‘Jumbo’ Mortgages are Now a Better Deal than Smaller Home Loans

‘Jumbo’ Mortgages are Now a Better Deal than Smaller Home Loans Why? Because they have to feed the beast… It’s true but a bit counterintuitive. Banks will give you a better interest rate if you buy a more expensive and presumably bigger home. The interest rate on a 30-year jumbo loan – anything above $523,250 … Read more

FEDSPEAK: The Effect of Demographics on Payment Behavior

The effect of demographics on payment behavior: panel data with sample selection Federal Reserve Bank of Boston Working Papers The effect of demographics on payment behavior: panel data with sample selection Joanna Stavins AbstractConnolly and Stavins (2015) showed that payment behavior is strongly correlated with consumers’ demographic and income attributes over the 2009–2013 period. In … Read more

Hundreds of Lenders Still Haven’t Used FHA Appraisal Portal: “With EAD, you still have to make sure the comparables support the value”

Hundreds of Lenders Still Haven’t Used FHA Appraisal Portal There are 1,700 active lenders that have originated FHA-insured mortgages in the last 12 months. Days before the mandatory appraisal delivery deadline, 1,601 of these had gotten credentials to submit appraisals through the EAD portal, and 66.1% had submitted appraisals electronically. While this means the majority … Read more

This is What Happens When Homes are Stolen by Mortgage Servicers

Could Homeownership Be Headed For 50 Percent? Will the homeownership rate fall below 50 percent?  Not a question most housing industry stakeholders want to think about, but some analysts are speculating that it could happen.  Freddie Mac, in its June edition of Outlook, takes a look at some of those predictions. The company’s economists start … Read more

Tampa Company that Holds Title to Foreclosed Homes Hosts Airbnb Partiers at Million-Dollar Mansion Also in Foreclosure

  Tampa Company that Holds Title to Foreclosed Homes Hosts Airbnb Partiers at Million-Dollar Mansion Also in Foreclosure Even at $999 a night, Robert Lauby had no trouble finding renters for the 5,500-square-foot waterfront home in Tierra Verde that he listed on the popular web site Airbnb. Seriously, it was the best Airbnb experience ever!” … Read more

Got Another One: Bradenton Pastor Convicted Of Mortgage Fraud

Bradenton Pastor Convicted Of Mortgage Fraud Fort Myers, Florida – United States Attorney A. Lee Bentley, III announces that a federal jury has found Nelson Cristiano Machado, Jr. (50, Bradenton) guilty of three counts of wire fraud. He faces a maximum penalty of 30 years in federal prison on each count. His sentencing hearing is … Read more

The Violence of Eviction

The Violence of Eviction Of all the ways market logic has colonized our thinking, the way it has distorted our understanding of the housing market has to be one of the most dangerous. The notion that housing is naturally like any other market has not only informed the way we think about the houses we … Read more

‘Sheriff of Wall Street’ Says ‘People Are Right’ About System Being Rigged, But…

‘Sheriff of Wall Street’ Says ‘People Are Right’ About System Being Rigged, But… This election year has exposed widespread voter anger directed at Wall Street, and U.S. Attorney for the Southern District of New York Preet Bharara agrees that “to an extent, people are right about the system being rigged.” “I think people have a … Read more

NY Times: How Housing’s New Players Spiraled Into Banks’ Old ‘Mistakes’

How Housing’s New Players Spiraled Into Banks’ Old Mistakes Some private equity firms that came in as the cleanup crew for the housing crisis are now repeating ‘errors’ that banks committed, while others are bypassing the working poor. When the housing crisis sent the American economy to the brink of disaster in 2008, millions of … Read more

Michigan Supreme Court: People vs March – Larceny Charges Dismissed After Fixtures Taken from Foreclosed Home

“Hamood inspected the home on February 10, 2013, the day after the redemption period expired. Inside, he noticed various items missing, including kitchen cabinets, the kitchen countertop, a furnace, duct work, interior doors, a hot water tank, and an exterior air conditioner.” ~ Michigan Supreme Court: People vs March – Larceny Charges Dismissed After Fixtures … Read more

750,000 Californians Past The Age Of 65 Are Still Working

750,000 Californians Past The Age Of 65 Are Still Working Regular readers are well aware that residents are rushing out of California in droves for many reason, least of which is the high cost of living. For those older California residents that choose to stay however because they simply can’t uproot their lives and start … Read more

Misapplied Payments: Homeowners File Suit Against Servicer, Trust Over Alleged Breach of Contract

Property owners file suit against financial institutions over alleged breach of contract SAN FRANCISCO – Martinez property owners have filed suit over their mortgage payments. John Roemer and Paula Roemer filed a complaint on June 21 in the U.S. District Court for the Northern District of California against Fay Servicing LLC, U.S. Bank Trust National … Read more