Thursday, May 30, 2013

Rates rise, but still low

"The rate on a 30-year fixed-rate mortgage jumped 0.22 percentage point to 3.81% this week, according to Freddie Mac. That's up 15% from the record low of 3.31% set the week of November 21, 2012. The 30-year rate was as low as 3.35% in early May.

The 15-year fixed-rate mortgage also spiked, up 0.21 percentage point to 2.98%.
Home buyers can blame it on Bernanke, according to Keith Gumbinger, vice president of HSH.com, a mortgage information company.

"Comments he made ... left the impression that the Fed's [stimulus] policy might start to be pulled back soon, perhaps as early as September," said Gumbinger. "That fostered a spike in interest rates as investors scrambled to adjust their positions."

Wednesday, May 29, 2013

Housing up



"Wall Street closed higher on Tuesday, fueled by new data showing a strengthening housing market in the United States and supportive comments from central banks around the world. 

By the end of trading, the Standard & Poor's 500-stock index was 0.6 percent higher, and the Dow Jones industrial average gained 0.7 percent. The Nasdaq composite was 0.9 percent higher. 

Markets were bolstered by a report that American home prices rose 1.1 percent in March, according to the Standard & Poor’s Case Schiller index. Analysts were looking for a rise of 1 percent. It was the biggest annual gain in nearly seven years, and a further sign that the strengthening housing recovery is providing a source of support for the economy."

Thursday, May 23, 2013

Above the law

"A West Sacramento man is among the first in the state to use California's new Homeowner Bill of Rights to stop a bank from foreclosing on his home, and experts say the case marks a shift in a legal system that has traditionally favored lenders.

Kevin Singh, a house painter, secured a federal court order earlier this month after Bank of America allegedly engaged in a now-forbidden practice called dual tracking. The behavior, in which a bank proceeds with foreclosure while negotiating with a borrower for a loan modification, has been widely criticized as deceptive.

Experts said Singh's case was the first instance in which a judge issued a preliminary injunction to halt a foreclosure auction under the Homeowner Bill of Rights.

This week, North Carolina-based Bank of America was negotiating to resolve the case, said Singh's lawyer, Sacramento attorney Aldon Bolanos. Any settlement would have to include rescinding the foreclosure, he said. The Homeowner Bill of Rights also provides for attorneys fees for winning an injunction."

Even with all the fines and laws they still think they are above it.

Read more here: http://www.sacbee.com/2013/05/23/5441875/west-sacramento-homeowner-uses.html#storylink=cpy

Tuesday, May 21, 2013

Mixed

"Stocks were mixed in early morning trading Tuesday as investors waited to hear Federal Reserve Chairman Ben Bernanke testify on Capital Hill. Investors are also eager to see the minutes of the latest Fed policy-making committee due out this afternoon."

Monday, May 20, 2013

Paused

"Sales of homes in foreclosure by Wells Fargo & Co., JPMorgan Chase & Co. and Citigroup Inc. ground nearly to a halt after regulators revised their orders on treatment of troubled borrowers during the 60 days before they lose their homes.

The banks said they paused the sales on May 6 to make sure that their late-stage foreclosure procedures were in accordance with the guidelines. The banks wouldn't say exactly which issues had been under scrutiny.

Bank of America Corp., by contrast, continued foreclosure sales at a normal pace, apparently confident its procedures met the revised restrictions."

Friday, May 17, 2013

Shoddy loans

"Americans lost $192.6 billion in wealth, or an average of $1,700 per household, last year due to foreclosures, according to a report released Thursday by the Alliance for a Just Society, a coalition of progressive grassroots organizations across the country. The report also found that the U.S. could lose $221 billion if officials don't come to the aid of millions of borrowers who owe more on their homes than they're actually worth.

The findings indicate that many Americans are still suffering from the housing bust, which critics say was the result of major lenders pushing shoddy loans on borrowers who couldn’t afford them. Meanwhile, Wall Street investors and construction companies are reaping the benefits of a recent rebound in the housing market."

Wednesday, May 15, 2013

Yesterday...more paper

Yesterday more paper work was requested from Bank of America---we are now up to over four hundred pages of documentation requested. As I've stated before this is all by design---most people simply give up.

Sunday, May 12, 2013

Down

"Foreclosure activity in April fell to its lowest level in 74 months, but action is ramping up in some states, says a national foreclosure tracker.

In April, one of every 905 U.S. housing units received a foreclosure filing, market watcher RealtyTrac says. That was the lowest level since February 2007 — near the beginning of the nation's foreclosure crisis — and down 23% from a year ago.

But foreclosure activity is increasing in some states where legal procedures and new laws to protect homeowners had slowed down foreclosures."

Friday, May 10, 2013

Really?

"Federal Reserve Chairman Ben S. Bernanke said risks persist in wholesale funding markets used frequently by Wall Street brokers to finance securities trading.

“Important risks remain in the short-term wholesale funding markets,” Bernanke said today in a speech at a Chicago Fed banking conference. “One of the key risks is how the system would respond to the failure of a broker-dealer or other major borrower.”
Bernanke outlined how the Fed has overhauled risk monitoring since a collapse in mortgage finance triggered a crisis in 2008 that led to the worst recession since the Great Depression.

“More work is needed to better prepare investors and other market participants to deal with the potential consequences of a default by a large participant in the repo market,” Bernanke said. He said that the “possibility of a run” on money-market funds remains.

Bernanke said the financial crisis revealed that the market for repurchase agreement funding -- where a securities dealer uses collateral for short-term loans with an agreement to reverse the transaction later -- was “quite fragile.”

“As questions emerged about the nature and value of collateral” during the crisis, “worried lenders either greatly increased margin requirements or, more commonly, pulled back entirely,” the Fed chairman said. “Borrowers unable to meet margin calls and finance their asset holdings were forced to sell, driving down asset prices further and setting off a cycle of deleveraging and further asset liquidation.”

I hate to be a cynic but nothing has been overhauled, the whole system is still broken.

Thursday, May 9, 2013

+ paper

This morning more paper requested from Bank of America, another 60 pages scanned and sent to them.  Original paperwork submitted 1-8-2013...

And what happened to the 30 day rule per the mortgage settlement?

Wednesday, May 8, 2013

Broken record

"The case of a Brooklyn state senator charged this week with embezzling $440,000 in escrow funds has exposed a stunning flaw in how sales of foreclosed properties are handled.

Lawyers appointed by judges to oversee foreclosure cases are handling millions of dollars, with no oversight."

And I'll say it again, shocking!

Tuesday, May 7, 2013

30 day response--joke

"New York Attorney General Eric Schneiderman said Monday he may sue Wells Fargo and Bank of America for allegedly violating the terms of last year’s multi-state mortgage settlement, despite questions over his authority to do so.

The agreement, reached by the Department of Justice, Department of Housing and Urban Development and 49 state attorneys general, called for the five largest mortgage companies to significantly revamp their procedures for dealing with distressed borrowers. It called on them to provide billions of dollars in aid to those borrowers and change the way they pursue home repossessions, in exchange for prosecutors dropping legal claims that the companies systematically violated borrowers’ rights when using faulty, so-called “robosigned” documents in foreclosure proceedings.

Consumer advocates have heralded the establishment of standards for how the companies would treat borrowers who fell behind on their payments as the settlement’s signature achievement. The new mortgage servicing provisions were supposed to “address the issues that led to the creation of the settlement,” according to Joseph Smith, the settlement’s official monitor.

The five banks -- JPMorgan Chase, Wells Fargo, Bank of America, Citigroup and Ally Financial -- collectively service more than half of all outstanding U.S. home loans. Since Oct. 2, 2012, they have had to comply with 304 mortgage servicing requirements, including offering struggling borrowers the opportunity to avoid foreclosure and approving or denying loan modifications within 30 days of receiving a complete application.

Schneiderman said Monday his office has uncovered 339 alleged violations of the settlement's terms, 210 concerning Wells Fargo and 129 concerning Bank of America. He said he intends to sue the banks for “repeatedly violating” the settlement if the monitoring committee of representatives from various federal and state agencies declines to take action."

Respond in 30 days?????--going on 5 months and still no response

Monday, May 6, 2013

More paper

January 8, 2013 is when I submitted latest modification paperwork, more, more, more, then have everything, finally been submitted. Friday another whole list of paperwork needed ALL OF WHICH HAS ALREADY BEEN SUBMITTED.

Wow five months and we're still going round and round---if only we could all run businesses so well.

Thursday, May 2, 2013

No oversight...

"Adam Crain reckoned he was due $125,000. That amount would come as compensation for losing his Oak Harbor, Wash., home to foreclosure while he was serving aboard a naval vessel in the Middle East. He calculated that sum using a table distributed by federal regulators as part of a $9.2 billion settlement with mortgage companies over a wave of improper foreclosures.

Federal law offers special protections from foreclosure to military personnel, especially those receiving hazard pay, as Crain was at the time.

But last week, when Crain opened the envelope and removed his check, he was horrified by the amount his bank, Wells Fargo, had determined he was due: Eight hundred dollars was all he received.

"This is what happens when there is no oversight," Crain said.

Two weeks after the first payments began going out as part of the settlement struck in January with mortgage companies, homeowners who suffered improper foreclosures are describing a new injury. Many say they are being denied their rightful compensation under the terms of the deal."

Yes new injury is right--not one homeowner will get what they deserve.

Wednesday, May 1, 2013

$500 million



"Bank of America Corp has reached a record $500 million settlement with investors who claimed they were misled by its Countrywide unit into buying risky mortgage debt. 

The settlement is the largest to resolve federal class-action litigation over mortgage-backed securities, surpassing a $315 million accord with the bank's Merrill Lynch unit that won court approval last May.

Bank of America said the settlement resolves claims on about 80 percent of the unpaid principal balance of Countrywide-issued residential mortgage-backed securities, and 70 percent of similar claims against the bank overall."

Hmm, settlement for fraud