Republicans made U.S. nearly bankrupt (150) Nov 2, 2009
Dave wrote on Nov 1, 2009 10:40 AM:" Marie, you are naive if you think that will do anything good. They raised the tax on millionaires in NY. Guess what, they are leaving in droves. They raised taxes on the rich in California. Guess what, they are moving to northern Idaho. It's congress, not just Republicans, that spent us into oblivion. It's the oversight of Fannie Mae and Freddy Mac that was blocked. It was unscrupulous mortgage brokers that gave out loans to those that couldn't afford them.... (Klamath Falls Herald & News, OR)
Congress' fix for financial crisis: restoring regulation Nov 1, 2009
Mortgage brokers who originated their loans often received legal kickbacks from conscience-free lenders if they got borrowers into creative loans with high and adjusting interest rates. The mortgage brokers churned volume for big subprime lenders such as New Century Financial and Ameriquest Financial, both now defunct. (Anchorage Daily News)
The banks are rolling in it despite air of despondency Oct 31, 2009
Mid-sized banks and mortgage brokers were sourcing money through another means, the Residential Mortgage Backed Securities Market ... That market since has seized up, which explains the disappearance of mortgage brokers. (Sydney Morning Herald -- Business)
Washington Report: GFEs Oct 28, 2009
For example, due to potential confusion about the role of mortgage brokers in providing borrowers with upfront Good Faith Estimates of mortgage loan costs - and their binding effect on mortgage lenders not to exceed those estimates - the groups warned that many lenders would stop accepting loans from brokers. The groups cited a lengthy series of other problems in their letter to Stevens as well. (RealtyTimes)
Financial services sector shows signs of comeback Oct 28, 2009
The industry - which includes mutual funds, money managers, banks, insurers, and mortgage brokers - had 206,800 employees in September, about 13,500 fewer jobs or 6 percent less than the year before, according to state labor figures. And research firm Moody s estimates employment could fall an additional 2 percent or more by next summer. (Boston Globe)
What now for your finances? Oct 24, 2009
Ray Boulger, John Charcol mortgage brokers ... Ray Boulger of mortgage brokers John Charcol reckons these borrowers will continue to save money for some time to come. (BBC News -- Business)
House panel OKs agency protecting consumers from abusive fees, hikes Oct 23, 2009
That regulators didn't monitor nonbank institutions like mortgage brokers was considered a major factor in subprime lending abuses that led to the housing market crash. But there's plenty of fine print that will limit the new agency's scope. (USA Today -- Money)
Congress moves to expand financial oversight... Oct 23, 2009
That regulators didn't monitor nonbank institutions like mortgage brokers was considered a major factor in subprime lending abuses that led to the housing market crash. But under pressure from industry, the Financial Services Committee has carved out numerous exemptions to the industries subject to agency oversight. (The Drudge Report)
Change in appraisals causing uproar Oct 19, 2009
Appraisers, mortgage brokers and others blame the new rules, which change how appraisers are assigned, for lost revenues, delayed and faulty appraisals, collapsed deals and other problems, even in some of Atlanta s toniest neighborhoods ... The code was intended to make home appraisals more reliable by making appraisers independent of mortgage brokers and real estate agents ... Instead, say critics like Alexander, who is president of the Georgia Association of Mortgage Brokers, the change has... (Atlanta Journal-Constitution -- Business)
Click to read:Homeowner Hero's War on Banks Oct 17, 2009
Throw the mortgage brokers in there to, with their refinancing scams ... Mortgage brokers are salespeople. (CBS News)
41 people charged in mortgage fraud Oct 16, 2009
NEW YORK - A mortgage fraud crackdown announced yesterday resulted in the arrests of dozens of people, including six lawyers, seven loan officers, and three mortgage brokers in four states ... US Attorney Preet Bharara said he found it especially alarming that lawyers, loan officers, and mortgage brokers treated their professions as a license to loot banks and profit from other people s pain. (Boston Globe)
8 indicted on mortgage fraud charges in Wellington's Versailles deals Oct 15, 2009
man is one of eight buyers, mortgage brokers and title agents facing federal fraud charges, the upshot of a string of home sales in the upscale Wellington community of Versailles. The Palm Beach County Mortgage Fraud Task Force said Tuesday that the group schemed to defraud Washington Mutual Bank of $8. (The Palm Beach Post)
Fifteen charged with obtaining fraudulent loans Oct 15, 2009
In one case, a West Palm Beach federal grand jury returned a 15-count indictment against eight South Florida mortgage brokers, title agents or straw buyers who are alleged to have lied to obtain mortgages on five homes in the Versailles subdivision in Wellington in 2007. The eight charged are: Rony Alberto Aguilar-Hecker, 33, Miami; Reinaldo Perez-Sanchez, 44, Miami and Colombia; Pablo Atouro Aponte-Torres, 44, San Juan, Puerto Rico; Fabio Salazar, 54, Miami and Colombia; Roger Omar... (South Florida Business Journal, FL)
Mortgage rates below five percent fuel re-fi boom Oct 11, 2009
Many calls mortgage brokers received last week came from borrowers who couldn't qualify for a new loan because of lower incomes, higher credit standards or falling home prices ... Mortgage brokers say a refinancing is worthwhile if you can shave off at least $100 from your monthly payment or get a full percentage point rate reduction. (Athens Banner-Herald)
Michael Moore's latest movie questions capitalism, Congress Oct 10, 2009
Along the way, Moore interviews fired workers staging a sit-in strike until they get their final paycheck, victims of legal loansharking (at the hands of unethical mortgage brokers), and families facing foreclosure including one who videotaped the police knocking down their door to evict them. Moore is most effective when he conducts one-on-one interviews with typical victims from the 95 percent of Americans affected by or vulnerable to financial crisis fallout. (Lodi News Sentinel, CA)
Homebuyers tax credit is a good deal Oct 9, 2009
Both the state s mortgage bankers and mortgage brokers associations favor extending the credit as well as expanding it beyond first-time buyers. With a Congress suddenly concerned about what programs cost, expansion isn t likely. (Atlanta Journal-Constitution -- Business)
`Downtrodden' Banks Lead Australia's Hiring Gain as Financial Crisis Eases Oct 9, 2009
A quarterly survey of employers published yesterday by recruitment firm Hays Group Plc found a general, or in some cases acute, level of skills shortages for accountants, financial analysts, mortgage brokers, insurance underwriters and risk officers. Engineers, infrastructure project managers, human resources staff and retail workers are also in short supply. (Bloomberg -- Australia & New Zealand)
NAR: Tax Credit Best for Sustaining Recovery Oct 9, 2009
The FHA announcement also included timely steps to protect taxpayers: implementing credit policy changes to enhance risk management; hiring a chief risk officer for the first time in the agency s history; and shifting responsibility for mortgage brokers away from taxpayers to the lenders who use mortgage brokers. Canfora told the committee that FHA has performed remarkably well through the housing crises, compared to Fannie and Freddie. (Realtor Magazine Online)
Some things to consider before you refinance Oct 9, 2009
The first generation of online mortgage shopping websites were mainly mortgage brokers and had limited numbers of lenders behind them. The newer sites offer more mortgage choices and data while requiring less up front information from borrowers. (MSNBC -- Business)
First Time Home Buyers Guide Oct 9, 2009
This first-time home buyers guide provides advice on house deposits, FICO credit scores, mortgage brokers and household budgeting ... This article covers FICO credit scores, household budgeting, house deposits, finding the best deal and the use of mortgage brokers. (Suite101.com)
NAR: Permanent FHA Loan Limits Crucial to Recovery Oct 9, 2009
FHA is taking timely steps to protect taxpayers: implementing credit policy changes to enhance risk management; hiring a chief risk officer for the first time in the agency s history; and shifting responsibility for mortgage brokers away from taxpayers to the lenders who use mortgage brokers. Campbell also called on Congress to add to appropriations legislation the funds necessary to update outmoded technology systems at FHA, and urged the Senate to pass H.R. 3146, sponsored by U.S. Reps. (Realtor Magazine Online)
The Confident Rookie Series: Admit You're New & What to Say When You Don't Know the Answer Oct 7, 2009
He'd abuse me, he'd abuse Johnny and he probably abuses his mortgage brokers and title reps on a regular basis. Keep your cool, follow your instincts and you'll get thru it. (RealtyTimes)
White-collar workers hit hard Oct 7, 2009
"We've seen waves of unemployment," Snay said, as the housing bubble collapse first hit mortgage brokers, financial services professionals and legal workers even before the recession started to affect retail personnel and business and professional services employees. "People are doing everything they can in terms of the job search, but in many cases the jobs just aren't out there," Snay said. (San Francisco Chronicle -- Business)
Bank pay limits: Even mid-level executives may feel Fed's pull Oct 7, 2009
"Poorly designed compensation arrangements for business-line employees, such as mortgage brokers, investment bankers and traders, may create substantial risks.". The Fed's guidance to the banks "will apply not only to the top five or 10 executives but way down into the organization to traders or anybody whose activities can affect the risk profile of the company," Fed Chairman told Congress last week. (USA Today -- Money)
Your views: Letters to the editor Oct 7, 2009
As executive vice president, he supervised 400 employees who worked with banks and mortgage brokers to procure loans that Lehman could package into securities and sell to investors hungry for big returns. Many of the loans had a common feature; the borrowers werent required to document their income. (Florida Today)
* Will books be Napsterized? Oct 5, 2009
On the FAQs page of its Web site, Megaupload depicts its customers as the most ordinary of citizens: Students, professional business people, moms, dads, doctors, plumbers, insurance salesmen, mortgage brokers, you name it. . (Taipei Times, Taiwan -- World Business)
TOMORROW'S NEWS Property values, home sales slipping Oct 5, 2009
getalife wrote on Oct 4, 2009 10:26 PM:" Real estate agents, mortgage brokers, appraisers, wall street, politicians who were supposed to oversee this and took money to basically facilitate it and the greedy buyers, house flippers and speculators all to blame for the real estate death spiral with no end in sight. ". You must register with a valid email to post comments. (Lihue Garden Island, HA)
TARP funds no bailout, Georgia bankers say Oct 3, 2009
The new workers include a fleet of new mortgage brokers. For us, it s tremendous, Miller said about TARP. It s one of the better government programs. (Atlanta Journal-Constitution -- Business)
Refinance surge allows USA Mortgage to double staff Oct 3, 2009
Most of the new lenders came from mortgage brokers, a group hit hard by the subprime mortgage collapse. Last year the subprime bubble burst, and mortgage brokers have gone out of business. (St. Louis Business Journal, MO)
The mortgage meltdown, in personal, historical detail Oct 3, 2009
Andrews s outstanding account looks at the fiasco from multiple perspectives, including the often-unscrupulous mortgage brokers who arranged subprime mortgages, the Bush administration s regulators (who Andrews views as enablers and cheerleaders), the Wall Street bankers who enthusiastically purchased mortgages as investment vehicles, and the homeowners (including the author himself) who grabbed for too expensive a piece of the American Dream ... The most predatory mortgage brokers targeted... (Boston Globe)
Too much of a good thing ... Oct 1, 2009
Not surprisingly, these products proved extraordinarily attractive to borrowers, many of whom hoped to refinance on to more traditional fixed-rate loans after a year or two of rising house prices had allowed them to build the required equity; and they were attractive to mortgage brokers who, in the US, are not required to have the same regard to the capacity of borrowers to repay as is the case under Australian laws. Therefore, by the middle years of this decade, nearly half the mortgages being... (Sydney Morning Herald -- Business)
Washington Report: FHA News Sep 30, 2009
Under the new guidelines, effective this coming January 1, FHA will not accept appraisals ordered by mortgage brokers or by any member of a lender's staff compensated on a commission basis tied to the successful completion of a loan. That's virtually the same rule as Fannie's and Freddie's. (RealtyTimes)
Mortgage Fraud Scheme Nets 20 Suspects Sep 25, 2009
It uncovered an elaborate mortgage scheme involving 35 homes, real estate agents, mortgage brokers and subcontractors. So far, 20 people are under arrest. (W-USA News, DC)
Why loan modification scams are booming Sep 25, 2009
"The ongoing suit charges that the company, U.S. Foreclosure Relief, and eight associated firms deceived consumers. Steve Krongold, the lawyer for the firm's owner, said there were "a couple errant rogue salespeople who lied in e-mails and on calls," but that the company had been making progress in modifying its customers' loans when a court order in the case this summer allowed authorities to take control of the company.Real estate professionals and mortgage brokers are the driving force behind... (Salon)
Mortgage approvals up 81% in year Sep 24, 2009
Ray Boulger, of mortgage brokers John Charcol, said that the approval figures were not a huge surprise given that the housing market was at its nadir around September last year. "In the mortgage market, banks are doing their bit, but other sectors of the market are not lending or their lending has contracted," he said. (BBC News -- Business)
Helping Clients Avoid Toxic Mortgage Loans Sep 23, 2009
Get quotes from two or more reputable mortgage brokers, to make sure they're reputable. Find out up front what fees and costs are non-refundable if the transaction is not completed. (RealtyTimes)
Would-be homeowners can't move in as lenders back out Sep 21, 2009
The rules prevent mortgage brokers from directly ordering appraisals and requiring mortgage lenders to delegate the hiring of appraisers to others on their staff or using an appraisal management company. It happened to ICI Homes, the largest builder based in Daytona Beach. (Daytona Beach News Journal -- Business)
Making mortgages Sep 20, 2009
Ray Boulger, technical manager at mortgage brokers John Charcol, told Money Box there are complex factors at work. "In any market the price you pay depends on supply and demand and there is not enough supply," he said. (BBC News -- UK)
After crash, loan officers are reined in Sep 20, 2009
Mortgage brokers - the people who find lenders or investors to fund loans - needed a license to operate in Arizona ... Regulators often found themselves dealing with cases that involved loan officers who deceived customers, lenders and even the mortgage brokers who hired them ... Arizona's loan officers are legally required to work for mortgage brokers, who are licensed. (AZCentral -- News)
Summer drop in mortgage lending Sep 19, 2009
Page last updated at 13:39 GMT, Friday, 18 September 2009 14:39 UK. The CML says lenders are remaining 'prudent. (BBC News -- Business)
Fighting Mortgage Scams: Gov'ts Team Up Sep 18, 2009
Just last week in California, three mortgage brokers were arrested for allegedly stealing nearly $1 million from borrowers seeking to adjust their home loans. The men -- Michael McConville, 31, Garrett Holdridge, 23, and Alan Ruiz, 28 -- were charged with scamming more than 70 homeowners into refinancing by falsely promising, among other things, low interest rates. (ABC News -- Business)
Colo. regulators, mortgage brokers battle Sep 18, 2009
Colorado real estate regulators, mortgage brokers battle over investigation - Denver Business Journal ... Colorado real estate regulators, mortgage brokers battle over investigation ... A Denver judge Thursday dissolved a restraining order against the Colorado Division of Real Estate in a lawsuit over how the state investigates mortgage brokers. (Denver Business Journal, CO)
Key Elements of the Obama Financial Overhaul Sep 16, 2009
The Consumer Financial Protection Agency would oversee mortgage brokers, payday lenders and other companies that haven't been regulated before and add a new layer of regulation for banks. It would write rules for how credit is extended, which products are appropriate and which are too dangerous. (ABC News -- Wire)
Obama Invites Same Meltdown He Promises to Avoid Sep 15, 2009
From ratings companies to mortgage brokers, authorities did trick consumers. So some kind of watchdog creating a disincentive for treachery seems welcome. (Bloomberg -- Columnists)
States fight predatory lending Sep 15, 2009
Mortgage brokers and mortgage bankers licensed by the state originate loans but are not usually the ultimate lender -- the large bank subsidiary is. The large bank subsidiary sets the terms, rates and charges. (NJ.com -- Times)
Stricter home-lending rulesreceive mixed appraisals Sep 14, 2009
Not surprisingly, some local appraisers and mortgage brokers are not happy with the HVCC. I don t know my clients (originators) anymore, says Stacey Anfindsen of. The HVCC has ruined my ability to get business based on expertise and service. (Raleigh Triangle Business Journal, NC)
Massachusetts regulators took punitive action against few brokers and lenders Sep 14, 2009
During the same time, Connecticut took serious punitive action against 24 percent of its licensees, and New Hampshire, 11 percent of its mortgage brokers and lenders, the analysis shows. While Massachusetts, compared with the other New England states, ranks last in the number of revocations, suspensions, and forced surrenders against mortgage brokers and lenders, it ranks second in its foreclosure rate ... But despite that extra staffing, the number of examinations of mortgage brokers and... (Boston Globe)
Bamber gets award from association Sep 13, 2009
They are members of the National Association of Mortgage Brokers, the Georgia Association of Mortgage Brokers, I-85 Board of Realtors and Athens Area Association of Realtors. Jones to manage regulatory affairs. (Athens Banner-Herald)
Subprime Commission Sep 12, 2009
He doesn't blame unscrupulous mortgage brokers. Or greedy investment bankers. (Investors Business Daily)
Whatever happened to competition? Sep 12, 2009
For now, at least, those four control more than 90 per cent of the nation's mortgages, compared with about 60 per cent before the crisis - and their real grip on the market is closer to 100 per cent when you factor in all the indirect lending they fund on behalf of non-bank lenders and mortgage brokers. Of the smaller lenders that have been mopped up by the majors over the past 18 months (RAMS, St George, Aussie Home Loans, Bankwest and Wizard), Commonwealth Bank's $2. (Sydney Morning Herald -- Business)
Investor Report: Tighter Underwriting Sep 11, 2009
"A whole lot more (income property owners) are eligible than they might think," says Kevin Stone, CEO of New York City-based Kevin Stone International, commercial real estate mortgage brokers. People hear the words, "small business", and they say, hey that's not a fit with what I'm doing. (RealtyTimes)
Sub-prime tales Sep 10, 2009
She would try to turn down loan applications that looked too risky but the pressure from mortgage brokers and bank bosses was overwhelming. They started offering incentives to the wavering underwriters. (BBC News -- Americas)
Buyer power is new reality of housing market Sep 10, 2009
But real estate agents, mortgage brokers, economists and homebuyers across the country say they've noticed a shift in attitudes that they expect will last for years. From boom to realityReal estate agent Scott Patterson hits the gas and weaves his black Mercedes-Benz across three lanes of Interstate 95 near Plantation, Fla. (MSNBC -- Business)
New Normal for Home Sales: Buyers Have the Power Sep 9, 2009
But real estate agents, mortgage brokers, economists and homebuyers across the country say they've noticed a shift in attitudes that they expect will last for years. NEW REALITY: Selling your house. (ABC News -- Wire)
Proposed agency for consumer protection faces fierce debate Sep 9, 2009
The administration thinks it has a solution for consumers like Gray, who struggle to find someone to pursue their complaints against banks, credit card issuers, mortgage brokers and other financial firms ... Its reach would extend to non-bank payday lenders and mortgage brokers that have gone largely unregulated ... They say unscrupulous lenders and mortgage brokers steered families into high-cost subprime loans when most could have qualified for cheaper, conventional mortgages. (USA Today -- Money)
Short term thinking destroys businesses Sep 4, 2009
"It was short-termism that allowed mortgage brokers to sell mortgages to people who don't qualify.". An opportunistic corporate culture had pushed many businesses to give up real shareholder value in order to "make the number, get the bonus", he said. (Sydney Morning Herald -- Business)
Real estate pros urged to use 'digital tools' Sep 4, 2009
Andersohn was one of two online social networking gurus who addressed a crowd of more than 400 real estate agents, title agents, mortgage brokers and other business people at a half-day seminar in Scottsdale this week about the benefits of digital social networking. "You have the potential to teach the world what you know," Andersohn said. (AZCentral -- Business)
HSBC offers 1.99% mortgage deal Sep 3, 2009
Aaron Strutt of mortgage brokers Trinity Financial Group said the new HSBC deal stood out from the rest of the mortgage market. it will be interesting to see if HSBC can manage demand or whether the offer gets oversubscribed and then pulled within a couple of weeks. (BBC News -- Business)
New Disclosures Help Mortgage Consumers Know Risk Sep 3, 2009
Yield spread premiums, mortgage brokers obtained for steering consumers to higher cost mortgages, are targeted by this provision. Prohibit a mortgage broker or loan officer from otherwise steering consumers to transactions that are not in their interest in order to increase the mortgage broker's or loan officer's compensation. (RealtyTimes)
Mortgage Bankers Push for U.S. to Guarantee Private Home-Loan Securities Sep 2, 2009
The association, which represents about 2,400 lenders, mortgage brokers, commercial banks, thrifts and other companies, said the importance of housing to the U.S. economic and social fabric warrants a federal government role in mortgage liquidity. Theres a lot of white canvas that has yet to be painted on, said Courson, who is also president and chief executive officer of Central Pacific Mortgage Co. in Citrus Heights, California. (Bloomberg -- US)
Thousands of licenses pulled Sep 1, 2009
A total of 4,252 licensed mortgage brokers remained active in Colorado as of Monday. We are left with less than half the number we had Friday, Toll said in an email. (Denver Business Journal, CO)
* Even the poorest of the poor can be creditworthy Sep 1, 2009
US government regulators, meanwhile, had little power over mortgage brokers and other firms that catered to so-called subprime borrowers. Only now are lawmakers talking seriously about stricter regulations for the mortgage industry. (Taipei Times, Taiwan -- Business)
Washington Report: Home Valuation Code of Conduct Aug 31, 2009
Home builders, appraiser and mortgage brokers also have opposed the rules, which took effect May 1. In late August, new FHA commissioner David H. Stevens weighed in on the issue with the first public comment from HUD. Stevens said FHA, which now accounts for about one-third of mortgage market volume, does not plan to adopt the HVCC. FHA has its own detailed, long-standing guidelines and standards covering appraisals and appraisers. (RealtyTimes)
Morning report-- Cuts increase need for volunteers-- Mortgage brokers: Loans safer now-- On the news blog: Advice for students Aug 27, 2009
-- Cuts increase need for volunteers-- Mortgage brokers: Loans safer now-- On the news blog: Advice for students ... -- Safer loans: It s taking Klamath Basin mortgage brokers more work to get a loan for their customers, but the loans they get are safer and more secure than before, officials say ... Paul C wrote on Aug 26, 2009 10:32 PM:" Mortgage Brokers say loans are safer now! OK, but these are the same guys who were pushing the sub-prime and risky loans in the first place.Mortgage Brokers,... (Klamath Falls Herald & News, OR)
Inside the CIA's Haphazard Interrogations Aug 26, 2009
That just like the people on Wall Street, the mortgage brokers, airline execs, credit card companies, big Oil; bigger Pharma; for-profit health care providers; etc. that live by the golden rule that the end justifies the means and morality does not play a part. (CBS News)
