Former mortgage lending giant Countrywide has been ordered by the FTC to pay out $108 million in refunds to homeowners who were overcharged by the… Read More »Countrywide to Pay $108 Million for Overcharging Homeowners
The “Fonz,” better known for being cool than pitching mortgage products to old people, is the new face of a growing reverse mortgage company. One… Read More »The Fonz is New Spokesperson for Reverse Mortgage Company
Of the estimated 211,154 residential units foreclosed on in California during 2009, roughly 77,145 were rental units, according to a new report focused on tenant… Read More »Nearly 40 Percent of California Foreclosures Were Rentals
There’s a better chance you’ll experience foreclosure if your math isn’t up to snuff, according to a new research paper from the Atlanta Fed. Three… Read More »Foreclosure More Likely if You’re Bad at Simple Math
We already know negative equity is plaguing millions of Americans nationwide, but perhaps worse is the fact that many won’t see any positive equity for… Read More »Many Homeowners Won’t See Positive Equity Until 2015
Bank of America announced a new strategy today to tackle the pesky underwater mortgages on its books, many acquired via its merger with Countrywide. The… Read More »Bank of America Wants You to Earn Principal Forgiveness
There’s been a lot of talk about short sales lately, and considerable concern about related fraud. After all, there is lots of potential profit to… Read More »How Short Sale Fraud Works
Just days after details of the Treasury’s streamlined short sale program were revealed, several leading appraiser groups have criticized the proposal. The issue involves how… Read More »Short Sale Program Slammed by Appraisers
A staggering 67 percent of Californians who sold their homes in 2009 did so because they couldn’t meet their mortgage obligations, according to the California… Read More »67 Percent of Californians Sold Homes Because They Couldn’t Pay the Mortgage
The Home Affordable Modification Program (HAMP) has finally gotten some legs, with permanent loan modifications doubling last month compared to December, according to the Treasury.… Read More »HAMP Permanent Loan Modifications Double
