Sep 1st 2010 5:01PM
Beware, real estate speculators: Your advantage is waning. The Obama administration announced today that major banks have agreed to allow local governments and nonprofit groups to purchase foreclosed properties before private investors. Congress granted $7 billion to enable local officials to acquire such properties with... Continue Reading »
Aug 13th 2010 3:31PM
The head of the Philadelphia Housing Authority can relate better than most housing officials to the mortgage default problems facing many Americans. That's because Wells Fargo Bank has foreclosed on his $615,035 condominium in the upscale Naval Square development in Philadelphia. The amount in dispute is $386,685.22,... Continue Reading »
Jul 8th 2010 10:30AM
Getting a subprime, or non-conforming mortgage, just got a lot harder. Wells Fargo, the third-largest bank in the U.S., announced it is closing a division devoted to issuing what they call "non-prime" mortgages, car loans, and credit-card loans. The bank will no longer issue subprime loans and is eliminating 3,800 related... Continue Reading »
May 13th 2010 11:00AM
Looking to get a mortgage to refinance your home at a low rate? Better check not only your bank account and credit score but your neighborhood's racial profile. According to a new report that surveyed loans in seven major cities across the country: among the big four bank holding companies that now dominate the mortgage... Continue Reading »
Apr 14th 2010 2:00PM
Tuesday's hearing by the House Committee on Financial Services was ostensibly on "Second Liens and Other Barriers to Principal Reduction as an Effective Foreclosure Mitigation Program," as the mouthful of a title indicates. Many housing experts and regulators have come believe that principal reduction is the most effective... Continue Reading »
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