12 December 07 - 01:50Technorati Connect
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12 December 07 - 01:24Foreclosures Stem From New Loan Practices
Foreclosures are rising. House prices are falling. City leaders, caught in the fallout, worry that the worst housing slump in 15 years will destroy neighborhoods.
Just a few years ago, the same politicians were in the same neighborhoods, talking about how the increase in home ownership had stabilized older, urban areas and turned them into good places to invest.
What happened? The housing turmoil that is roiling Providence and other cities results from a confluence of factors: historic changes in the real-estate industry, the drive toward home ownership for every American, low interest rates, exotic mortgages, unscrupulous lenders and lax regulators.
They've all become entwined to create an industry driven by investors without the old safeguards that once protected consumers and communities. As foreclosures increase in city neighborhoods and the housing market deteriorates statewide, it has created concerns for every homeowner who is watching the value of his or her property ... (more)
11 December 07 - 08:30BUSH ADMINISTRATION TO HELP NEARLY ONE-QUARTER OF A MILLION HOMEOWNERS REFINANCE, KEEP THEIR HOMES
FHA to implement new “FHASecure” refinancing product
President George W. Bush today (08/31/07) announced that HUD's Federal Housing Administration (FHA) will help an estimated 240,000 families avoid foreclosure by enhancing its refinancing program effective immediately. Under the new FHASecure plan, FHA will allow families with strong credit histories who had been making timely mortgage payments before their loans reset-but are now in default-to qualify for refinancing.
For the full story See: http://bankfraudtoday.com
Resources: http://www.hud.gov/
Are you a victim of Predatory Lending or Mortgage broker Fraud?...
• Are you unable to Refinance your Mortgage?
• Did you get an inflated appraisal? See This
• Were you charged ...
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03 December 07 - 12:08Predatory Lending and Appraisal Fraud
Have inflated appraisals helped fuel the surge in foreclosures on credit-strapped borrowers? Are such appraisals at the core of many mortgage-fraud schemes?
The four largest trade groups representing appraisers say yes -- and they are asking federal financial regulators to crack down on lenders and loan officers who put pressure on appraisers to raise valuations to allow overpriced deals to go through.
Led by the 22,000-member Appraisal Institute, the groups told regulators April 11 that subprime lenders experiencing high rates of foreclosures often have been guilty of "systematic inattention" to the accuracy and the sources of the valuations backing the mortgages they funded.
For the full story see: Appraisal Inflation: http://stopforeclosurestop.com/appraisal-inflation.htm
Why do appraisers inflate appraisals? ...
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02 December 07 - 08:43Bank Fraud and Predatory Lending
Along with the exceptionally low interest rates of recent years has come an unfortunate companion: bank fraud. The commercial noise of all the competing lenders in the home mortgage loan market often obscures the very real problem of bank fraud. If you've recently taken on a mortgage or are thinking of refinancing your home, it's critical that you are aware of the inherent dangers of borrowing money.
Though bank practices are most prevalent among those with lower incomes, the tactics are extended to all consumers. It's important to educate yourself in order to avoid being taken in inadvertently. Anyone using the right terminology and offering great rates can appear to be a legitimate banking-related business, but beware the many signs of those who are simply looking to defraud you and your family.
Advertisement: A legal remedy is available for victims of predatory Lending: http://mortgage-home-loan-bank-fraud. ... (more)
29 November 07 - 09:36Study Finds Rampant Predatory Lending
The Nevada Department of Banking released a study on mortgage foreclosures in Nevada Wednesday that found predatory lending in the state is wreaking havoc with homeowners. The study, found that Nevada had one of the highest foreclosure rates in the nation from so-called subprime loans made to people with impaired credit, who are often located in the poorest communities. Although subprime lending is legal and necessary for the flow of credit into poor neighborhoods, consumer groups say the subprime market is often rife with fraud and abuse since subprime borrowers have nowhere else to turn for loans.Consumers can get more information about predatory lending and a legal remedy at: http://mortgage-home-loan-bank-fraud. ... (more)
27 November 07 - 09:51Right of Rescission/Right to Cancel
Right of Rescission/Right to Cancel
The Right to Cancel or the Right of Rescission is a right given to borrowers within Regulation Z of the Truth in Lending Act. Sometimes known as a “cooling off period,” the right of rescission gives borrowers of certain types of loans three business days (in some cases three years) to cancel the loan and to receive a full refund on any money they’ve already paid up front. It’s an extremely important right, and one that every borrower should be aware of in advance of signing loan papers. Homeowners may recoup the Right of Rescission at any time if the loan is fraudulent. There is no statute of limitations on fraud. See complete report at http://right-of-rescission.com/default.aspx
19 November 07 - 16:52Predatory Lending is Illegal
Below are some tips to avoid predatory lenders.
If I pledge my home as security for a consumer loan, what dangers do I face?
If you own a home it is likely to be your greatest single asset. Unfortunately, if you agree to a loan that is based on the equity which you have in your house, you are putting your most valuable asset at risk. You should be careful because certain abusive or exploitive lenders (Commonly called Predatory Lenders) target home owners (particularly the elderly, minorities, low income persons and those with poor credit ratings). Although there are many reputable lenders, the past few years have seen an increase in the Mortgage credit market. Luckily, there is some protection under both federal and state law. First, Congress passed the "Truth in Lending Act" (TILA) in 1968. TILA can be found at 15 U.S.C. 1600 et. seq. It is implemented by the Federal Reserve Board's Regulation Z at 12 CFR, Part 226 and by the Federal ... (more)
