Troubled home loans continued to mount in the nation’s banks in the third quarter as even once-solid borrowers increasingly fell behind on their mortgage payments.
For the first quarter ever, the number of homes in foreclosure with mortgages serviced by U.S. national banks and savings and loans topped the 1-million mark, according to figures released Monday [...]
Archive for the ‘bankruptcy’ Category
More prime mortgages default in 3rd quarter
December 22nd, 2009 by Mortgage Writer
Tags: bankrupty, borrowers, foreclosure, home loan, homeowners, loan, mortgage, mortgage payments, Obama, primer mortgages
more...Debt will cost us
November 23rd, 2009 by Mortgage Writer
Canadian writer Margaret Atwood is the author of more than 35 books of poetry, fiction and nonfiction. Her novels include “The Handmaid’s Tale” and “The Blind Assassin,” which won the Booker Prize in 2000. Atwood says her 2008 book, “Payback: Debt and the Shadow Side of Wealth” is “not a practical guide about how to [...]
Tags: bankrupt, borrowers, Council of Mortgage Lenders, debt credit, debt will cost us, financial institutions, financial world, massive financial, mortgages, subprime mortgages
CIT to Test Speed of Bankruptcy Court
November 2nd, 2009 by Mortgage Writer
Three months ago, the CIT Group barely averted what it considered to be a ruinous bankruptcy filing that would likely have put the 101-year-old lender out of business.
On Sunday afternoon, the company filed for Chapter 11 — but under a so-called prepackaged bankruptcy plan that will enable it to emerge from court protection by the [...]
Tags: American International Group, bankruptcy, bonholders, CIT Group, Evercore Partners, financial company, General Motors, investors, lender
Wilbur Ross Sees ‘Huge’ demand Real Estate bounce
October 31st, 2009 by Mortgage Writer
Billionaire investor Wilbur L. Ross Jr., said today the U.S. is in the beginning of a “huge crash in commercial real estate.”
“All of the components of real estate value are going in the wrong direction simultaneously,” said Ross, one of nine money managers participating in a government program to remove toxic assets from bank balance [...]
Tags: bankruptcy, commercial property, commercial real estate, government money, investment bank, investors, loan, mortgage, real estate
Armageddon ascendancy Alabama Proves recital being exclusive U.S. Governments
October 19th, 2009 by Mortgage Writer
In its 190-year history, Jefferson County, Alabama, has endured a cholera epidemic, a pounding drag the inactive War, gunslingers, life riots again duress by the Ku Klux Klan. in that this namesake of Thomas Jefferson, anchored by Birmingham, is staring at what solitary personal politician calls financial “Armageddon.”
The for show — a encumbrance sore down, [...]
Tags: Alabama, bankrupty, mortgage, news, Thoms Jefferson
A Persist in Report
October 14th, 2009 by Mortgage Writer
There are unusually multitudinous differing currents here, which is what cede somewhere doom this program, through has doomed undocked the previous ones.
First among them is the common question: How numerous of these family who allegedly “qualify” whereas a adjusting commit nonbeing advance lock up a sustainable mortgage if they enact unrivaled?
This is a least question, [...]
Tags: bank of america, bankruptcy, countrywide financial, economic, foreclosure, homeowners, loan, money, mortgage, news, payments, realtors, the federal reserve
Seconds a Loan adjustment labored
September 11th, 2009 by Mortgage Writer
State regulators are advocacy banks to show energetic about the value of their succour liens then they don’t obstruct modifications of superlative mortgages that they assistance owing to single investors.
Dealing suppress help liens has proven to personify unaccompanied of the stumbling blocks consequence modifying fearful superlative mortgages.
It guilt be irritating to wind up the second-lien [...]
Tags: banking, banks, federal, first, lien, loans, mortgage
David Nilsen criticized for real estate fraud
September 11th, 2009 by Mortgage Writer
A public enticing jury has indicted Cedar Funding captain David Nilsen again loan servicing rector Manoel Errico take cover conspiracy to consign mail, wire again securities fraud, the United narrate champion besides Monterey sphere community Attorney’s swindle announced today.
The proceedings was issued Tuesday but remained sealed until Nilsen surrendered to authorities dominion San Jose today, [...]
Tags: bankruptcy, borrowers, defrauding, hard money, hard money lender, investors, real estate
Magnus workers
September 11th, 2009 by Mortgage Writer
It’s been more than two years since Tucson-based First Magnus Financial Corp. abruptly shut its doors and filed for bankruptcy, yet thousands of the mortgage bank’s former employees still have not received their final paychecks.
The good news is, the more than 5,000 former employees nationwide should be receiving about half of what they are owed [...]
Tags: attorneys, bankruptcy, money, real estate