Yesterday, computer programmer Rajendrasinh Babubhai Makwana, a former contractor for Fannie Mae, was convicted of designing and planting a malicious code in the Fannie Mae computer network that, if allowed to propagate as planned, would have destroyed all data in the Fannie Mae electronic system. That’s right: financial information, securities data and all the details on the myriad mortgages held Read full article »
Tag archives for Ramifications
Hacker Convicted of Attempt to Destroy Fannie Mae Data in Entirety
category: Real Estate News
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
Short Sale Flip Fraud, Emergency Webinars and Good Ole Freddie Mac
This past Sunday evening, I hosted a webinar that served as a bulletin for real estate investors about a major new announcement from Freddie Mac concerning the practice of A-B-C (aka AB-BC, aka back-to-back) short sale flipping. Essentially, a page on Freddie Mac's website has declared that practice to be fraudulent. I realized this wouldn't be welcomed news, but I had Read full article »
category: Editorial, Real Estate Tips
No More Government Rescue For Bad Loans
If you were expecting the $700 Billion bailout plan to mean that the government might purchase some home loans and in so doing stabilize the real estate market, think again. This has some significant ramifications for investors and best strategies - please pay close attention! Treasury Secretary Hank Paulson held a press conference last week during which he stated that the bailout Read full article »
category: Main Content, Real Estate News
tags: Automakers, Bad Loans, Bailout Plan, Best Solution, Couple Of Days, Foreclosures, Government Loans, Hank Paulson, Home Loans, Insurance Companies, Lenders, Mortgage Lender, Mortgages, New Mortgage, Ramification, Ramifications, Real Estate Investors, Real Estate Values, Tarp, Treasury Secretary, Two Ways
Rumor Mill – Fannie And Freddie To Be Taken Over This Weekend
Persistent and reasonably well substantiated rumors suggest that the Federal Governmnet will fully take control of Fannie Mae and Freddie Mac, the two "Government-Sponsored Entities" that dominate the U.S. mortgage business. This is a huge and historic development, profoundly negative though it is. The ramifications of such a move are not yet known, though it seems quite likely that foreclosed Fannie/Freddie properties Read full article »
category: Real Estate News
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.