Wells Fargo & Company is not as far above the ForeclosureGate fray as the lender would have you believe. While the bank has no intention of suspending foreclosures and remains adamant that it has “designed an appropriate process for the generation of foreclosure affidavits,” nevertheless, the lender will be submitting 55,000 supplemental affidavits on currently pending foreclosures and request extensions Read full article »
Tag archives for Moratorium
Wells Fargo Identifies Foreclosure Problems Only Out of an “Abundance of Caution”
category: Mortgage News, Real Estate News
Foreclosure Moratoria Could Create a Price Avalanche
As more states come to the conclusion that they need to place at least partial moratoria on foreclosures, preforeclosures and sales of foreclosed properties (REO) in an effort to prevent the “robo-signer” phenomenon from wreaking even more havoc on potentially undeserving homeowners, real estate experts fear that this well-intended move could create a “false stability” in the housing market that Read full article »
category: Real Estate News
tags: Bank Of America, Congressional Representatives, Estate Experts, Foreclosed Homes, Foreclosed Properties, Foreclosure Process, Foreclosure Properties, Foreclosure Sales, Foreclosures Preforeclosures, Gmac, Graham Fisher, Housing Market, Jp Morgan, Jp Morgan Chase, Mid Term Elections, Moratoria, Moratorium, Rosner, Scarcity, Undeserving
Bank of America Suspends Foreclosures in 23 States
The largest bank in the country has halted forecloses in 23 states following the discovery and disclosure of the notorious “robo-signers” infiltration of its ranks. Bank of America joins JP Morgan Chase and GMAC/Ally in the foreclosure freeze thanks to evidence of “rubber-stamping” foreclosure approvals without appropriate verification of validity. BofA has not, at this time, disclosed how many foreclosures Read full article »
category: Mortgage News, Real Estate News
tags: Affidavits, Attorney General Richard Blumenthal, Bank Of America, Bofa, Citibank, Connecticut Attorney General, Connecticut Attorney General Richard Blumenthal, Foreclosure Cases, Gmac, Gubernatorial Candidate, Infiltration, Jerry Brown, Jp Morgan, Jp Morgan Chase, Moratoria, Moratorium, Ramifications, State Attorneys General, Steamroller, Wells Fargo
J.P. Morgan Chase Freezing Foreclosures Due to “Flawed Paperwork”
GMAC/Ally’s robo-signer may have been just the beginning. “Flawed paperwork” and other “technical difficulties” may be leading to what even the federal government ultimately could not fully enforce: a widespread foreclosure moratorium. Immediately following the GMAC/Ally foreclosure freeze, J.P. Morgan Chase, the third volume mortgage lender in the country, has suspended foreclosures in 23 states due to “flawed paperwork”. According to Read full article »
category: Mortgage News, Real Estate News
tags: Adequate Time, Department Signs, Detrimental Effects, Eviction, Foreclosures In Michigan, Gmac, J P Morgan, J P Morgan Chase, Jp Morgan, Jp Morgan Chase, Loan Documents, Moratorium, Mortgage Lender, National Mortgage, Professional Magazine, Rainbow Push Coalition, Religious Leaders, Reo Properties, Residential Loans, Sign Affidavits
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.