The majority of the consumer complaints filed with the Consumer Financial Protection Bureau during its first 11 months in existence relate to mortgage debt, the CFPB said in its semi-annual report to Congress. CFPB data shows the bureau received 55,300 consumer complaints from July 21, 2011, through June 30. Of those complaints, 43% involved mortgage … Continue reading Mortgages dominate complaints sent to Consumer Financial Protection Bureau
Month: July 2012
Chicago considers eminent domain to seize underwater mortgages
The City of Chicago will hold a hearing over using eminent domain to seize underwater mortgages. The idea first came under consideration in San Bernardino County, Calif. Venture capital firm Mortgage Resolution Partners is pitching the idea to several cities across the country. Using investor dollars, local governments would seize performing mortgages in negative equity, … Continue reading Chicago considers eminent domain to seize underwater mortgages
HELOCs return in some hardest-hit states
Home equity lending returned in some unlikely places over the past year, according to Moody's Analytics and Equifax. A joint report from the two firms showed HELOC increases in Florida, Nevada and Michigan. These states lead the country in negative equity, and lines of credit remain well below pre-crisis levels. Home values in Nevada fell … Continue reading HELOCs return in some hardest-hit states
More than half of US metros post higher foreclosure activity
Foreclosure activity in the first half of 2012 picked up in 125 of the 212 U.S. metros surveyed by RealtyTrac in the research firm's latest Foreclosure Market Report. Despite foreclosure increases in many markets, 129 metros still experienced year-over-year declines in foreclosure activity, according to the Irvine, Calif-based real estate research firm. Seven of the … Continue reading More than half of US metros post higher foreclosure activity
Short Sale Bill Addresses Slow Approval from 2nd Lien Holders
Rep. Jerry McNerney (D-Stockton) recently introduced a bill to speed up the short sale process by requiring subordinate mortgage lien holders to make a decision on a short sale within 45 days. McNerney’s bill proposes that if the lender does not make a decision within the given time period, the short sale will be approved … Continue reading Short Sale Bill Addresses Slow Approval from 2nd Lien Holders
15-Year Home Loan
Average rates on 15-year fixed-rate mortgages have been below 3% since May, leading more borrowers to consider swapping their current home loan for one with a 15-year term. Not only are interest rates on the 15-year mortgage at record lows, but the difference between the 15-year and the 30-year mortgage is unusually wide, says Freddie … Continue reading 15-Year Home Loan
Credit Reporting
The federal Consumer Financial Protection Bureau (CFPB) is about to start supervising credit reporting bureaus, specifically, the companies that collect information about your borrowing and payment history. Consumers have a lot at stake when it comes to the information contained in the reports they assemble. What's in them can determine whether you will be approved, for … Continue reading Credit Reporting
Los Angeles Sues U.S. Bank Over Deteriorating Foreclosures, Evictions
Los Angeles’ city attorney, Carmen A. Trutanich, announced his office filed a civil lawsuit against US Bank over allegations that the bank allows its foreclosures to deteriorate into slum conditions and executes illegal evictions, according to a release Tuesday. The complaint cites more than 170 properties as examples of US Bank’s illegal conduct. The city … Continue reading Los Angeles Sues U.S. Bank Over Deteriorating Foreclosures, Evictions
Foreclosure Program Picks Chicago
The Federal Housing Administration said Wednesday it has tapped the Chicago area, along with three other housing markets hit hard by foreclosures, for a pilot program designed to stabilize neighborhoods and slow the increase in abandoned homes. The agency's Distressed Asset Stabilization Program is a complicated effort. Pools of defaulted, FHA-backed loans already in foreclosure … Continue reading Foreclosure Program Picks Chicago
Mortgages: Fixed vs. Adjustable
FHA-insured reverse mortgages, called Home Equity Conversion Mortgages (HECMs), can be a life-saver for elderly homeowners short of income. While aftershocks from the financial crisis have caused the amounts that homeowners can draw under the program to be reduced, as discussed in my previous articles in this series, borrower s now have more options than … Continue reading Mortgages: Fixed vs. Adjustable
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