Posted on 25 August 2009
Tags: Bank of America, borrowers, Citigroup, CitiMortgage, economy, foreclosures, HAMP, Home Affordable Modification Program, home prices, homeowners, inventories, JPMorgan Chase & Co, modification, Mortgage, President Barack Obama, Recession, report, U.S. Treasury, US housing market
In response to the U.S. Treasury’s call to speed the process and help prevent foreclosures, Citigroup Inc has significantly boosted its mortgage modification offers this month.
In a report released on Tuesday, CitiMortgage said that it has already helped 108,000 homeowners in the last quarter to avoid potential foreclosure, a rise of nearly 30 percent over the previous period.
It has participated fully in the President Barack Obama’s Home Affordable Modification Program, known as HAMP, to ease loan terms for up to 4 million borrowers.
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Posted on 21 August 2009
Tags: buyers, delinquencies, economists, Existing Home, falling prices, foreclosures, homeowners, homes, July, June, lower interest rates, market, median sale price of homes, National Association of Realtors, properties, sales, short sales, tax credit
Taking advantage of falling prices, buyers have stormed back to the market, surging the sales of previously owned homes in July, due to lower interest rates and a tax credit for first-time homeowners.
According to the National Association of Realtors, the number of existing home sales rose 7.2 percent in July from June, whereas the sales of condos and single-family homes each rose for the month. It was the largest monthly gain since the group began tracking existing home sales in 1999.
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Posted on 01 August 2009
Tags: buyer, Connecticut, credit problems, economic crime, economic crisis, FBI, federal, federal agencies, federal authorities, fees, foreclosure rescue, foreclosures, fraud scheme, homeowners, illegally, inflated property appraisals, law enforcement agencies, lender, Money, mortgage fraud cases, mortgage fraud investigations, mortgage fraud task force, mortgage fraudsters, mortgage loan applications, pre-foreclosure, public, rent, short sale
A mortgage fraud task force is being created by the federal authorities in Connecticut to investigate schemes that contributed to the economic crisis and emerging crime trends associated with the growing tide of foreclosures.
There have been several mortgage fraud cases in the past year that have been brought in the notice of federal and state law enforcement agencies. Authorities said the task force would help coordinate those efforts.
Mortgage fraud hurts everybody, and the public should also help to bring mortgage fraudsters to justice, as they have reaped a large amount of money and helped to create the state’s and our nation’s current housing and credit problems.
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Posted on 14 June 2009
Tags: Affordability, affordability programs, bad mortgages, Banks, buyers, Credit rating agencies, Debt, financial speculation, foreclosures, GDP, government, gross domestic product, house prices, investment, investors, mortgage investment, Real Estate, salaries, Unemployment, US economy, US Housing Crash
It is not possible to recover the US economy unless house prices are allowed to fall to such levels that can be easily paid by an individual on a normal salary. Housing “affordability” programs are the prime evil of the economy due to which debt is encouraged; this makes prices higher, not lower.
True Affordability
What true affordability means is not more debt but it rather means lower prices. More debt has been created by the government’s false affordability programs that can ever possibly be repaid. Credit rating agencies are speaking falsely about the value of this debt, scaring off investors.
The economy will work again when house prices finally fall to affordable levels, instead of investing on financial speculation, there will be investment based on real production, jobs will be created, and people will earn and spent money.
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