The new Trump administration has already made one of its first moves, directing the Department of Housing and Urban Development to suspend a recently announced program that would have reduced mortgage insurance rates for a number of new homeowners. [More]
home loans
Guidelines Intend To Protect Homeowners As Foreclosure Relief Programs Expire
By 8.2.16
Nearly a decade after the housing bubble burst and the government created programs to provide relief for homeowners facing foreclosure, the Consumer Financial Protection Bureau is working to ensure that consumers continue to receive needed assistance tailored to changing home retention needs. Today, the Bureau has released new a new outline to guide the creation of new solutions for foreclosure relief. [More]
Discover Financial Ditching Home-Lending Business
By 6.17.15
Just three years after getting into the mortgage origination business, Discover Financial Services plans to shutter its home lending operations. [More]
3 Things That Won’t (Or At Least Shouldn’t) Affect Your Mortgage Pre-Approval
By 8.19.14
Anyone who has ever filled out a mortgage application with a bank or broker knows that there are a lot of questions you have to answer about your current assets, income, etc. There are a few things that seem like they might factor in — negatively or positively — to the approval process, but which can’t be used in determining whether or not you’re eligible for a loan. [More]
Bank Of America’s Compliance With Federal Mortgage Program Being Investigated
By 2.26.14
While it’s still settling multibillion-dollar tabs tied to the mortgage meltdown, Bank of America continues to face new legal and regulatory pressure. Yesterday, the bank revealed that it is being investigated by federal authorities to see whether it has complied with a program aimed to ease the mortgage-lending process. [More]
Government Shutdown Could Completely Screw Up Your FHA Mortgage Application
By 9.27.13
As the real estate market still continues to creep up out of the sinkhole that opened beneath our feet five years ago, home buyers have still been able to rely on loans backed by the Federal Housing Administration. But if lawmakers in Washington can’t figure out a way to keep spending money in the very near future, the federal government would effectively shut down, putting pending FHA mortgages at risk of falling through. [More]
Mortgages Slightly Easier To Get For Prime Borrowers, Still Tough For Subprime Applicants
By 5.6.13
Ten years ago, a potential home buyer could walk into a Countrywide office and get pre-approved for a half-million dollar home loan based on a bank statement written in crayon on a restaurant place mat and a pinky swear that the loan could be paid back. We all know too well the results of those lax standards, which is why regulators and banks ramped up restrictions on lending to the point where applying for a home loan is like auditioning for American Idol, without the washed-up celebrity appearances. But a new survey says that lenders are easing up… a bit. [More]
Homeowner Says Bank Of America Foreclosed On Her After Advising Her To Miss Payments
By 6.16.11
A woman says she lost her home to Bank of America by following its advice to her that she skip mortgage payments. The woman had lived in the house for 25 years and began struggling with payments when she began battling breast cancer. When she asked the bank to help adjust her mortgage in 2009, she said the bank told her it couldn’t help her because she was current with her payments. Once she allowed herself to miss three payments, as she said the bank advised her to do, BofA did lower her mortgage payments, only to later foreclose on her. [More]
Chase Screws Up Loan Modification, "Fixes" Error By Adding $8,000 To Balance Of Loan
By 6.2.11
The folks at ProPublica recently looked into the all-too-common problem of homeowners who thought they had successfully run through the loan modification gauntlet only to later find out that their bank had no record of the reduction and their house was suddenly in foreclosure. [More]
Class Action Suit Against BofA For Deceptive Loan Mods Goes National
By 5.26.11
Olly, olly, oxen, free. A class action lawsuit against Bank of America claiming they were less than above board with their loan modification practices has been certified for national participation. [More]
Ally Bank Withdraws Maryland Robosigner Foreclosures
By 1.20.11
If you’re one of 250 Maryland homeowners with a foreclosure order signed by Ally Bank’s Jeffrey Stephan, you’ve just been granted a reprieve. The bank is withdrawing all Maryland foreclosures authorized by Stephan, who admitted that he casually signed off on thousands of foreclosures each month. But homeowners aren’t completely off the hook. Ally plans to restart the foreclosure process with new filings. [More]
Citi Promises No Foreclosures Or Evictions For One Month
By 12.17.09
About 4,000 borrowers who were either scheduled to have foreclosure sales or who were going to receive foreclosure notices will be left alone until January 17th, according to CNN. [More]
How A Disputed Item On Your Credit Report Can Screw Up Your Home Loan
By 10.26.09
Thanks to federal regulations, when you dispute an account on your credit report and the dispute is resolved in your favor, the credit reporting agency is required to remove or correct the account. Credit reporting agencies often don’t do this, though, and the Washington Post notes that it can come back and interfere with your next home loan application.
Four Stimulus Benefits That Will Expire Soon
By 8.31.09
Kiplinger lists four ways you can still get some cash back from the government, although you’d better get a move on if you want to qualify. Included are a first-time home buyer’s credit that goes away November 30th, a new car tax credit, a COBRA premium subsidy for people laid off, and a slight unemployment payment benefit.
Escape The Rat Race With A Tiny House
By 9.12.08
It’s not just supermarkets that are shrinking—you can also build yourself a 90-square-foot house to shack up in with your hunched-over spouse and children. You’ll save money! You’ll save the environment! Relatives will never expect to be given free room and board when they come to visit!
By 6.19.08
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Over 400 people have been charged in the government’s national mortgage fraud probe, called “Operation Malicious Mortage,” which dealt with individual rather than corporate fraud. [Reuters]
FBI Said To Be Investigating Countrywide
By 3.11.08
The FBI has opened an investigation into Countrywide for suspected securities fraud, reports the New York Times. The Justice Department and FBI “are looking at whether officials at Countrywide, the nation’s largest mortgage lender, misrepresented its financial condition and the soundness of its loans in security filings.” So far everything is unofficial because nobody has been authorized to discuss the case, and a Countrywide spokeswoman says, “”We are not aware of any such investigation.”
Make Sure Your Refinance Loan Isn't A "Tax Trap"
By 9.14.07
“If you fail to follow some little-known rules for calculating your home mortgage deduction, you may be writing off too much interest. Instead of saving on taxes, you could wind up owing them,” says Business Week in next week’s “Personal Finance” column.
