November 8, 2015 |
Maybe it's my sense of humor, but this recent comment by Richard Cordray, director of the Consumer Financial Protection Bureau, made me chuckle: "Despite strong protections that have been put in place to protect homeowners, this month's complaint report shows consumers are still having problems when dealing with their mortgages. " I'd like to think that all the federal government has to do is snap its collective fingers and all our problems will go away, but I wasn't born yesterday.
November 5, 2015 |
An investment fund operated by New York's Square Mile Capital Management has originated a $26.8 million mortgage loan for the Penrose Plaza shopping center in Southwest Philadelphia, the company said in a release on Tuesday. Square Mile Capital Partners is funding the center's recent acquisition and planned capital expenditures by a joint venture of Onyx Properties, Abrams Realty & Development, and Siguler Guff. The 261,000-square-foot property at 2900-3000 Island Ave. is anchored by a ShopRite supermarket.
November 1, 2015 |
All eyes were on the Fed in mid-September as members of the Federal Open Market Committee (FOMC) met to decide the future of interest rates. The federal funds rate, the interest rate at which depository institutions lend balances at the Federal Reserve to other banks overnight, was among those up for consideration. Changes in the fed funds rate trigger a chain of events that affect other short-term interest rates, foreign-exchange rates, long-term interest rates, the amount of money and credit, and, ultimately, a range of economic variables, including employment, output, and prices of goods and services.
October 25, 2015 |
FHA mortgages, with their low down payments and recently reduced insurance rates, continue to be the choice of many, especially first-time home buyers. But the Federal Housing Administration makes changes periodically in the rules. For example, effective Sept. 14, the U.S. Department of Housing and Urban Development requires mortgage lenders "at first contact" to advise borrowers to get home inspections. On Sept. 15 came changes that can affect borrower eligibility. Because large numbers of buyers use FHA, I thought I would talk about some of those new rules: A buyer with a prior short sale may now purchase right away, rather than wait three years, as previously required.
October 7, 2015 |
Changes designed to make it easier for a borrower to understand the cost of getting a mortgage loan have gone into effect, after a two-month postponement intended to get real estate agents and lenders up to speed. Introduced Saturday by the Consumer Financial Protection Bureau, the "Know Before You Owe" mortgage-disclosure rule replaces four disclosure forms with two new ones - the Loan Estimate and the Closing Disclosure. According to CFPB, the Loan Estimate makes it easier to compare offers from multiple mortgage lenders.
August 17, 2015 |
You can't tell the 2016 presidential hopefuls without a scorecard, but thanks to the Loan Depot, we know something about their houses and how much their mortgages are. I can't do them all in this space, so if anyone thinks I've slighted their favorite hopeful, you can view the full list here . Jeb and Columba Bush live in Coral Gables, in a 3,485-square-foot, four-bedroom, four-bath townhouse purchased in August 2011 for $1.3 million....
August 9, 2015 |
Former Philadelphia Eagles player Irving Fryar and his mother, Allene McGhee, were found guilty Friday of charges of conspiracy and theft by deception stemming from a $1.2 million mortgage scheme that prosecutors said victimized seven lending institutions in South Jersey and Philadelphia in 2009. Fryar, a Pro Bowl wide receiver who retired from the NFL in 2001 after playing for 17 years with four teams, and his mother, a retired school bus driver from Willingboro, showed no emotion as a jury in Mount Holly announced the verdict after more than 11 hours of deliberation.
August 7, 2015 |
The jury that heard nearly three weeks of testimony in the mortgage fraud case against former Eagles player Irving Fryar and his mother asked to rehear some of the testimony as it began deliberations Wednesday. Superior Court Judge Jeanne T. Covert in Mount Holly scheduled the panel to return Thursday to rehear parts of the testimony of the prosecution's key witness. Fryar, 52, who made the Pro Bowl five times in his 17-year NFL career, and his mother, Allene McGhee, 74, are standing trial on charges of conspiracy and theft by deception.
August 5, 2015 |
The U.S. Court of Appeals for the Third Circuit on Monday overturned a ruling that could have brought tens of millions of dollars in unpaid records fees to Pennsylvania counties. The class-action suit, brought by Montgomery County Recorder of Deeds Nancy J. Becker in 2011, alleged that the nation's largest mortgage registry system, known as MERS, was used to illegally circumvent county recorders and fees when investors would buy, sell, and transfer mortgages. A federal judge last year ruled in Becker's favor, saying MERS cost counties tens of millions of dollars, compromised the accuracy of public records, and left homeowners in the dark as home loans were sold time and again with no public paper trail.
July 31, 2015 |
The number of U.S. homes worth less than what is owed on their mortgages dropped in the second quarter, another positive sign that the national housing market is shaking off the effects of the prolonged downturn. RealtyTrac, an Irvine, Calif.-based real estate information company that monitors foreclosures, reported Thursday that the percentage of so-called seriously underwater properties fell to 13.3 percent of all U.S. homes with mortgages in the quarter, or 7.44 million. "Seriously underwater" is defined by RealtyTrac as those houses for which the combined loan amount secured by a property is at least 25 percent higher than the property's estimated market value.