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SEC Charging Fannie Mae; Freddie Mac Ex-Chiefs for Deception
Saturday, December 17, 2011 - Daniel H. Mudd, former CEO of Fannie Mae, and Richard F. Syron, former CEO of Freddie Mac, are now the targets of a SEC case for downplaying the extent of both agencies’ exposure to subprime mortgaging. The result of this downplaying: an overinflated...
“Mortgage Giants” Suspend Eviction and Foreclosures Over the Holidays
Friday, December 2, 2011 - Fannie Mae and Freddie Mac will not foreclose from December 19, 2011 to January 2, 2012. JP Morgan and Bank of America will follow suit with their own “moratorium” plans, while Wells Fargo will suspend evictions but not the process of eviction...
Fannie Mae; Freddie Mac “Booting” Robo-Signing Lawyer Networks
Thursday, October 20, 2011 - It has been a long time coming, but it’s finally happened: the lawyer networks responsible for so many false foreclosure rulings due to shoddy and fraudulent practices are finally getting cut off.
The Federal National Mortgage Association...
“Grand” Real Estate Fraud Ring Busted in Minnesota
Saturday, September 24, 2011 - Buyers, appraisers, closers, mortgage brokers and even entire real estate companies all collaborated to form one of the most elaborate kickback and mortgage fraud schemes in Minnesota’s history.
This Department of Commerce uncovered a scheme...
Short Sales Getting Easier to Access; Patient Buyers Win Out
Friday, August 26, 2011 - One way for homeowners to avoid foreclosure is to work with their lender and sell off their properties for less than what they owe on mortgage. This process of short-selling a home, however, is historically mired in red tape; effectively taking...
Low Mortgage Rates Despite Fannie Mae and Freddy Mac Downgrade
Tuesday, August 9, 2011 - Fannie Mae and Freddy Mac have been hit by a credit downgrade from Standard & Poor’s (S&P). Both have dropped down to AA+ from AAA.
Mortgage rates, however, continue to stay low.
Average fix-rate mortgages have been dropping in recent...
Fannie May; Wells Fargo Face Class-Action Lawsuits for “Illegal” Equity Loan Foreclosures
Monday, August 8, 2011 - AARP (formerly American Association of Retired Persons) Foundation Litigation, along with two other law firms, have filed a class-action lawsuit against both Fannie May and Wells Fargo with the intent to force both institutions to declare the...
JPMorgan Chase Offers Money to Delinquent Homeowners to “Stay and Sell”
Saturday, August 6, 2011 - Foreclosures have hurt both bank and homeowner in recent times, which is why JPMorgan Chase is experimenting with a model that might seem to give everyone some slack.
The bank has sent letters to a few delinquent homeowners with a $100,000 debt...
Thousands of “Robo-Signed” Mortgages Signal Continuing Epidemic
Sunday, July 24, 2011 - The act of signing unread documents with fake signatures, a.k.a. robo-signing, has been pointed as one of the main causes of the recent foreclosure wave.
It has then been the focus of a massive government crackdown – one which is apparently...
Opportunities for Graying LGBT Community in Reverse Mortgages
Thursday, July 21, 2011 - Seniors have very specific needs, but lesbian, gay, bisexual and transsexual (LGBT) baby boomers nearing retirement have even more specific needs.
Approximately 1.5 million LGBT seniors in America need to have those needs met, with 56% of another...
