Monthly Archives: October 2012

Deficit Reduction Panel and Realtor Organizations

I think alot of real estate lobbyist groups ( a whole bunch of them) are going to pummel the doors of Congress to try and stop any hint of eliminating this deduction (as they have done so often before). If … Continue reading

Posted in Uncategorized | Leave a comment

Consumer Credit Counseling Service changed its name…Now CredAbility!

12-26-2010 Update via FHA: CredAbility provides free, confidential budget counseling, housing counseling, comprehensive financial education, bankruptcy counseling and education, and debt management programs to consumers nationwide from all walks of life. Their mission is to help financially-distressed people move from crisis to … Continue reading

Posted in Uncategorized | Leave a comment

Bank of America Legacy Asset Servicing

2-23-2015: Another 250 employees will be let go from BOA now that the portfolio of delinquent mortgages has been trimmed. 11-20-2013: About 3,000 people will be terminated at Bank of America due to the effort of reducing the volume of … Continue reading

Posted in Uncategorized | Leave a comment

New fees are proposed for Government Backed or Insured Loans

The new design of Fannie and Freddie, when or if that happens, may require fees get charged for any federally backed loans – and it’s about time…The trick will be to charge a fee sufficient to cover the Government losses and not … Continue reading

Posted in Uncategorized | Leave a comment

Second home mortgage lenders – another fly in the ointment

10-17-12: Latest word on the street, 2nd mortgages are back in action and their write off rates are http://www.washingtonpost.com/realestate/second-mortgages-rebound-as-banks-confidence-in-housing-market-seems-to-grow/2012/10/11/4e5f3de8-1164-11e2-ba83-a7a396e6b2a7_story.html I first reported this in an earlier blog post – I haven’t found any update data, but still found it interesting. … Continue reading

Posted in Uncategorized | Leave a comment

Penny Mac – not to be confused with a Big Mac – Are they a debt collector?

Ok – We have had Freddie Mac and McDonald’s Big Mac, but now there’s (Penny Mac – Private National Mortgage Acceptance Company). Apparently, this private company was formed to purchase the recent shaky mortgage loans from other lenders as well as credit … Continue reading

Posted in Uncategorized | Leave a comment

Are lenders making money on short sales and foreclosures?

We report – you decide… http://www.youtube.com/user/fiercefreeleancer Banks may make more (up to 30% more) on short sales than foreclosures. http://homebuying.about.com/od/shortsale/f/Banks-Foreclosure-Short-Sale.htm Everybody but the seller profits from a short sale – even the bank that saves  the costs of foreclosure wins. … Continue reading

Posted in Uncategorized | Leave a comment

Legal Advice Websites

I welcome any suggestions of other legal assistance resources. If you need to get an understanding of certain legal matters, you may want to first review one of these websites I saw referenced in one of Clark Howard’s older articles in the AJC.  Of … Continue reading

Posted in Uncategorized | Leave a comment

Yield Spread Premium – Gone or changed form?

The basic truth about matter in the universe is…it doesn’t disappear, but only changes form. The WSJ on 8-17-2010, page A6, raised one of the “dirty little secrets” in the mortgage business. The Yield Spread Premium – Basically, loan originators … Continue reading

Posted in Uncategorized | Leave a comment

Property developer “gotcha’s” – Have you read your HOA CCRs lately?

Does your HOA have them? A little thing like a “capital recovery fee” is planted in the covenant homebuyers agree with upon acquiring a property in a subdivision with homeowner’s association CCRs. These fees are established by clauses in subdivision … Continue reading

Posted in Uncategorized | Leave a comment