Maybe there are no more debtors’ prisons, but that doesn’t mean your life can’t be screwed up by unscrupulous collection agencies.
real estate
Countrywide CEO Accidentally Emails Homeowner, Calls His Plea For Help "Disgusting"
By 5.21.08
Apparently Angelo Mozilo, the CEO of Countrywide, has never made a mistake and needed help (from, say, Bank of America,) because he thinks that homeowners who are desperately trying to refinance out of their disastrous home loans and avoid foreclosure are “disgusting” if they look to the internet for help writing letters.
By 5.12.08
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People lose their houses and move all their stuff into self-storage, where the first month is often free. Then it turns out they can’t pay their self-storage bills any better than their mortgage. However, the number of defaults are down from a year ago, suggesting that the worst is over. [NYT]
By 5.12.08
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Mortgage meltdown isn’t just for people with bad credit, 2.3% of prime loans were 60 days past due in February, up from 1.4% a year ago and the highest in a decade. [USATODAY]
By 5.9.08
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Dr. Housing Bubble tells the tumultuous story of one two bedroom 1 bath 825 square foot home in Santa Ana, California. The little house sold for $88,000 in 1988 and had skyrocketed in “value” all the way up to $505,000 when it was sold in 2006. The 90 year old house is current on the market for $177,495. [Dr. Housing Bubble]
Don't Get Cheated On Closing Costs
By 5.8.08
Some homebuyers are pissed because when the actual line item fees for various closing costs come in less than the estimation, their closing agents are simply pocketing the difference. How do you fight back? This article on LawyersandSettlements says,
By 5.7.08
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Fannie Mae lost $2 billion in the first quarter. Whoopsie. [Chicago Tribune ]
Countrywide Still Asking Consumers To Lie About Their Income
By 5.6.08
Countrywide would like you to believe that it put all that messy “predatory subprime lending” business behind it and is no longer coaching consumers to lie on their loan applications in order to qualify them for loans they can’t afford… but are they telling the truth about telling the truth? One woman who recently contacted Countrywide about refinancing her home told NPR that sketchy mortgage lending is alive and well at Countrywide.
Jose Canseco Makes "Mathematical Decision" To Let Mansion Go Into Foreclosure
By 5.6.08
Was ex-American League MVP and admitted steroid abuser Jose Canseco too busy counting the money from his Major League Baseball tell-all books to remember to pay his mortgage? Nope. When the California market tanked, Canseco made “a mathematical decision” to walk away from his mortgage, says the Wall Street Journal.
By 4.25.08
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The state of Florida is offering single-family homeowners in the state free wind inspections that can then be used to get insurance discounts. [My Safe Florida Home]
By 4.23.08
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Bob Lawless considers why fewer homeowners walk away from “underwater” mortgages than you might expect. [Credit Slips]
No Help For 70% Of Homeowners Facing Foreclosure
By 4.23.08
A new study shows that despite the best efforts of lawmakers and mortgage-service companies, little is actually being done to help homeowners facing foreclosure, says the Wall Street Journal.
Is Your HELOC In Danger Of Being Frozen?
By 4.22.08
If you have an open home equity line of credit you were counting on for renovations or other projects, you might want to read CNN Money’s article about how lenders are freezing them around the country. The main triggers for HELOC freezing are credit score changes and a rapid drop in home value in your area. The freeze may also be a computer-determined action, so if your HELOC suddenly goes away and you don’t think it was justified, it may be worth checking your FICO score and then contacting the lender to reopen the line or renegotiate it.
Real Estate Speculation: From A Trailer Park To Foreclosure On 4 Homes
By 4.21.08
The Minneapolis Star-Tribune has a fascinating article about real estate speculation in Minnesota. The article focuses on Bradley and Sarah Collin, a couple with three children who were living in a trailer park when they were suckered by a local “property management company” that (illegally) paid the couple $20,000 cash to buy 4 houses in a new subdivision.
By 4.18.08
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Apparently, buying a house you can afford and fixing it up with a modest loan and money that you earned through gainful employment is rare enough to warrant a 3-page profile in the NYT. [NYT]
Life In A Subprime Ghost Town: Not Paying The Mortgage Feels "Great!"
By 4.10.08
We’ve been hearing tales of suburban McGhost-Towns that were submerged by a tidal wave of foreclosures at the height of the subprime meltdown and are now just sitting there, the lawns turning brown one by one.
Zillow Offers Anonymous Mortgage Shopping
By 4.4.08
Zillow has a new tool for those of you who wish you could do your mortgage shopping while wearing a ski mask and speaking through one of those things that makes you sound like Darth Vader — the Zillow Mortgage Marketplace.
