A lawsuit filed in U.S. district court against Chevy Chase Bank, FSB, was granted class action certification in 2007. The case had the potential to force the bank to rescind more than 7,000 option adjustable-rate mortgage borrowers who were allegedly given inadequate disclosures. But a U.S. court of appeals reversed the class action certification on Sept. 24.
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Delinquency of between 30 and 59 days has remained below 7 percent on nonprime mortgages, according to a report from the State Foreclosure Prevention Working Group. Delinquency remained around where it stood in October and was slightly lower than in January. But delinquency of at least 90 days has risen from just above 10 percent in October to more than 13 percent in the most recent study.
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Mortgage Insurers wrote 53,476 policies for $10.2 billion during August, the Mortgage Insurance Companies of America reported. Activity was off nearly 20 percent from July and less than half the level a year earlier. Volume fell to its lowest level since February 2000.
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Citigroup Inc. has agreed to acquire Wachovia Bank. The deal was brokered by the Federal Deposit Insurance Corporation. "Wachovia did not fail; rather, it is to be acquired by Citigroup Inc. on an open bank basis with assistance from the FDIC," the statement said.
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By a vote of 228 to 205, the Emergency Economic Stabilization Act of 2008 was defeated in the U.S. House of Representatives today. Both Republicans and Democrats were among those voting against the legislation. The stock market reacted violently -- with the Dow Jones Industrial Average initially tumbling more than 700 points. In late trading, the widely watch index was still down more than 600 points to 10528.
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While the bailout bill may have collapsed, the Department of Housing and Urban Development said Friday that it has allocated a total of $3.9 billion as provisioned by H.R. 3221, The Housing and Economic Recovery Act of 2008. U.S. Senators Charles E. Schumer, Robert Menendez, Sherrod Brown and Bob Casey -- all Democrats -- issued letters earlier this month to the new CEOs of Fannie Mae and Freddie Mac calling for a halt to all of their foreclosures for 90 days. ACORN issued a statement last week
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An agreement has been reached on the Emergency Economic Stabilization Act of 2008, according to a analysis of the bill released by Congress. The bill would authorize the Troubled Asset Relief Program plan by the U.S. Treasury. Under the legislation, the Treasury can immediately purchase up to $250 billion in assets. With presidential certification, another $100 billion can be accessed. "The final $350 billion may be accessed if the president transmits a written report to Congress requestin
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WASHINGTON - Congressional leaders and the Bush administration agreed Sunday on the main elements of a $700 billion bailout for the financial industry, paving the way for swift enactment of the largest government intervention in markets since the Great Depression.
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With current market conditions spurring foreclosures, it only makes sense that buyers would want to take advantage of housing prices well under market value. But what’s the deal? Is this idea way too good to be true? Does buying a home that’s been foreclosed on make you a Good Investor or a Risk Taker? Here we'll explore the pros, cons and precautions to take when buying a foreclosed home.
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It appears that some sort of agreement on the mortgage bailout package will eventually be reached and passed -- possibly by this Sunday. A Treasury plan, as modified by the House and Senate Democrat and Republican negotiators on Friday, will be the basis from which any agreement will emerge. While it is not clear what changes will be made, the changes could range from adding another element to the plan -- such as a new loan insurance component -- to reducing the scope of the troubled asset purc
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