Mortgage News

Mortgage News From AOL News

Jury Convicts Executive in $3B Mortgage Fraud Case

ALEXANDRIA, Va. -- A jury on Tuesday convicted the majority owner of what had been one of the nation's largest mortgage companies on all 14 counts in a $3 billion fraud trial that officials have said is one of the most significant prosecutions to arise from the nation's financial crisis. Prosecutors said Lee Farkas led a...

New Advertising Company Will Turn Your House Into a Billboard

If it's difficult to pay the bills on your house, try turning your house into a billboard. An advertising start-up in Orange, Calif., is offering to help 100 Americans pay their mortgages -- if the homeowners convert their houses into massive painted ads for the business. "It's a really good marriage for us to be able to...

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...

Filmmaker Defeats Depression by Faking Intervention

As it was for many people, the 2008 recession was a bad time for filmmaker Steve Moramarco. "My life was literally in the toilet for about a year, personally and professionally," he told AOL News. "Everything was dead. As an actor, I had no auditions and there was basically no work. I was so underwater on my mortgage, I...

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...

Mortgage News From AOL

AOL MONEY & FINANCE

US sales of bank-owned homes fell in 1st quarter

LOS ANGELES -Bank-owned homes and those in some stage of the foreclosure process saw their share of overall U.S. home sales grow in the first quarter.

THE HUFFINGTON POST - BUSINESS

California Lawmakers Say Housing Group Cares More About Banks Than Homeowners

The Federal Housing Finance Agency is well on its way to a remarkable achievement: proving less popular, among housing groups, than even the banks whose actions have exacerbated the foreclosure crisis.

RENTEDSPACES.COM

Seller Financing: Buying a House Without the Bank

As you probably already know, it can be almost impossible to obtain a bank mortgage with bad credit.

THE HUFFINGTON POST - BUSINESS

Wells Fargo Pays Big Time To Settle Discriminatory Lending Claims

Wells Fargo & Co has promised $432.5 million in lending and other payments to end a lawsuit accusing the bank of discriminatory lending practices in Memphis, Tennessee.

THE HUFFINGTON POST

Kyle Lagow Bank Of America Lawsuit: Whistleblower Receives $14.5 Million In Mortgage Case

A former home appraiser will receive $14.5 million as part of a whistleblower lawsuit that accused subprime lender Countrywide Financial of inflating appraisals on government-insured loans, his attorneys said Tuesday.

Mortgage News From the Web

05/31/12 US sales of bank-owned homes fell in 1st quarter Source: Idaho Statesman - Boise ID Bank-owned homes and those in some stage of the foreclosure process saw their share of overall U.S. home sales grow in the first quarter.
05/31/12 Lenders easing credit standards, loan terms Source: Automotive News Europe Lenders in the United States gave car buyers some of the easiest credit terms since the financial crisis in the first quarter as they competed to make more loans to borrowers they see as safe, a credit research company said.
05/31/12 Pending sales of U.S. homes fall indicating an uneven... Source: Bradenton Herald - Bradenton FL The number of Americans signing contracts to buy previously owned homes fell in April by the most in a year, indicating the U.S. housing recovery remains uneven.
05/31/12 Homebuyer Interest in Foreclosures Increases in the... Source: Bloomberg.com Homebuyer interest in purchasing a foreclosed property more than doubled in the past 2 1/2 years even as the U.S. available inventory shrinks, according to a Realtor.com survey.
05/31/12 Buckfield needs only $174K for road repairs Source: The Advertiser Democrat - Norway ME After revising the budget and hiring Dana Lee as its new town manager, the town was able to reduce the amount it would need to borrow to pay for work on four town roads in the coming year.

Background on Mortgage

A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan.

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