With the shakeout in the mortgage industry, federally backed FHA loans have dramatically increased in volume.
These mortgages provide consumers with long-term, fixed-rate financing insured by the government.
FHA market share has jumped from about 3 percent in 2005 to about 12 percent.
“Our volume in Texas for the first quarter of calendar year 2008 was up almost [...]
The 67 area defendants, charged in a dozen different cases, are among more than 400 snagged across the country in Operation Malicious Mortgage, “a nationwide initiative against fraudulent home lending schemes,” according to a press release from the U.S. Attorney’s office.
Prosecutors allege that more than $170 million in fraudulently-obtained home mortgages were issued by various [...]
Democratic lawmakers hoping to prevent another foreclosure crisis have approved a series of homeowner-friendly bills in the Assembly, but those measures face tougher prospects as they head to a key Senate committee today.
Resistance is strong from moderate Democrats in the upper house, who tend to be more supportive of business interests than their Assembly counterparts, [...]
A New type of Mortgage Company has been launched this spring, 2008, by Sterling Lending Group’s President, Prem Bajaj.
Shanti Home Loans.com is a new sister company of Sterling Lending Group, Inc., formerly in Bethel CT, now residing at 105 Mill Plain Road in Danbury, CT. Shanti Home Loans.com was created because of customer need to [...]
Federal authorities here announced charges against 67 real estate business workers allegedly embroiled in elaborate mortgage schemes that drained $40 million from area banks and lending institutions.
Those arrested in Chicago included mortgage brokers, loan officers, real estate agents, home builders and attorneys, First Assistant U.S. Attorney Gary Shapiro said. The Chicago cases involved more than [...]
A slate of bills seeking to rein in the type of risky lending practices that contributed to California’s housing collapse ran aground in a Senate committee Wednesday.
The legislative package had previously passed the Assembly but ran into tough questioning from the bipartisan panel after bankers and brokers raised concerns.
“California’s economy, current borrowers and future borrowers [...]
Reverse mortgages are being held out as an excellent way for house-rich but cash-poor seniors to tap into their equity without having to sell and move. And they may well be a good choice for some people. But there are other options those homeowners might want to consider.
A reverse loan is intended to enable persons [...]
The rate at which that amount is increasing each month is now a quarter its level in June last year, when total household debt was increasing by a whopping 1.2 per cent a month.
The growth rate has been declining since July last year but has been in freefall since February. The biggest slowdown was in [...]
Within 15 months of his last purchase in January 2007, he lost all 38 homes, including his own residence, through foreclosure because he’d stopped making mortgage payments. The foreclosures saddled his lenders — which were all out-of-state institutions — with more than $3.5 million in unpaid mortgage debt, according to Kalamazoo County records.
Hixon, 48, says [...]
StoneWater Mortgage Corp., the new company formed by First Magnus Financial Corp. executives, plans to start funding loans next month, said the new company’s president and chief financial officer.
StoneWater hopes to operate in more than 30 metro areas by the middle of next year, said Karl F.W. Young, former chief operating officer of First Magnus, [...]
