We therefore reverse the deficiency judgment for the bank

“The bank has lost its right to seek a deficiency judgment.” 

This breaking court news is based on a recent foreclosure case in California where the bank was granted a deficiency judgement against a widow’s estate based on land owned by her deceased husband that was foreclosed on after his death. The Court of Appeals of California, Fifth District reversed the decision for the bank’s deficiency judgement  on November 21, 2014.  This was a great win for consumers and big loss for the banks.

Here are the most important footnotes in the case: (more…)

FHFA to Set Guidelines on Mortgage Fees

(Source: SAMCAR) – The Federal Housing Finance Agency (FAHFA) has announced that it will propose a new framework early next year for how mortgage giants Fannie Mae and Freddie Mac will set their so-called G-fees (Guarantee Fees). These are the fees that the GSEs charge lenders, and some housing analysts have been concerned that a rise in G-fees could prove more costly to consumers, since lenders likely would pass the higher costs down to buyers. (more…)