Hundreds of thousands, and possibly millions of hard working men and women, and also retirees across the nation are at risk of losing most of their pensions. Recent news reports are revealing that some of the nation’s biggest retirement funds are going broke.
These cuts come on the heals of a new federal law that allows pension cuts previously banned. The end result could mean pension cuts for as much as 50% for pensioners by bankrupt funds, and potential financial doom for millions of hard working and retired Americans. (more…)
Black Knight Financial Services issued its “First Look” at January 2016 Mortgage Data yesterday, showing that mortgage delinquencies were up 6.6%, back above 5% nationally for the first time in 11 months.
Approximately 2.5 million properties were 30 days or more past due, but not in foreclosure, an increase of about 137,000 properties compared with December. About 831,000 properties were seriously delinquent (90 days or more past due), an increase of about 23,000 compared with December. (more…)
The Office of the Comptroller of the Currency, will host two Credit Risk workshops from March 22-23 in Southern California that will focus on credit risk within the loan portfolio, such as identifying trends and recognizing problems. (more…)
The U.S. Department of Housing and Urban Development (HUD) announced last week, that it is making $40 million in grants to support hundreds of housing counseling agencies across the nation who provide advice to consumers on buying a home, renting, defaults, foreclosures, and credit issues.
HUD Secretary, Julián Castro had said, “We know that housing counseling can make all the difference in purchasing and, most importantly, keeping a home. The grants we offer today will help ensure families and individuals make more informed housing decisions, whether it means buying their first home, avoiding foreclosure, or finding affordable rental housing.”
(Source: USDOJ) – Deirdre M. Daly, United States Attorney for the District of Connecticut, today announced that MEHDI MOAREFIAN, a.k.a. “Michael Miller,” 36, and DANIEL SHIAU, a.k.a. “Scott Decker,” 30, both of Irvine, Calif., pleaded guilty yesterday in Bridgeport federal court to conspiring to defraud homeowners across the United States who were seeking mortgage loan modifications.
According to court documents and statements made in court, MOAREFIAN, SHIAU and others jointly operated a series of California-based companies that falsely purported to provide home mortgage loan modifications and other consumer debt relief services to numerous homeowners in Connecticut and across the United States in exchange for upfront fees. (more…)
In the case below of Yvanova v. New Century Mortgage, the California Supreme Court ruled, “A homeowner who has been foreclosed on by one with no right to do so has suffered an injurious invasion of his or her legal rights at the foreclosing entity’s hands.”
“A deed of trust may thus be assigned one or multiple times over the life of the loan it secures. But if the borrower defaults on the loan, only the current beneficiary may direct the trustee to undertake the nonjudicial foreclosure process.
Only the true owner or beneficial holder of a Deed of Trust can bring to completion a nonjudicial foreclosure under California law.” (more…)
Freddie Mac reported today that fixed mortgage rates remain unchanged from the previous week, and are stabilizing near their 2015 lows.
The 30-year fixed-rate mortgage (FRM) averaged 3.65%, unchanged from last week.
The 15-year mortgage averaged 2.95%, which was also the same as the previous week. (more…)
A Florida homeowner has won a partial victory in a five year court battle against the fifth-largest residential mortgage servicer in the country, Nationstar Mortgage, over failed loan modification negotiations.
Donnamarie Moore, 66, told ABC News that she was going through a loan modification with CitiMortgage on her Deep Creek home, but the numbers simply did not add up.
She decided to fight back, and just as she begun to battle, the loan was quickly sold to Fannie Mae and then to NationStar who is her current mortgage servicer. All three lenders are named in the suit.
A lawsuit that has left Moor in financial ruin, three attempted foreclosures, stress-related health problems, and a divorce. (more…)
Imagine having financial difficulties throughout your life. Your college training, and career choices didn’t turn out as your originally planned, and you are unable to pay back your debts such as your student loans.
15 years down the road, you’re sitting on an egg crate in your rented $500 a month apartment eating your nightly dinner that consists of Top Ramen, bologna and sugary fake fruit punch, when all of a sudden, U.S. Marshals armed with guns and bulletproof vests bust down your door to collect on your old student loan debt.
This may seem like a bad script for a corny debtor’s prison video on Youtube, but in reality, this is actually happening in a round about way in states such as Texas, where a Houston man was recently arrested for not paying his outstanding federal student loans. (more…)
A New Jersey homeowner is suing her mortgage servicer, Household Finance, as part of a class action lawsuit over failed loan modification negotiations.
Lurline McLean, alleges that her mortgage servicer had never followed through with what she said was a promise of a permanent loan modification. (more…)
The National Association of Home Builders (NAHB) announced their monthly survey today, showing that U.S. home builders reported their confidence in the single family home market dropped three points to 58 in February, from an upwardly revised January reading of 61.
The NAHB/Wells Fargo Housing Market Index (HMI) is based on builder sales projection over the next six months. (more…)
In 2012, one of the largest banking institutions in the United States, JPMorgan Chase, had held only 5 million ounces of silver.
Over the past 3 years, Chase bank has increased its silver holdings to an incredible 55 million ounces.
Silver has always been used as a hedge against volatile economy. World famous investor, Warren Buffet, had bought 30% of the above ground silver supply in 2002 when prices were real low, and doubled his money 2 years later.
With current world-wide stock markets crashing, worthless government debt, and global geopolitical tensions, this looks like an obvious hedge move by JPMorgan Chase. (more…)
The owners of a massive internet payday lending enterprise, with 600 employees based in Overland Park, Kansas, have been charged in a $2 billion dollar fraud scheme.
The United States Department of Justice (USDOJ) had charged and arrested Scott Tucker, 53, of Leawood, Kansas, and Timothy Muir, of Overland Park, Kansas, this past week with violations of the Racketeer Influenced and Corrupt Organizations Act (“RICO”) and the Truth in Lending Act (“TILA”), that systematically evaded state laws in order to charge illegal interest rates as high as 700% on loans. (more…)
The Housing and Insurance Subcommittee met for the sixth time last week, to examine the “Future of Housing in America.” The goal of the hearing was to discuss the fiscal health of the Federal Housing Administration (FHA), Mutual Mortgage Insurance Fund (MMIF), and the government reverse mortgage program, also known as “Home Equity Conversion Mortgage (HECM).
Subcommittee Chairman, Blaine Luetkemeyer (R-MO) had said, “FHA has suffered a case of mission creep, and the unfortunate truth is that the lack of sound underwriting and risk management puts both homebuyers and U.S. taxpayers at risk. While the most recent independent actuarial report showed signs of a modestly healthier agency, the bottom line is that FHA is still in a precarious state.” (more…)
These sunny-side loans don’t perform as well as the overcast ones
(Source: Market Watch) – If it’s true that it’s always sunny in Philadelphia, that might be a good place to try to get a loan.
A recent paper published by the Cleveland Fed found a strong link between sentiment influenced by weather and mortgage approvals. (more…)