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“A Senate amendment based on Congressman Ron Pauls successful House bill to audit the Federal Reserve was blocked by the Senate yesterday evening on procedural grounds, as Jim DeMint slammed the Fed for refusing to disclose where trillions in bailout funds had gone, while a top Obama administration advisor called for a second stimulus package to be prepared.”
Housing finance records another rise
“Australia’s love of housing investment keeps picking up, defying the slow economy, with another rise in the number of home loans taken out.”
Bucking the mortgage modification trends
Mortgage modifications are supposed to be a win-win situation. Homeowners lower their monthly payments and get to keep their homes. Mortgage lenders, minimize loss by allowing the homeowner to hold onto their property than they would if the property went into foreclosure. The community benefits because instead of an empty property, they have neighbors. According to a new report from the Boston Federal Reserve Bank, lenders arent buying it. At least one bank, First Federal Bank of California, is.
Just released figures for May 2009 indicate that First Federal Bank of California, a subsidiary of FirstFed Financial Corp., has modified nearly $1 billion worth of home mortgages enabling more than 2,000 California families to avoid foreclosure. Perhaps more significantly 81 percent of homeowners whose mortgage have been modified by the bank are current on their monthly payments.
Beazer Homes Agrees to Pay $53M to Settle Mortgage Fraud Charges
“In the most blatant case of mortgage fraud disclosed to date, Atlanta-based Beazer Homes USA Inc. has agreed to pay a total $53 million to settle a U.S. Dept. of Justice lawsuit.
The suit could have triggered criminal prosecution against the 41-year-old homebuilder and possibly put it out of business, sources in a position to know tell Real Estate Channel.”
Low Prices, Rates Spur California Home Sales
” After a two-year downturn, California home sales have increased 27% through the end of 2008 and beginning of 2009, spurred by low home prices, mortgage rates and a belief that rates will increase in the near future, according to a survey by the California Association of Realtors (CAR).”
Mortgage Refinancing For Underwater Borrowers Now Available
” The Obama administration is furthering its efforts to jumpstart the credit and real estate sector by widening and softening the requirements for home loan borrowers to qualify for mortgage refinancing relief. The specific requirement that has been modified is the percentage of the home loan you must own before you can apply for mortgage refinancing aid.”
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Commercial Real Estate Articles and News # 3 Greetings from the 345th wonder of the world....Cedar Crest, NM I am back from Durango, CO where I spent the week with my youth group. We joined a thousand other young adults at Fort Lewis College @ the CIY MOVE conference. It was amazing. Anyway while I was at the...... -
Real Estate Investments - Good Idea or Bad Idea? Right now, if there was a market that had bad news written all over it, it would be real estate. The housing crisis has made investors jumpy, the economy appears to be tanking and home values are plummeting across the country. Would you believe that this is actually a good...... -
Things to Consider Before Investing in Real Estate This post was written by Tony. Real estate is a great investment, because as Teddy Roosovelt once said “you should buy land; they’ve stopped making it.” It’s a great uber-long term investment. But like any good investor, you need to realize a few important points before jumping into the...... -
Reversion to the Mean: Real Estate to Fall Another 20 Percent Lots of people are making big bets, even betting with borrowed money at risk to their personal credit report (e.g. taking out a home loan on investment properties), on the long term direction of the real estate market. Real estate is always influenced by local trends, but on a...... -
U.S. Real Estate Market has STD? If comedians jokingly refer to Florida as "America's penis", then the above graphic illustrating the percentage of total homes that are in foreclosure would suggest that the U.S. real estate market, and Florida in particular, has a raging sexually transmitted disease. As Gonzalo Lira so cleverly put it: Mortgage......
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