Category Archives: Headline News
U.S. Commerce Department Reports New-Home Sales are Stabilizing
Although new home sales actually fell last month, the U.S. Commerce Department says that the new-home market is stabilizing thanks to increases in prices and declining inventories[1]. Also showing signs of optimism are the country’s builders, who broke ground on more houses in June than in any time prior in 2011. New homes are attractive … Continue reading
Home Prices Not At Bottom Yet
Although there are some small, promising signs that the housing market may be working toward a slow recovery, analysts warn that home prices are not at bottom yet[1]. Thanks to restricted financing – particularly when it comes to real estate investors – and an oversupply of homes for a dwindling population of first-time homebuyers, the … Continue reading
Lead Paint Regulations Stalled in House of Representatives
Controversial lead-paint regulations have been stalled in the House of Representatives, for the time being, at least. The National Association of Realtors (NAR) recently announced that until the Environmental Protections Agency (EPA) meets obligations to provide information and equipment that would enable businesses to comply with the proposed Lead Renovation, Repair and Painting (LRRP) rules, … Continue reading
FTC Sends Out $108 Million to Countrywide Homeowners
More than 450,000 Countrywide borrowers will be getting checks in the mail from the Federal Trade Commission as payback for excessive fees collected from borrowers struggling to keep their homes[1]. This is one of the largest judgments ever in an FTC case and it is the largest settlement yet in a mortgage servicing case. Jon … Continue reading
FTC Announces It Will No Longer Enforce Mortgage Relief Provisions
Citing confusion and misleading information, the Federal Trade Commission (FTC) announced last week that it will no longer require real estate agents to make certain disclosures to distressed homeowners hoping to obtain short sales[1]. The disclosures were part of the Mortgage Assistance Relief Services (MARS) rules that were designed to protect homeowners from being mislead … Continue reading
Banking Regulators to Review of More than Two Million Foreclosures
In a move to identify home owners who may have experienced improper foreclosures during 2009 and 2010, the Office of the Comptroller of the Currency (OCC) will require banks to review 2009 and 2010 foreclosures – if the homeowners request it. Julie Williams, OCC chief counsel, announced the move and indicated that home owners who … Continue reading
South Florida Mortgage Professionals Scammed Seniors Across the Country
Louis Gendason, John Incadela, Marcos Echaverria and Kimberly Mackey worked together to obtain $2.5 million in reverse mortgage loans from Genworth Financial over a period of two years. Sounds like they were helping a lot of seniors stay in their homes, right? Not in this case. The four are charged with pocketing nearly a million … Continue reading
Foreclosure Settlement Could be Reached as Early as Next Week
According to negotiators for major U.S. lenders and the federal government, a settlement could be reached as early as next week over state and federal claims dealing with faulty foreclosures[1]. Fines and penalties are estimated in an excess of $20 billion and require lenders to form state and federal funds to resolve claims and provide … Continue reading