predatory lending: MY HOME LOAN - My own personal experience - 06/27/08 12:08 PM
After reading a recent blog, I was compelled to write about my own personal lending experience.
Following the military, I moved to a new town, bought a new home and started a new career as a loan originator. When I left the military, me and my wife purchased our home using … (3 comments)
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predatory lending: Foreclosures, Fraud and Buying a Home in this Market - KUOW 94.9 - 06/26/08 04:02 PM
Foreclosures, Fraud, and Buying a Home
06/26/2008 at 10:00 a.m.
Owners of million dollar homes are defaulting on their mortgages. More than one in every 600 homes in Pierce County is in some stage of foreclosure. Housing prices are down, the Justice Department has charged hundreds in mortgage fraud schemes, … (0 comments)
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predatory lending: Countrywide is at it again in Illinois - State of Illinois Files Suit against CW! - 06/25/08 09:31 PM
"Countrywide's unfair lending practices have harmed tens of thousands of borrowers who've been placed in unaffordable loans and, as a result, our communities are now being destabilized by a skyrocketing number of home foreclosures," Lisa Madigan said in a statement Wednesday. Her office said that the company played a "major role" … (5 comments)
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predatory lending: Breaking News - 06/25/08 04:58 PM
Check this out!
Countrywide may be losing their license in WA.
http://www.kirotv.com/money/16706810/detail.html
Sorry, the link needs to be cut & pasted for it to work. Not sure what went wrong.
… (14 comments)
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predatory lending: Is Predatory Lending a Factor in the Mortgage Community? - 06/20/08 01:27 PM
Should Mortgage Seekers Worry about Predatory Lenders?
Unscrupulous lenders often prey upon borrowers who don't completely understand the intricacies of mortgage lending. Predatory lenders are most likely to target the less educated, people from lower socio-economic groups and the elderly. They tend to target people who don't have a great credit … (0 comments)
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predatory lending: Fall out from Predatory Appraisals - 05/22/08 08:45 AM
55% of appraisers say they have been uncomfortably pressured to overstate property value
99% of appraisers believe that other appraisers sometimes go along with these requests.- 2003 Appraisal Intelligence: National Appraisal Survey produced by October Research Corporation
Current Impact of Predatory Appraisals
These statistics clearly demonstrate the reality of predatory … (0 comments)
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predatory lending: business loans secured by primary residence - careful! - 05/20/08 12:44 AM
Given the implosion of the mortgage industry, I am noticing more and more advertisement for business loans. Many former hard money lenders are now focusing on "business loans". Many lenders mistakenly think these loans are not subject to the Truth In Lending Act. I am handling several lawsuits under this exact … (0 comments)
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predatory lending: Hard Money Loans are easy targets for consumer attorneys - 05/18/08 12:16 AM
The requirements under the Truth In Lending Act and the Homeownerhip Equity Protection Act (HOEPA), also found in Regulation Z (226.32), are very difficult to comply with. I have had numerous successful suits against hardmoney lenders and i rarely see one that was done correctly. There are essentially two areas to … (0 comments)
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predatory lending: right to rescind - 05/08/08 07:09 PM
I have seen a tremendous influx in the amount of information (and misinformation) pertaining to the extended right to rescind provided for by the Truth In Lending Act (TILA). TILA is a very powerful tool for consumers but it is often misunderstood. Still, violations of TILA should be raised as appropriate … (0 comments)
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predatory lending: Lenders' Little Helpers - Conflict of Interest? - 04/15/08 05:12 PM
Lenders' Little Helpers - Conflict of Interest?
AR'ers, this is a column I write for a NJ monthly. The point is ubiquitous.
Records indicate more than 36,000 foreclosure lawsuits were filed in New Jersey last year, and this year that number is expected to exceed 50,000.
During the first quarter of 2008 the 12,300 foreclosure … (0 comments)
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predatory lending: RESPA reform separates the good guys from the bad guys. - 04/07/08 09:13 AM
While RESPRO knocks itself out trying to delay and hoping to kill reform, we have an opportunity, a golden opportunity to separate the good guys from the bad guys in a meaningful and very public demonstration.Trust me. There's nothing in this reform proposal that good guys can't live with.Trust me. There's … (0 comments)
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predatory lending: Reverse Redlining! The Abuse of Minorities and No Outcry! - 03/29/08 07:59 PM
I was watching a financial home on CNN Money tonight where they brought up an interesting concept. Years ago in real estate there was a term called "redlining" which meant that some minority areas were marked off as a bad area to make loans, and that made it difficult if next … (24 comments)
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predatory lending: Springing forward toward fair housing month - 03/29/08 11:22 AM
As we are turning the corner toward April we are also heading toward Fair Housing Month. I am digging up an older post that I had originally posted on my corporate blog for Connect2Agent.
Here is the original post from September 14,2007 titled,"Has the subprime market hurt minorities' success in homeownership?"
Is … (3 comments)
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predatory lending: Mortgaging America's Future for a Quick Buck - 03/21/08 06:43 PM
This information affects every realtor, mortgage broker, homeowner and taxpayer in America!
It's one of the most amazing displays of journalistic incompetence and malpractice in recent memory.
The US news media failed to draw the obvious connection between the bizarre federal law enforcement investigation and leak campaign about the private life of New … (9 comments)
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predatory lending: Was President Clinton the cause of the housing meltdown? - 03/03/08 08:35 AM
This isn't intended as an opinion post, nor is it intended to inform. It's intended only to provoke thought and to draw attention to Gene Wunderlich's new group: Mortgage, Foreclosure & Elder Abuse Housing Fraud. I plan on contributing a significant number of short posts featuring links to facts and opinions … (13 comments)
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predatory lending: Watchdog Agent Program; Support Non-Predatory Lending - 02/29/08 05:53 PM
Real estate professionals have a strong stake in preventing predatory lending. Predatory lending can be disastrous not only for the borrower and his or her family, but also for the entire community.” - National Association of Realtors Past President Pat Vredevoogd Combs
This site is designed for Real Estate Agents to dispaly … (2 comments)
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predatory lending: SAMPLE QWR - Qualified Written Request - Stop Your Foreclosure If You Have Been A Victim of Predatory Lending - 02/26/08 12:31 AM
I am attaching a Sample of A QWR. As a foreclosure specialist specializing in stopping foreclosure for my clients, I wanted to provide realtors with a sample of a QWR.
Subject: Loan number xx My Name & addressTo Whom It May Concern: This is a "Qualified Written Request" under Section 6 of … (0 comments)
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predatory lending: Consumer Loan Protection - Violations of Respa - Foreclosure Assistance - 02/26/08 12:27 AM
Stop Foreclosure Due To Mortgage Violaton. There are plenty of ways to stop foreclosure for clients, one is by requesting a QWR "Qualified Written Request" based on Section 6 of Respa.
Section 6 Section 6 of RESPA provides borrowers with consumer protections relating to the servicing of their loans. If a borrower sends … (3 comments)
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predatory lending: Money Merge Accounts: A Pessimist's Perspective - 02/25/08 04:07 PM
I logged onto one of my AR groups yesterday and saw an ad for MMAs (Money Merge Accounts). It was stated that this type of account could help you pay off your mortgage, giving you more money to spend, and utterly change your life. Who wouldn't want THAT?!!!
Dad taught me, "IF … (5 comments)
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predatory lending: These Loans Were Destined to Fail - 02/08/08 09:07 AM
By Poppy (36 year mortgage industry veteran & senior underwriter)
This is a challenging and open statement to those of you in the Servicing game, Modification, Short Sale, Deed in Lieu, Collections, better known as the Work Out phase of our industry.
This is where I started in this industry in 1972, at a … (3 comments)
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predatory lending: Why I signed on to Active Rain and my first ever blog - 02/07/08 02:51 PM
I was trying to do some recon for another agent when I came across a post from this site. The guy was right on about loss mitigation. I have added his general idea as well as my comments below. Great website and I am glad to be a part of it!
He was a … (6 comments)
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predatory lending: 2008: Lending Practices in Review - 02/02/08 05:41 PM
2008:
Lending Practices in Review
For quite a while now, I have been writing articles regarding the mortgage and real estate industry. Just recently I decided to publish them, superseding the apprehension that I may spark controversy with my realistic and unbiased views on the industry and the big players in the sector. … (0 comments)
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predatory lending: Social innovation in housing markets - 01/28/08 09:26 PM
Blogger Carlos Gasca Yanez has proposed an innovative solution to this nation’s looming social blight: housing markets in crises. The idea championed in a post titled Subprime Crises calling for Social Entrepreneurs is to partner nonprofit initiative with corporate enterprise. Carlos envisions a real estate model that embraces a marriage of … (4 comments)
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predatory lending: HR 3915: Its Passing and the Message Conveyed - 01/27/08 03:37 PM
Market Update
by
Cyrus Khadivi
HR 3915: Its Passing and The Message Conveyed
We all know our economy has drastically been affected by the mortgage turmoil and the deterioration of credit. So naturally, everyone wants to suggest cures to the ill that has plagued not only the U.S. economy but a … (0 comments)
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predatory lending: Forensic Loan Document Audit to Help Stop Foreclosure - 01/25/08 02:25 PM
Let Our Team of Mortgage Experts Examine Your Loan for Truth in Lending Act Violations, RESPA Violations and Fraud
When people look for a mortgage they rely on professional advice and the aid of a mortgage broker or lender. The loan process is complicated and most everyone places their trust in the professional thet … (5 comments)
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predatory lending: California Civil Code 1632 - All Contracts Negotiated in a Foreign Language, Must be Written in a Foreign Language - 01/25/08 01:06 PM
The law in particular that relates to non-English speaking borrowers is California Civil Code 1632. I am sure there are many other states that also have similar laws as California's.
The law is very clear and it states that if a "contract" is negotiated in a foreign language then that contract needs … (4 comments)
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predatory lending: Rescission of Mortgage - 01/14/08 09:49 PM
In the past few months we have seen a huge increase in the number of defaults of residential mortgages, specifically those involving "sub-prime" borrowers and what I would like to call "predatory lending" practices. Thee defaults continue to lead to foreclosures, short sales, subsequent property devaluation, and other related adverse circumstances. … (2 comments)
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predatory lending: When Deals Go Bad: Baltimore's Foreclosure Debacle - 01/13/08 04:07 PM
Baltimore, sometimes called "Charm City," isn't all that charming beyond the inner harbor complex that's featured by media when the Ravens or Orioles are playing at home. Sheila Dixon, Baltimore's newly elected mayor, along with the city's council have filed suit against Wells Fargo Bank to recover alleged losses caused by … (13 comments)
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predatory lending: See What Senator Dodd's Proposed Bill S-2452 Offers You and Your Clients - 12/18/07 07:05 PM
On December 12th, Senator Dodd put forth a new bill, Senate Bill S-2452. This is a counterpart to the Bill passed by Congressman Barney Frank , HR- 3915, in November that overhauls the Lending Industry. Both bills are designed to prevent and foster measures to circumvent Predatory Lending.
While the Legislator's intentions … (4 comments)
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predatory lending: Freddie Mac Post New Video About Mortgage Fraud In YouTube - 12/17/07 09:34 AM
Last week Freddie Mac posted a new video in youtube as a way of continuing combat mortgage fraud and predatory lending. You can preview the video here and to read the article follow this link. http://blog.washingtonpost.com/washbizblog/2007/12/freddie_mac_offers_its_own_ver.html
Bill Arce
www.realestatelatino.com
… (1 comments)
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predatory lending: More Mortgage Industry Punditry ... and a loaded question - 12/15/07 06:04 PM
It was about eighteen months ago that a friend of a friend called to ask if I would glance at a settlement sheet. Chris, a busy woman executive, was scheduled to close a refinance loan the next day and sensed that something wasn't quite right after learning the amount of her … (24 comments)
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predatory lending: Ladies and Gentlemen: Let’s get ready to rumble! - 12/10/07 11:06 PM
Now all the talk is around an old technique called "credit piggy backing" which has been around for years. I first used this technique some 20 years ago when my father applied me to his gas cards and then department store cards.
Now we have those in the financial industries that … (0 comments)
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predatory lending: HOPE NOW a SOS Signal?? - 12/07/07 07:58 PM
I figured you should know the new buzz word for distressed homeowners is HOPE NOW, the White House mortgage plan, but they should also have a sidebar called Another Hopeless SOS Website.
If you went to the website, you would most likely find it to be cumbersome and particularly not helpful. There's … (5 comments)
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predatory lending: Seniors are Prime Targets of Riskiest Loans - 12/03/07 11:55 AM
Today, the Seattle Times has an article "Homeowners in debt, seniors prime targets of riskiest loans" by Susan Kelleher and Justin Mayo. It is a follow-on to yesterday's story "The Fleecing of Frances Taylor." "Taylor refinanced her home three times in just three years. Those loans stripped away more than $50,000 … (4 comments)
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predatory lending: A Recipe for Unmitigated Disaster - 11/23/07 06:13 PM
Earlier today, Lenn Harley posted California Subprime Borrowers May Get Relief? - More Questions Than Answers. It's Lenn's insightful commentary to posts written by Bryant Tutas and Gena Riede concerning the frightful number of looming foreclosures in certain markets. Specifically, Gena emphasized the concerned efforts of California's governor to offer some … (35 comments)
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predatory lending: A Few of the Banks do "Get it" - 11/16/07 12:32 PM
This is a follow up to my How do we get the banks to get with the Short Sale Program?? post a few months ago.
Today I called one the the servicing companies I have been working with to follow up on a short sale package I submitted several weeks ago. … (6 comments)
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predatory lending: PSA - Calif. developers charged with predatory lending, fraud in federal lawsuit - 11/13/07 06:56 PM
Click Here for the story
Is the downward spin getting faster and faster or what??? I am not sure why everyone thought that they could do these things and get away with it! Business ethics and morals seems like a rarity these days.
… (1 comments)
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predatory lending: Show us what you're workin' with! - 11/09/07 08:52 PM
Hey y'all. Anyone heard of a "Yield Spread Premium"? Probably not but you may be PAYING for one! A Yield Spread Premium (YSP) is the cash rebate paid to a mortgage broker based on selling an interest rate ABOVE the wholesale par rate that the borrower qualifies for. So a YSP … (11 comments)
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predatory lending: Blame Mortgage Brokers? - 11/08/07 06:34 PM
The main purpose of a mortgage broker is to give consumers options by shopping mortgage rates and programs to keep the larger banks and mortgage lenders competitive. So why is it that the government wants to blame these same mortgage brokers for the mortgage meltdown?
The reason why mortgage brokers are receiving … (0 comments)
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predatory lending: HR3915 - Anti Predatory Lending Bill - 11/01/07 01:08 PM
Consumers will soon have Congressman Barney Frank to thank for higher cost loans should HR3915 pass. HR3915 is an anti predatory lending bill that if passed, will make the payment of yield spread premium to mortgage brokers illegal.
As a mortgage broker, I often write loans for clients where they are not paying … (10 comments)
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predatory lending: Phoenix Homeowners and Personal Responsibility - 10/29/07 06:10 PM
This is a subject about which I have often been tempted to put pen to paper, but have shied away from it for various reasons. However, an article in a prominent Arizona newspaper recently has forced me to re-think that decision.
Once again, we are told how a young couple, trying to … (0 comments)
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predatory lending: Important Defense Against Predatory Lending for Non-English Speaking Borrowers - 10/23/07 01:57 PM
The recent and dramatic rise in foreclosure activity, fueled in large part by predatory lending practices, has effected everyone, including the Hispanic Communities and other multi-cultural communities. Fortunately, there are specific laws that protect homeowners from these practices, yet the reality is many are unaware.
We have been providing legal services … (0 comments)
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predatory lending: Predatory Lending Defense for Non-English Speaking Borrowers-MUST READ - 10/20/07 11:19 AM
The recent and dramatic rise in foreclosure activity, fueled in large part by predatory lending practices, has effected everyone, including the Hispanic Communities and other multi-cultural communities. Fortunately, there are specific laws that protect homeowners from these practices, yet the reality is many are unaware.
We have been providing legal services to … (8 comments)
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predatory lending: Limited Powers of Attorney: Borrowers Beware! - 10/14/07 09:12 PM
I was recently asked by the National Notary Association to endorse one of its initiatives. Borrowers, I've learned, are sometimes asked to sign a Limited Power of Attorney (LPOA) authorizing a title company employee to sign loan documents on their behalf. Though the request may originate from good intentions, it points … (81 comments)
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predatory lending: Predatory Lending is Going to Take a 67 Year Old Man's Home - 09/27/07 01:56 PM
This is a sad story and one many can maybe relate to. A client of mine that is 67 years old was seriously taken advantage of by predatory lending mortgage brokers over the years and he is actually my inspiration to start my website and the at http://www.loansafe.org/.You see, my original intentions … (0 comments)
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predatory lending: Interest Rates Fell, Where Are All The Buyers? - 09/24/07 05:52 PM
I have been asked my opinion by many clients as to why the market is so "bad" compared to recent years. Sellers are asking, "Where are all the buyers now that interest rates were lowered last week?" Although I am not an economist, I have been in the business long enough … (3 comments)
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predatory lending: Predatory Lending- Are You a Victim? - 09/21/07 10:10 AM
The facts are that there are many people who are losing their homes to predatory lending because they were placed in mortgages they could not afford. Does that make you the bad person or the one that all the blame in placed on? NO! When people look for a mortgage they … (0 comments)
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predatory lending: Paying Up Front to do a Short Sale - 09/19/07 12:35 AM
Las week I went to a class offered by our local title company regarding short sales. The class was only 1 hour long and although I know there is probably not much anyone can teach in one hour regarding short sales I decided to take the time out of my busy … (6 comments)
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predatory lending: Don't Lose Hope or Your House to Predatory Lending - 09/14/07 06:49 PM
Homeowner Are Fighting Back Against Predatory Lending!
I don't know about you but I need to hear something good about America's housing market. The daily news articles about the gloom and doom from the toxic fall out of subprime mortgages are really wearing down my spirit. The stories of foreclosed dreams financial ruin, … (0 comments)
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predatory lending: Can You Fight Back Against Your Lender? - 09/13/07 10:15 AM
Many homeowners are unaware that they can fight back against their lenders and win! The Truth in Lending Act (TILA) is a very powerful tool in preparing a defense against your lender for violations of predatory lending law. If simple violations of the TILA can be proved in your loan documents, then you can … (10 comments)
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predatory lending: 7 Signs of Predatory Lending - 09/12/07 09:06 PM
Not many people know that they are the victim of predatory lending. Homeowners are losing their homes when in fact they can actually fight back and win against lenders where predatory lending is proved through violations of the Truth in Lending Act (TILA).
Some violations of the Truth in Lending Act … (2 comments)
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predatory lending: Foreclosure and Predatory Lending-Help For New Hampshire Homeowners - 09/11/07 04:29 PM
DON'T BORROW TROUBLE Hot Line CALL 866-623-1302
Web site: www.dontborrowtroublenh.org
Are you in danger of Foreclosure? Or,do you feel you are the victim of Predatory Lending? Then call for these brochures!
Foreclosure: This brochure will help you learn about Foreclosure in New Hampshire about … (10 comments)
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predatory lending: Stop Foreclosure and Fight Predatory lending - 09/11/07 10:11 AM
Many homeowners are unaware that they can stop foreclosure if they are the victim of predatory lending. There are legal remedies and laws that can and will protect you if you act in a timely manner and you build a solid case against your lender or broker.
Don't become a victim … (2 comments)
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predatory lending: Predatory Lending Help in California - 09/10/07 08:55 PM
Many people know that I am a homeowner advocate and my goal is to protect homeowners from losing their homes to foreclosure. Many are victims of predatory lending and they have no idea. I wanted to pass along these two great mortgage law attorney's contact information that I have been working with in California.
The … (0 comments)
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predatory lending: Predatory Lending - How to Discover if You're a Victim - 09/10/07 06:10 PM
This is a question and answer session with Nathan Fransen and Paul Molinaro conducted by Moe Bedard, homeowner advocate and founder of http://www.loansafe.org/.
Q: How do I know if I've been a victim of predatory lending?Paul:Start by comparing the loan you got with the one you thought you were getting. Are the … (0 comments)
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predatory lending: It Ain't Little Old Ladies Going Into Foreclosure - 09/06/07 09:52 PM
I told you several months ago that 99% of people pay their mortgages on time and also suggested that once we start digging into the foreclosures data we will see that it isn’t little old ladies going into foreclosures but specuvesters. My main point really is that all the talk … (7 comments)
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predatory lending: Predatory Lending...what is it exactly? - 09/06/07 10:26 AM
I was going to write a response to Rita's blog, but as my response gained length I decided to make it a blog entry.
I am all for protecting the consumer from deceitful brokers and lenders. However, it seems to me that in the crusade to protect people from "predatory lending" no one can give … (22 comments)
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predatory lending: Avoid Predatory Lending ... - 09/06/07 06:27 AM
"How to Avoid Predatory Lending" and use it to help prospective homeowners avoid unfair lending practices. Download here.
This easy to read, down to earth explanation of the various predatory lending practices is a great resource to share with your clients.
You can download the brochure to share with your clients - … (4 comments)
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predatory lending: Foreclosures -- there may be help! - 09/06/07 06:24 AM
"How to Avoid Foreclosure and Keep Your Home," which provides outstanding information for existing homeowners who may not be able to afford their current mortgage, including phone numbers, counseling services and just plain good advice. Download here.
The above is offered by the National Association of Realtors. You can downloan the … (0 comments)
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predatory lending: Help is available for those who are facing foreclosure - unable to make their mortgage payments ... - 09/03/07 09:09 AM
CNN: "Looking for Ways Out of the Subprime Mortgage Crisis,"USA Today: "Neighborhood Finds Real Estate Loans Too Good to Be True" Washington Post: "Foreclosure Rate Hits Historic High"
We've all seen the headlines. What consumers need now is a lifeline.
1. "How to Avoid Foreclosure and Keep Your Home," which provides outstanding … (0 comments)
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predatory lending: Are your clients getting bombarded with phone calls when you run their credit report - 08/28/07 11:27 PM
If so, they are on a targeted list of people that your good old credit bureau is using to sell that credit report to another hungry loan officer. I have heard countless complaints individuals where this is happening as soon as you run credit. Loan officers will call your client and … (4 comments)
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predatory lending: Feds To The Rescue - 08/27/07 09:58 PM
If you did'nt realize the magnitude of the problem, that predatory lending and the foreclosure meltdown is causing, take note. The Federal Reserve's cash infusion of $38 billion and the cutting of the discount rate has yet to stem the bloodletting in the mortgage industry. The high mortgage delinquency rate continues to … (1 comments)
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predatory lending: Real Estate attorneys bring law suits - 08/27/07 02:43 PM
In case in which a couple said it did not understand the terms of the negative amortization loan, a Maryland Court found against the bank and then certified a class action lawsuit against the bank.
"The bank said it clearly spelled out the loan terms, but the judge found that Chevy … (2 comments)
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predatory lending: HOW TO AVOID The GOVERNMENT'S FORECLOSURE SLAP!! - 08/26/07 11:51 AM
NOTICE: ARE YOU A COUNTY COURTHOUSE VICTIM?
HAVE YOU BEEN PUBLICLY SLAPPED BY YOUR STATE ELECTED-OFFICIALS YET?
Even if you Haven't Please Read On...
Today You along with Tens of Thousands More Other - "NEW Mortgage Foreclosure Victims!!!" AND...Are Being Brutally and Financially Beaten by the Government Officials YOU ELECTED to Protect You!!!
Presently … (1 comments)
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predatory lending: Has Your Short Sale been Accepted??!! Please Let Me Know! - 08/25/07 01:55 AM
With all the changes in the industry lately I wanted to see if I can get a somewhat accurate account of what short sales have been accepted lately and from which banks.
The information I would like to know is :
1) Which Bank accepted the short sale
2) How much of a discount … (18 comments)
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predatory lending: Ding Dong The Wicked Rich! OR Not... Whats Wrong With Todays Mortgage Market and How are You Surviving? - 08/24/07 01:06 AM
Whats going on out there in Real Estate land everyone??? Anyone having trouble getting their escrows to close due to the mortgage crisis (better know as the Credit Crisis)? I mean, am I the only one who has had a recent escrow and then the Lender has not been shut down?? … (0 comments)
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predatory lending: The Pitfalls of Predatory Lending - 08/22/07 08:47 PM
The Pitfalls of Predatory Lending
Predatory lending is a term used to capture a whole slew of techniques used by lenders to ensure the most beneficial terms for the financing institution at the expense of borrowers. While there may be a preconceived notion of these practices affecting particular subsections of the … (0 comments)
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predatory lending: Continuing Predatory Lending Saga - 08/11/07 02:54 PM
… (0 comments)
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predatory lending: Bad Loan.. Bad Loan Officer.. Equals A Bad Day - 07/31/07 04:15 PM
… (4 comments)
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predatory lending: Predatory Practice Help Needed!!! - 07/28/07 06:49 PM
Hi there AR Community! I had a panic phone call today from a very nice gentleman who has two investment properties that he purchased two years ago that he is about to miss a payment on. He called me asking if I could help him with a short sale.
When we met at my office … (6 comments)
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predatory lending: Minnesota Overreacts to Mortgage Abuse - 07/25/07 02:01 PM
In one of the biggest overreactions to mortgage lending problems, the State of Minnesota has passed legislation outlawing stated income mortgages. On April 20, the state legislature passed House File 1004 and Senate File 988 aimed at limiting abusive home lending practices. But did they go too far?
Oops, I … (5 comments)
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predatory lending: Legislation changes in MN for mortgages effective August 1st, 2007 - 07/19/07 12:59 PM
Effective August 1, 2007, three anti-predatory legislative bills (H.F. 1004, S.F. 988, and S.F. 2096) enact changes designed to curb home foreclosures and mortgage lending fraud.
Many Minnesota lenders are taking a conservative approach by choosing, at least for now, to purchase only full documentation loans. Others are stating that "no income, … (2 comments)
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predatory lending: Maine Real Estate - Shopping For A Mortgage? - How To Avoid Predatory Lending - 07/13/07 03:15 PM
According to this NAR brochure, Do you homework first! The National Association of REALTORS has provided this wonderful resource on "How to Avoid Predatory Lending" and use it to help prospective homeowners avoid unfair lending practices.
Useful topics include:
Beware of predatory loansWhat are some of the problems connected with predatory lending?Shop for … (0 comments)
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predatory lending: How To Avoid Foreclosure... - 06/30/07 11:02 PM
Recent Headlines
CNN: "Looking for Ways Out of the Subprime Mortgage Crisis,"
USA Today: "Neighborhood Finds Real Estate Loans Too Good to Be True"
Washington Post: "Foreclosure Rate Hits Historic High"
We've all seen the headlines... What consumers need now is a lifeline.
View the following for practical, user-friendly resources that can help prospective and … (0 comments)
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predatory lending: An Angry Consumer is a Formidable Opponent - 06/28/07 09:47 AM
I received an email recently from a woman who had read my Active Rain posts. From her message, I gleaned that a lender had taken advantage of her during a refinance transaction. I receive similar emails fairly often, but somehow this one was different. The lady's name is Paula and … (36 comments)
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predatory lending: Mortgage Fraud: Fact versus Fiction - 06/25/07 11:43 AM
A research phase would be the best way to describe the state of affairs in my office these days. Mortgage fraud statistics are dynamic, moving targets. Many of you want to know the truth about mortgage fraud, but find it difficult to stay informed. The data is available, but is distributed … (25 comments)
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predatory lending: Inner City Wall Art: Creative Expression or Vandalism? - 06/21/07 07:09 PM
I spent much of the day visiting inner city properties that were flipped within the last two years or so. Like it or not, a property that has been acquired "low" and quickly resold "high" is very likely to go to foreclosure. There is also an undeniable statistical correlation between flipped … (19 comments)
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predatory lending: New MN lending laws and stated income loans - 06/14/07 03:25 PM
It certainly has been an interesting year so far in the mortgage industry. A slowing mortgage market, blistering commentary on a daily basis from the nation's press, a dramatic increase in foreclosures, restrictive new guidelines from lenders, and rising interest rates. Whew. Oh yeah I almost forgot that Minnesota introduced one … (3 comments)
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predatory lending: Link to Find Your Illinois Representatives - 06/05/07 09:43 AM
To all,
It was brought to my attention the link to get to your representatives info didn't work (Thanks Sean). Try this one http://www.elections.il.gov/DistrictLocator/SelectSearchType.aspx?NavLink=1 If that doesnt work just go the Illinois General Assembly main website and at the bottom of the home page under "Miscellaneous Site Items" click on "Legislator Lookup"
Shawn
… (1 comments)
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predatory lending: Illinois Legislative Update June 1, 2007 - 06/04/07 12:06 PM
Good News. It took all of you to stall this. Don't stop now. Be a pest. It is your livelihood. This is as of June 1, 2007
SB1674 - passed the House on May 30, 2006 by a narrow margin and then moved to the Senate. The bill went … (2 comments)
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predatory lending: 4 Things to Know and Do Today - 06/01/07 12:34 PM
Pick-up that Phone - Mike Scobey reports on our Call To Action (CTA) "Please encourage your more activist members to make calls. This is not over yet. At this point, SB 1674(the predatory lending and 4050 provisions) is in the Senate. The RTA transfer tax is in a larger bill, SB 572, still in the … (0 comments)
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predatory lending: ILLINOIS HOUSE BILLS IT'S NOW OR NEVER FOLKS - 05/31/07 10:40 AM
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predatory lending: CRITICAL URGENT HB1478 HB4050 & NOW SB1674 - 05/31/07 10:04 AM
Results of negotiation with Speaker Madigan Speaker Madigan has moved HB1478 and 4050 Rules into one piece of legislation, SB1674, sponsored by Representative Joe Lyon, to make it an issue that will go through the House and Senate before the end of the day, May 31. If this legislation does … (1 comments)
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predatory lending: CRITICAL URGENT HB1478 HB4050 & NOW SB1674 - 05/31/07 09:57 AM
Results of negotiation with Speaker Madigan Speaker Madigan has moved HB1478 and 4050 Rules into one piece of legislation, SB1674, sponsored by Representative Joe Lyon, to make it an issue that will go through the House and Senate before the end of the day, May 31. If this legislation does … (1 comments)
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predatory lending: URGENT URGENT FOR ILLINOIS HOME LENDING - 05/30/07 03:15 PM
ALL of you NEED to contact your representatives in the legislature IMMEDIATELY! Read this.
Speaker Madigan has moved HB1478 and HB4050 Rules into one piece of legislation, SB1674, sponsored by Representative Joe Lyon, to make it an issue that will go through the House and Senate before the end of the day, May 31. If … (3 comments)
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predatory lending: URGENT URGENT FOR ILLINOIS HOME LENDING - 05/30/07 03:08 PM
ALL of you NEED to contact your representatives in the legislature IMMEDIATELY! Read this.
Speaker Madigan has moved HB1478 and HB4050 Rules into one piece of legislation, SB1674, sponsored by Representative Joe Lyon, to make it an issue that will go through the House and Senate before the end of the day, May 31. If … (0 comments)
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predatory lending: Mortgage Advice: When Advertising is Misleading, this AD's numbers don't ADD up! - 05/24/07 03:58 PM
I saw a great advertisement today for the new ING Direct Mortgage plan.
Click on the graphic to see their banner ad:
"WOW!! A 5.50% INTEREST RATE" you say. Let's jump on that one!!!
HOLD YOUR HORSES
What's BOLDED next to RATE?? 6.39% APR... and $895 Closing Costs...
OK... so how did we get from 5.50% … (55 comments)
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predatory lending: ILLINOIS MORTGAGE INDUSTRY AT RISK FINAL ACTION DEADLINE 05-25-07 - 05/22/07 11:02 PM
Amendment 3 for HB1478 was filed this afternoon (May 18) and the mortgage broker industry must take a stance. Licensees of Illinois, which includes all mortgage bankers and mortgage brokers would not be able originate any Stated Income or No Income Verification loans anyplace in the state of Illinois, if this law … (5 comments)
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predatory lending: In the beginning ... - 05/20/07 12:26 PM
Last week, I wrote about the mortgage fraud concerns that were shared anonymously by title agents during the past month. Click here to view previous post. In keeping with the spirit of the Active Rain community, your assistance was selflessly offered when I asked for it. Your outpouring of support was … (17 comments)
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predatory lending: Spike in mortgage fraud? - 05/17/07 06:32 AM
When I describe myself as a preforeclosure housing counsellor, people typically respond by saying, "You must really be busy now!" In light of the media's blitz, they seem puzzled when I tell them, "No more than usual."
"Usual" being the operative word. Mortgage foreclosures occur in good times, bad times, all times. … (0 comments)
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predatory lending: Loan Officers Speak UP! - Illinois HB 4050 Wants to shut down Mortgage Brokers - 05/10/07 10:55 PM
Mortgage brokers, we need to speak up! Check out NoHB4050.com! We need to write letters to the Governer, and need to inform consumers and realtors of the seriousness of this bill and the negative impact it will have on the industry!
As of Yet, we've only had 15% of … (6 comments)
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predatory lending: 99% of Homeowners Can Pay Their Mortgage! - 05/10/07 12:09 PM
One of the things that always bugs me about the main stream media is that they often leave out key facts or make statements that often makes things seem worse than they really are. I think there really needs some perspective on foreclosures and sub-prime mortgage lending. Now before someone goes … (18 comments)
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predatory lending: Protecting Yourself From Predatory Lending (Part 2) - 05/07/07 07:54 PM
One of the things that made DC Metropolitan area such a breeding ground for predatory lending was the fact that there was such a shortage of housing, that buyers were willing to do anything to 'Get That House' that came on the market. Strategies such as waiving home inspections, and waiving … (0 comments)
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predatory lending: How to Avoid Predatory Lending, Part III - 05/05/07 01:48 PM
Over the past couple of days, we’ve discussed the warning signs, as well as some common problems associated with “predatory lending”. When you’re shopping for a low-cost loan, it’s extremely important to know the right questions to ask of any lender, so that you can choose the loan that best suits … (0 comments)
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predatory lending: How to Avoid Predatory Lending, Part II - 05/05/07 01:47 PM
Nearly all predatory lending occurs in the “subprime market,” where loans are sold to people with less than ideal credit histories. Subprime loans have played an important role in helping millions of consumers achieve homeownership, but, unfortunately, some lenders abuse their role and take unfair advantage of vulnerable borrowers. Here are … (0 comments)
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predatory lending: How to Avoid Predatory Lending, Part 1 - 05/05/07 01:45 PM
For most families, buying a home is the biggest and smartest purchase they ever make. Unfortunately, not all loans are in their best interests. When loans hurt instead of help, they can quickly lead to foreclosure and even bankruptcy. It’s important to learn the warning signs and common problems associated with … (0 comments)
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predatory lending: So many Foreclosures......Who's to Blame? - 05/05/07 11:32 AM
In the aftermath of the recent storm of foreclosures, I've heard and read a lot of people sharing their thoughts on who is responsible and what caused the problems, how to fix the problem, how not to fix the problem, etc. More often than not, it's lenders and adjustable rate mortgages … (3 comments)
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predatory lending: The Vultures are Circling - 05/01/07 10:13 PM
Last week I told you about the Supreme Court ruling in Watters versus Wachovia that pretty much solidified the mega mortgage bankers and their subsidiaries skirting of state regulations and their attempts to drive mortgage brokers out of business by unfair legislative tactics. An email I received this evening from a recruiter … (9 comments)
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predatory lending: HB 4050 - 04/27/07 11:40 PM
Anyone know anything new on this? Love to have thoughts, but curious as to what the latest news is on this. This is something that has been put forth as something to stop "Predatory Lending", but has been stricken earlier because of its discriminatory application. Further, this bill restrains freedom of … (1 comments)
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predatory lending: 30 second tutorial on predatory lending - 04/23/07 11:33 AM
Many predatory lending schemes target equity rich/cash poor senior citizens. Regardless of the target, the predators seek unjust enrichment by obscuring the facts.
Predatory lending practices, as well as deed stealing and equity theft are usually carefully disguised, slickly presented, but always designed to exploit the homeowner's lack of financial acumen and emotional weaknesses. … (2 comments)
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