Editor's Note: If you have been in foreclosure Zillow will often wrongfully list your home as foreclosed even if the home has not been sold. It might be a good idea to check. We have many clients who have tried and failed to have Zillow remove the inaccurate information. Since realtors and appraisers use Zillow to assess home values, a…[...]
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After dismal housing starts and permits data yesterday, the 'housing recovery' narrative took another knock this morning as mortgage applications tumbled 4.1% last week - the biggest drop since December 2016. If the Fed raises rates in June- there will be a further contraction. While mortgage rates were unchanged, both purchases and refis fell notably... Purchases down 2.7% after rising…[...]
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A sluggish mortgage-bond market could be jump-started by a new service that allows investors to short home loans. Skeptics say the rise of derivatives on credit-risk transfer notes sold by Fannie Mae and Freddie Mac has echoes of the 2008 credit crisis, when the market plunged under the weight of collapsing subprime securities. Fannie and Freddie – the biggest guarantors of U.S. home…[...]
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After four months of leaving the benchmark interest rate for standard mortgage modifications (not including HAMP mods) at an 18-month high, Fannie Mae and Freddie Mac recently announced that they are cutting the benchmark rate. Back in January, Fannie and Freddie increased the standard mortgage modification benchmark rate from 3.875% to 4.25%. That level is the highest the benchmark rate has been…[...]
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David Dayen: Steve Mnuchin’s Old Company Just Settled for $89 Million for Ripping Off the Government on Dodgy Loans
May 17, 2017
Steve Mnuchin’s Old Company Just Settled for $89 Million for Ripping Off the Government on Dodgy Loans David Dayen For four years during Treasury Secretary Steven Mnuchin’s tenure as chair of OneWest Bank, its reverse-mortgage subsidiary Financial Freedom ripped off the government by receiving unlawful federal insurance payments on reverse mortgages, according to an $89 million Justice Department settlement made…[...]
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It depends who you ask, when you ask and where you ask. The Wall Street Banks have been very effective at putting out stories to make it appear that foreclosures are all but over. You can read story after story about how foreclosures are "lowest since" 1991 or whatever. But in an age of 140 characters you need to read…[...]
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When the great call comes for pension benefits that are unfunded workers who depended on using their retirement money to survive will find that the money managers have been taking outsize fees while investing in world class scam on Wall Street. Banks win, everyone else loses. Everyone is kicking the can down the road to avoid a revolt. The "shortfall"…[...]
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By K.K. MacKinstry, LendingLies Blog Chronic Stress, Cortisol, and the Brain Neuroscientists have long known that chronic stress and elevated cortisol damage the brain. While no formal studies have yet examined the health consequences of foreclosure battles, prolonged litigation, and post-foreclosure trauma, the parallels are clear. Years of unresolved stress leave homeowners vulnerable to anxiety, depression, post-traumatic stress disorder (PTSD),…[...]Continue Reading
By John McDermott jmcdermott@postandcourier.com Ocwen Financial Corp. isn't a household name in South Carolina or most other states, at least not to anyone outside of the mortgage or foreclosure business. But its profile is quickly rising. While the pain from the last residential real estate crash has largely subsided, the hangover is just starting to intensify for the Florida-based company.…[...]
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The Housing Bubble isn’t a Bubble- it’s a Blister. by K.K. MacKinstry It’s going to hurt when it pops. Low interest rates have reflated the housing bubble by enticing buyers to enter the market or buy bigger homes while rates are low, with the looming Fed threat that rates will rise quickly. During May 2017 debt, auto loans, and the…[...]
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