John Ingram of GB Shelter Mortgage was kind enough to brief my office on the rules for the Home Affordable Refinance Program 2.0, or HARP 2.0 for short. If it sounds like this will help you, I will gladly put you in touch with his office! To qualify, all these things must be true: The [...]
Don’t think I forgot about the fact that new FHA standards and fees went into effect at the first of the month. I work with a lot of cash customers, so I don’t stress financing as much as many of my colleagues. CNN wrote a nice story on the changes with an important error: The [...]
Details are now publicly available. It still won’t do as much as expected, but at least criminal investigations and prosecutions are not off the table! However, there may still be fallout and disagreements. Bank of America appears to have agreed to make a good number of pretty large mortgage modifications. It can’t be all good [...]
And here’s some more great commentaries and news items on this “settlement.” The consensus? Banks 1, People 0. As a bonus, the taxpayers are about to be soaked another $100,000,000,000 — as a bare minimum! — on loans held by Fannie Mae and Freddie Mac.
I admit I was wrong about the range for available units. However, I’d like credit for predicting that the big foreclosure fraud settlement would involve fewer than 49 states. Nevada is among the hold-outs. I wonder what the Feds threatened. More on the settlement on today’s show!
Have no fear, the Friday Figures will be up later. I didn’t want this important story to get buried! There’s actually an indictment against 2 bankers for mortgage fraud in Nevada! It’s over 600 counts, alleging robo-signing on a massive scale. Most experts agree that the goal is to get these two employees to turn [...]
This morning President Obama was in Las Vegas, where he announced some welcome if inadequate changes to the Home Affordable Refinance Program. Originally the program for Freddie Mac and Fannie Mae borrowers would only refinance up to 125% of a property’s value — a bad joke here in Vegas where some homeowners owe more than [...]
It sure looks that way! The California Attorney General has pulled out of the settlement talks and plans to run her own investigation! I wouldn’t be surprised if the New York Attorney General followed, since he‘s already talked about investigating on his own, and says he’s looking forward to talking with her. For that matter, [...]
I don’t often have guest posts, but this item comes to you from Shaun Spellman of MortgageFit. Don’t forget that Nevada owner-occupants can use the resources of the Nevada Hardest Hit Funds in conjunction with an expert like Shaun to help make that refinancing happen! Since the credit downgrade within the US, there have been [...]
