Refinancing fails to hit potential The refinancing wave that swept the nation when mortgage rates hit historic lows last year is petering out, leaving behind millions of homeowners who could not qualify for the best rates. Half of the nation’s borrowers have mortgages with rates above 6 percent, even though the average rate on 30-year, …
Category Archives: Breaking News
Home-loan aid altered
Home-loan aid altered Facing mounting criticism about the effectiveness of the government’s foreclosure prevention efforts, the Obama administration announced Thursday that it will tighten the documentation requirements for borrowers applying for its marquee mortgage relief program. Starting June 1, borrowers must prove they qualify for the mortgage help upfront, providing two pay stubs and other …
Banks take losses on short sales – Business – MiamiHerald.com
Banks take losses on short sales Drew Schlosser tried for two years to sell his three-bedroom Punta Gorda waterfront condominium for less than he owed on its two mortgages. The deal only went through last month when Wells Fargo & Co. agreed to take a $165,000 loss on the loans. Even after he had an …
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Homestead couple’s Chinese drywall case heads to court
Homestead couple’s Chinese drywall case heads to court After months of legal wrangling, it appears one of the first lawsuits filed over faulty Chinese drywall is headed to trial in federal court. Melissa and Jason Harrell of Homestead filed a lawsuit against South Kendall Construction, Palm Holdings, Keys Gate Realty and Banner Supply in March. …
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Down-Payment Standards Eased – WSJ.com
Down-Payment Standards Eased Some mortgage insurers and lenders are beginning to relax their down-payment requirements, in a sign of increased confidence in the housing market. The changes, which are being done on a market-by-market basis, mean buyers in some parts of the country can now borrow 95% instead of 90% of a property’s value. Until …
Indicted: Fake Roman Catholic priest that took Trump Tower Tampa for $150,000
Indicted: Fake Roman Catholic priest that took Trump Tower Tampa for $150,000 I’ve written several stories about Father Barney Canada, a convicted confidence man who took Florida developers for at least $1 million in loan application fees. One victim was Trump Tower Tampa, whose developer, SimDag Robel LLC, gave the “clergyman” $150,000 for a loan …
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