (more…)

Decoster Financial Group: Office of Financial and Insurance Regulation shuts down Detroit firm

LANSING, MI February 24, 2010 (LoanSafe.org) –  The Office of Financial and Insurance Regulation (OFIR) has shut down another operation claiming to be a Detroit-based mortgage company. This time the agency ordered an operation called “Decoster Financial Group” to cease and desist from doing business. OFIR believes that Decoster, through its website, http://www.decosterfinancialgroup.com, was posing as a legitimate mortgage company in an attempt to steal consumers’ money and identity. The fraudulent company was encouraging customers to apply for loans by providing personal information including social security and financial account numbers. Earlier this month, OFIR shut down a similar Detroit operation referred to as “Kenneth and Doyle Financial” and has put an end to a number of these fraudulent financial companies in the last year. (more…)

Financial Fraud Enforcement Task Force Hosts Mortgage Fraud Summit In Miami

WASHINGTON – Representatives of the Financial Fraud Enforcement Task Force met in Miami today for the first of a series of Mortgage Fraud Summits. The task force, established by President Barack Obama in November 2009 to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes, is composed of representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement. (more…)