LVRJ Article: Nevada attorney general sues BofA over trade practices
Attorney General Catherine Cortez Masto on Friday said her office filed a lawsuit against Bank of America, seeking a court order to stop the giant bank from continuing to use deceptive trade practices against homeowners. Click here to read the full article.
LVRJ Article: Judge halts capping of ‘super priority’ foreclosure liens
District Court Judge Susan Johnson on Thursday issued a temporary restraining order against enforcement of a state regulatory advisory opinion that caps the amount collection agencies may charge under “super priority” liens against homes in foreclosure. To read the full article click here.
Huffington Post Article: Tom Miller says, “We Will Put People In Jail” For Foreclosure Fraud
The leader of a nationwide investigation of foreclosure fraud told homeowners Tuesday that the probe will have some serious consequences for bankers. To read the full article click here.
Some Foreclosures and Evictions postponed for the holidays
Freddie Mac and Fannie Mae are postponing foreclosure evictions on mortgage loans they own or back from December 20th to January 3rd. Wells Fargo will freeze foreclosure sales for the holiday. The lender’s freeze will run the same two week period as that of Fannie Mae and Freddie Mac. It will only postpone sales of […]
Department of Business and Industry Commissioner says NO to NV’s unreasonable HOA fees
On November 18, 2010, George E. Burns, Commissioner for the State of Nevada Department of Business and Industry, Financial Institutions Division, gave the citizens of Nevada a slice of fairness. Commissioner Burns signed an Order that officially halts the seemingly tyrannical behavior of Home Owners Associations collections agencies (hereinafter HOA’s) across Nevada. Pursuant to the […]
Nationstar’s New Short Sale Requirements for Buyers
If a homeowner is “underwater” on the mortgage, meaning that the fair market value of the house does not equal the amount owed on the loan note, then the homeowner cannot sell the house through traditional means. A traditional sale recoups sufficient funds to pay off the amount owed to the homeowner’s mortgage company or […]
Foreclosure – Will it affect your security clearance and therefore your livelihood?
There are approximately 850,000 Americans with top secret security clearance and hundreds of thousands of others who have varying degrees of clearance as the result of government, quasi-government or contract employment. In order to obtain security clearance, one’s credit score and financial stability are considered by an administrative board. These clearances are renewed several times, […]
Bankruptcy Statistics for 2010
The latest figures on personal bankruptcy filings in the U.S. have been released and it looks like 2010 will see the most bankruptcy cases since 2005, when the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) took effect. Bankruptcy cases filed in federal courts for fiscal year 2010, the 12-month period ending September 30, totaled […]
Private Mortgage Insurance Provides Woes for Lenders and Consumers Alike
When one hears the word “insurance,” you automatically think you are “covered” from any and all “qualified” loss that exists under the umbrella of that coverage. Unfortunately, that does not appear to be true as all types of insurance from medical to long term disability have been the subject of movies and articles slamming the […]
MBA Asks for Exemptions to Dodd-Frank Act
The Dodd-Frank financial reform, which passed this summer, requires lenders to retain a five percent stake in loans it packages and sells to investors. The goal of this retention is for lenders to have a stake in the future of these loans, making the lenders accountable for the quality of the loans they packaged and […]