Contract law News

Contract law News From AOL News

House Votes to End Mortgage Reduction Program

WASHINGTON -- House Republicans pushed through legislation Tuesday to terminate an underachieving Obama administration program designed to reduce mortgage payments for homeowners in danger of losing their homes to foreclosure. Most Democrats, while acknowledging that the Home Affordable Modification Program has fallen...

Court Rules Against Banks in Pivotal Mortgage Case

The highest court in Massachusetts ruled against U.S. Bancorp and Wells Fargo & Co. Friday in a pivotal mortgage foreclosure case that could spark more turmoil and uncertainty in a housing market already mired in depression. The Supreme Judicial Court affirmed a lower court judge's ruling invalidating two mortgage...

Panel Warns of Nightmare Scenarios for Housing Crisis

(Nov. 16) -- The "robo-signing" scandal at the heart of the current foreclosure crisis may be just the tip of a legal iceberg that threatens to destabilize the American financial system just as the government is least equipped to support it. That's the judgment of the Congressional Oversight Panel, the watchdog agency...

Nearly 50 Percent Leave Mortgage-Aid Program

WASHINGTON (Aug. 20) -- Nearly half of the 1.3 million homeowners who enrolled in the Obama administration's flagship mortgage-relief program have fallen out. The program is intended to help those at risk of foreclosure by lowering their monthly mortgage payments. Friday's report from the Treasury Department suggests the...

It's Mainly Rich Folks Who Are Walking Away from Their Mortgages

(July 9) -- Today's New York Times challenges the conventional wisdom with an article on the types of Americans who are walking away from their mortgages: It's mainly the rich, not the poor. "Whether it is their residence, a second home or a house bought as an investment, the rich have stopped paying the mortgage at a...

Contract law News From AOL

RENTEDSPACES.COM

More Than 30% of Mortgage Borrowers Still Underwater

Despite rising home prices, more than 30 percent of borrowers, or close to 16 million homeowners, were underwater on their mortgage during the first quarter, according to Zillow.

THE HUFFINGTON POST - BUSINESS

Richard Zombeck: Below the Fold: Feds Pipe Up and Greedy Governors Screw Homeowners

A wrap-up of stories and posts you might have missed or overlooked -- the ones below the fold.

THE HUFFINGTON POST - BUSINESS

Man Accused Of Scamming 200 Homeowners, Pushing Some Into Foreclosure

A bunch of homeowners in one state are facing foreclosure and they say it's the fault of one man.

RENTEDSPACES.COM

Senator's Mortgage Trouble Highlights Positive Housing Trend

While presumptive Republican presidential nominee Mitt Romney may be in the process of quadrupling the size of the La Jolla mansion ( one of six homes in his real estate portfolio ) that he purchased for $12 million in 2008, not all of our politicians appear insulated from the impact of the housing meltdown.

RENTEDSPACES.COM

Mortgage Rates Reach Record Lows for 3rd Straight Week

Average U.S. rates for 30-year and 15-year fixed mortgages fell to record lows for the third straight week.

Contract law News From the Web

05/28/12 Revisiting the approach to contractual interpretation Source: Solicitors Journal The environment in the financial markets over the last few years has inevitably led to greater scrutiny of the legal documents underpinning commercial transactions.
05/27/12 One Homeowner's Uphill Battle with Wells Fargo and... Source: Alternet.org Mary Glover, a Pittsburgh-area homeowner living on Social Security disability income, is taking on Goldman Sachs and Wells Fargo, charging that they've violated federal and state consumer protection laws and breached contracts.
05/27/12 Sherlin joins Andrew Johnson Bank Source: Cleveland Daily Banner - Cleveland TN Angela "Angel" M. Sherlin has just been hired at the Andrew Johnson Bank by its board of directors, according to Michael Thomasson, senior vice president of the bank.
05/27/12 Coppinger: House of Reps Approves Foreclosure... Source: West Roxbury Patch - West Roxbury MA On May 16, the Masscahusetts House of Representatives unanimously supported a bill aimed at unlawful and unnecessary foreclosures.
05/27/12 Home Affordable Refinance Program here to help Source: Times-Standard - Eureka CA The Home Affordable Refinance Program or HARP can, and has been, a real life saver for many homeowners who wish to take advantage of today's low interest rates.

Background on Contract law

A contract is an agreement entered into voluntarily by two parties or more with the intention of creating a legal obligation, which may have elements in writing, though contracts can be made orally.

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