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The Garbage Man Articles
10/21/2009
A Bank of America executive said that if borrowers prove they can no longer pay their mortgages and have few or no assets, the bank will waive its right to a deficiency judgment during the closing of the short sale deal.
But if the borrower can afford to pay or has assets, the bank will try to negotiate a set fee for the borrower to pay at closing.
If the borrower refuses to turn over financial information, the bank will retain its right to go after the money.
(Read More...)
10/22/2009
The Federal Trade Commission announced major action against a mortgage firm.
According to the agency, a "nationwide mortgage company" is facing "major law enforcement action."
The company is accused of misleading and overcharging borrowers in financial distress.
(Read More...)
10/22/2009
In a filing with the U.S. Bankruptcy Court, current and prior directors of The Colonial BancGroup Inc. asked the court to approve additional expenditures for their defense in multiple cases.
The filing requests that the cap for post-October expenditures be raised by $1.5 million.
It's the second time the bankruptcy court was asked to release defense funds.
(Read More...)
10/22/2009
The number of people employed in the mortgage industry fell by 5,500 jobs between March and April, the U.S. Department of Labor reported.
The number was down 17,900 from April 2009.
Most of the job losses in April occurred with "real estate credit" positions.
(Read More...)
10/22/2009
The average 15-year fixed-rate mortgage fell to its lowest level "since Freddie Mac started tracking the 15-year fixed-rate mortgage in August of 1991."
But there was no weekly change in the one-year Treasury-indexed adjustable-rate mortgage, thought it is still at its lowest level since May 2004.
The Mortech-MortgageDaily.com Mortgage Market Index shot up to 324 from last week's 270.
(Read More...)
09/03/2010
A Bank of America executive said that if borrowers prove they can no longer pay their mortgages and have few or no assets, the bank will waive its right to a deficiency judgment during the closing of the short sale deal.
But if the borrower can afford to pay or has assets, the bank will try to negotiate a set fee for the borrower to pay at closing.
If the borrower refuses to turn over financial information, the bank will retain its right to go after the money.
(Read More...)
09/03/2010
The Federal Trade Commission announced major action against a mortgage firm.
According to the agency, a "nationwide mortgage company" is facing "major law enforcement action."
The company is accused of misleading and overcharging borrowers in financial distress.
(Read More...)
09/03/2010
In a filing with the U.S. Bankruptcy Court, current and prior directors of The Colonial BancGroup Inc. asked the court to approve additional expenditures for their defense in multiple cases.
The filing requests that the cap for post-October expenditures be raised by $1.5 million.
It's the second time the bankruptcy court was asked to release defense funds.
(Read More...)
09/03/2010
The number of people employed in the mortgage industry fell by 5,500 jobs between March and April, the U.S. Department of Labor reported.
The number was down 17,900 from April 2009.
Most of the job losses in April occurred with "real estate credit" positions.
(Read More...)
09/03/2010
The average 15-year fixed-rate mortgage fell to its lowest level "since Freddie Mac started tracking the 15-year fixed-rate mortgage in August of 1991."
But there was no weekly change in the one-year Treasury-indexed adjustable-rate mortgage, thought it is still at its lowest level since May 2004.
The Mortech-MortgageDaily.com Mortgage Market Index shot up to 324 from last week's 270.
(Read More...)
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