Hey, rest of the country that isn’t California! This is how you do it: California legislators went ahead and approved a sweeping bill on Monday that is basically a homeowner bill of rights, including ending abusive practices by mortgage lenders while at the same time helping homeowners evade the abyss of foreclosure. California ain’t kidding around. [More]
mortgages
California Goes Gangbusters Against Abusive Lending, Passes Sweeping Foreclosure-Protection Law
By 7.3.12
How Much More Expensive Is It To Have A Bad Credit Score?
By 6.20.12
Most people know that having a less-than-perfect credit score makes it more difficult to get a loan. And for those who can manage to be approved for a loan or new credit card, it also means they will end up with higher payments. [More]
Is 3 Weeks Too Long To Wait For My Bank To Refund $1,200 It Took By Mistake?
By 5.3.12
Consumerist reader Josh is currently staring at a depleted checking account — and it could be several weeks before it’s back to looking healthy again — all because his mortgage lender screwed up some paperwork. [More]
Is This The Worst Piece Of Mortgage Advice Ever Given?
By 4.9.12
For many first-time home buyers, especially people looking to buy in an area where home prices are higher than average, the biggest roadblock can be saving up to make that down-payment. While there are some tried-and-true methods for amassing that cash — a “gift” from your parents is the classic example — here’s one from a mortgage broker we would never, under any circumstances, suggest you try. [More]
SEC Wants To Ask Big Banks About Mortgage Investments
By 2.29.12
The Securities and Exchange Commission isn’t done sorting through the mortgage mess, and has launched inquiries with Wells Fargo and Goldman Sachs over mortgage-backed securities they peddled to investors. [More]
$25 Billion Mortgage Settlement Is Just The First Step Toward Cleaning Up Mortgage Mess
By 2.9.12
There are a lot of good things about today’s $25 billion settlement between the five largest mortgage servicers, the Dept. of Justice and the attorneys general of 49 states. But in spite of the huge price tag on the deal — which could grow even larger if other lenders sign on — it’s only the beginning of cleaning up the aftermath of housing market collapse. [More]
DOJ, 49 States Reach $25 Billion Settlement With Five Largest Lenders Over Robosigning
By 2.9.12
More than a year after several of the nation’s largest mortgage lenders temporarily suspended foreclosures after it was revealed that they had been using untrained, unqualified “robosigners” to process foreclosure documents, the U.S. Justice Dept. and the attorneys general of 49 states have announced a $25 billion settlement that will result in mortgage reductions to some homeowners. [More]
12-Year-Old Raises $10,500 To Save Grandma From Foreclosure
By 2.8.12
It’s such stuff as uplifting after-school specials are made on. A plucky Wisconsin tween recently managed to raise enough money to save his grandmother from losing a house that had been in the family for three generations. [More]
Banks Realize Short Sales Are Better Than Foreclosure, Pay Homeowners To Sell Now
By 2.7.12
It’s been nearly a half decade since the housing market imploded like an old stadium packed with explosives and the ground is still rumbling from the impact. Realizing it’s better to recover some money now rather than trying to get all their cash back eventually, more banks are making it easier for homeowners to unload their houses for less than what is owed on the mortgage. [More]
Almost All States Sign On To Massive Mortgage Settlement
By 2.7.12
Last night was the deadline for the attorneys general of each state to sign onto a massive settlement with the nation’s five largest mortgage lenders, and more than 40 of the states opted to join in the pot-sharing. [More]
Freddie Mac Told To Stop Betting Against Struggling Homeowners
By 1.31.12
Yesterday, it was reported that bailed-out mortgage titan Freddie Mac had invested billions in mortgage-backed securities that would really only pay off if struggling homeowners were unable to refinance their high-interest mortgages; investments that appear to put Freddie in direct conflict with its goal of making it easier to own a home. Now the federal regulators in control of Freddie Mac say they have already put a halt to these trades. [More]
Freddie Mac Sorta Hoping You Can't Refinance Your Pricey Mortgage
By 1.30.12
Even though the job of bailed-out mortgage backer Freddie Mac is supposed to be about making it easier to own a home, the traders at Freddie have reportedly been buying up investments that put the company at odds with homeowners who want to refinance their pricey mortgages. [More]
Big Banks Pinky-Swear To Overhaul Lending & Foreclosure Practices
By 1.23.12
Nearly a half-decade after the U.S. housing market collapsed like something that collapses really badly, the country’s five biggest mortgage providers — Bank of America, Chase, Wells Fargo, Citi and Ally — are oh-so-close to reaching a settlement with the states that could include overhauls to how they operate when it comes to the whole lending/servicing/foreclosing process. [More]
A Peek Into The Scrambled Mind Of A First-Time Home Buyer
By 1.23.12
Just about everyone who knows what they’re doing when it comes to buying a house has bought a home before and learned from their mistakes the first time around. First-time buyers are in a tough position, with banks, real estate agents and sellers looking to exploit their naivete. [More]
Bank Of America & Chase Continue To Be Penalized For Sucking At Loan Modifications
By 12.7.11
For the third quarter in a row, the Treasury Dept. has released its report card detailing how the country’s largest mortgage servicers are doing with processing loan modifications. And for the third consecutive quarter, both Bank of America and JPMorgan Chase will not receive incentive payments from the Treasury because the banks are doing such a craptastic job at complying. [More]
6 Warning Signs Of A Mortgage Modification Scam
By 12.5.11
Getting a mortgage is difficult enough. Having that mortgage modified because your house has dropped in value can be a Minotaur’s maze full of unscrupulous types looking to cash in on your uncertainty about the often complicated process. [More]
Refinancing Homeowners Are Ditching Variable-Rate Mortgages
By 11.16.11
With mortgage rates close to record lows, 95% of refinancing homeowners are going with fixed-rate loans, according to Freddie Mac. More borrowers are also opting for shorter mortgages, with 40% of those who paid off a 30-year loan switching to a 15- or 20-year mortgage, the highest percentage since 2003. [More]
More Homeowners Sunk Underwater In Third Quarter
By 11.9.11
Overwhelmed homeowners looking for a life raft splashed around to no avail in the third quarter, but they did receive more company. According to Zillow, the amount of underwater homeowners — those who owed more than their home was worth — rose to 28.6 percent from 26.8 percent in the second quarter. [More]
