Death Clause: Home Foreclosed Despite Never Missing a Payment

Uncommon mortgage clause leaves grieving Va. family without home POWHATAN COUNTY, Va. — A family home was sold to the highest bidder Friday; it was an auction overshadowed by tears. Peggy Stroud wept as a bidder bought the home she grew up in on Urbine Road. Stroud said the home is the place where her mother … Read more

Unclean Hands: FICO to Exclude Certain Negative Information Boosting The Pool of Eligible ‘Credit-Worthy’ Mortgage Recipients

“It’s going to make someone who has poor credit look better than they should,” said John Ulzheimer, a credit specialist and former manager at Experian and credit-score creator FICO. “Just because the lien or judgment information has been removed and someone’s score has improved doesn’t mean they’ll magically become a better credit risk.” ~ Credit Reports to … Read more

Concerns About Riskier Mortgages are Sprouting While Others See it as Welcome Change

Guy Cecala, publisher of Inside Mortgage Finance, says… “Such fears are unfounded, noting Federal Reserve officials have complained that FHA loan standards have been too rigorous.” “The non-banks are bringing a welcome change” Bill Emerson, vice chairman of Quicken Loans, the largest non-bank lender, says… “I don’t have any concerns about” a potential increase in … Read more

When It Comes to Wall Street, Preet Bharara Is No Hero

When It Comes to Wall Street, Preet Bharara Is No Hero by Jesse Eisinger ProPublica After his election in 1968, President Richard Nixon asked Robert Morgenthau, the US Attorney for the Southern District of New York, to resign. Morgenthau refused to leave voluntarily, saying it degraded the office to treat it as a patronage position. … Read more

Economic Distress and Voting: Evidence From the Subprime Mortgage Crisis

Economic Distress and Voting: Evidence From the Subprime Mortgage Crisis Abstract Roughly 7 million Americans lost homes to foreclosure during the Great Recession. Despite claims that the subprime mortgage crisis helped fuel recent political turmoil in the U.S., we lack systematic empirical evidence about the effects of this unprecedented spike in home foreclosures on American … Read more

U.S. Home Flipping Increases In 2016 To A 10-Year High

U.S. Home Flipping Increases 3 Percent In 2016 To A 10-Year High This should turn out well… IRVINE, Calif. – March 9, 2017 — ATTOM Data Solutions, curator of the nation’s largest fused property database, today released its 2016 Year-End U.S. Home Flipping Report, which shows that 193,009 single family homes and condos were flipped … Read more