Starting at the beginning of 2012, everyone involved in a short sale will be liable for “negligent or intentional misrepresentations in the transaction” and will have to sign affidavits stating that they are handling the transaction to federal standards. The addition of the affidavits to the short sale process is designed to help everyone involved in the short sale “identify Read full article »
Archives for Real Estate Scams
Freddie Mac Changes Short Sale Rules
Federal Government Seeks Billions from Allied Mortgage Capital
In a civil mortgage fraud suit filed against Allied Mortgage Capital Corporation, its affiliates and a number of its executives, the federal government is seeking more than $2 billion in damages for “nearly a decade of concealed misconduct in connection with the residential mortgage lending practices of the firm”. Around a third of the Federal Housing Administration (FHA) mortgages originated Read full article »
Massachusetts Supreme Court Revokes Ownership of Property Purchased at Foreclosure Auction
You can’t lose what you never had – or can you? The Massachusetts Supreme Court ruled earlier this week that Francis Bevilacqua, who purchased his home at a foreclosure auction in 2006, never had legal title to the property since the lender had no right to foreclose on it in the first place. Five years later, the robo-signing bank’s “dubious Read full article »
Real Estate Scam of the Day: 13 Banks Accused of Defrauding Veterans, Treasury
The Interest Rate Reduction Refinancing Loans (IRRRL) program was intended to help veterans refinance their home mortgages without having to pay certain fees. However, 13 major lenders now stand accused of using the program to “defraud both our nation’s veterans and the United States Treasury of millions of dollars” through faulty implementation of the program. Two Georgia mortgage brokers blew Read full article »
Real Estate Scam of the Day: Vacant Homes Perfect for Long-Term Rental Scams
If you are considering renting a home, make sure that you are positive that property is truly up for rent. Con artists in Las Vegas, Nevada, are taking advantage of extremely slow foreclosure timelines and a plethora of vacant properties to stretch rental scams farther than ever before. It’s not new to advertise a house you don’t own on Craigslist, Read full article »
The Politics of Real Estate
Few industries are as profoundly impacted by the political machinations in Washington as the real estate industry. Whether it's old legislation like Jimmy Carter's Community Reinvestment Act or Barack Obama's massive mortgage bailouts, the U.S. political machine has a huge impact (usually bad) on the business of real estate.
Ideally, we could ignore politics. But here at the Bryan Ellis Real Estate Letter, we insist on seeing the world with clarity - including the reality of Washington's aggressive involvement in every facet of our business, from mortgage lending to real estate sales license; from loan modification regulations to appraisal requirements... every piece of our business is profoundly impacted by politics. So rather than stick our heads in the sand and ignore reality, readers of the Bryan Ellis Real Estate Letter choose to be informed and prepared.
Mortgage Industry News
Few things change more rapidly than the mortgage market, and with the increasing dominance of GSE's Fannie Mae and Freddie Mac over the mortgage business, it's more important than ever to keep up. Here are a few recent mortgage news updates:
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Mortgage News
- HAMP Success Tally Slowly Growing
- Western States Working Through Foreclosure Backlog Quicker than Eastern
- Biggest Down Payments in the Country Found in New Jersey
- President Bypasses Congress, Appoints Director of the Consumer Protection Bureau
- Federal Reserve Recommends Expanding GSEs to Turn Housing Market Around
- Mortgage Rates Likely to Remain Low for a While Longer
- Top Former FDIC, Wells Fargo Execs Say Fannie and Freddie Must Go
- FHA Continues to Extend Anti-Flipping Waiver
- More Homeowners Using Delaying Tactics to Slow Down Foreclosures
- Now that It’s Passed: The True Cost of the Payroll Tax Cut
About Bryan Ellis
Bryan Ellis is an Atlanta-based real estate analyst and publisher of the widely read newsletter "The Bryan Ellis Real Estate Letter". With over 200,000 subscribers - including real estate investors, agents, brokers, appraisers and other real estate professionals - the Bryan Ellis Real Estate Letter is among America's largest sources of unbiased coverage of politics and public policy for the real estate industry.
Bryan Ellis serves as editor in chief for the Bryan Ellis Real Estate Letter and is assisted by an extraordinary staff of writers, researchers and editors who are each real estate experts in their own right and who assure that the news we report is well researched, factual, and highly relevant to today's real estate industry.
Bryan is very happily married and has two wonderful daughters. He makes his home in the suburbs of Atlanta, Georgia. You can contact the team at the Bryan Ellis Real Estate Letter here.
