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 [...]
First off, I want to point out that our local home sales are up — propelled by over 1400 closings in the last week of June (which I told you about first!) But much more important is a case that hit the Nevada Supreme Court last week, one of three major rulings about foreclosures and [...]
I’ve got a few little news items to add for now. First off, today’s big news is that nationwide, 28.4% of homes with mortgages are “underwater.” Needless to say, that percentage is much higher in Nevada! Fannie Mae wants another $8,500,000,000 from Uncle Sam, bringing their bailout to near $100,000,000,000. Amazing! And finally, for those [...]
A draft of the agreement between mortgage companies and the various state Attorneys General has been released. There’s a link to the actual document here. The object of this agreement is to make the banks behave in a way that is fair to consumers and legal. But does it really address any of the problems? [...]
Well, I realize that “they couldn’t stay at historic lows forever” isn’t much of an answer. CNN‘s answer is that it’s because Treasury bond yields are going up. For those of you who missed yesterdays Getting REAL (Estate) in Vegas, we talked about investing in rent homes in Vegas and avoiding foreclosure-rescue scams.
I am utterly shocked that this isn’t getting more press coverage. The LVRJ reports that Bank of America’s ReconTrust unit has been ordered by the courts to halt all foreclosures in Nevada. This stops 7500 foreclosures until the courts look into the situation more closely. The short version is that ReconTrust may not have a [...]
