(Amelia island condos) Mortgage Fraudsters Finding Ways To Exploit Bubble Bust
Mortgage Fraudsters Finding Ways To Exploit Bubble Bust
It is hard to find a tragedy in the world that some heartless rat
can’t find a way to exploit and the current and growing incidence of
foreclosures doesn’t violate the rule.
“Recent statistics suggest
that escalating foreclosures provide
criminals with the opportunity to exploit and defraud
vulnerable homeowners seeking financial guidance.
Mortgage Market Disruptions Short-Lived According To NAR
Lawrence Yun, senior economist for NAR said that unusual
disruptions are dampening the outlook for home sales, notably
for August and September. “There’s been an unusual hit to home sales,
starting in March when subprime problems emerged and more recently when
problems spread to jumbo loans, with many potential buyers on the
sidelines.
“However, the jumbo loan market is now beginning to
settle, and…”
Fed Slashes Interest Rates By 50 Basis Points
The Federal Reserve slashed benchmark interest rates
by a half point in an agressive move to prevent the economy from moving
into recession and to ease the pains of the housing bubble. The decision
to cut the overnight federal funds rate from 5.25% to 4.75% was
unanimous. This is the lowest level since May of 2006 and the first time
the Fed has cut interest rates since June 2003. It was the first 1/2
point cut since November of 2002.
Many lenders offer a bad credit home loan knowing fully that their loan is secure, since it is taken on mortgage of your home.
Some Mortgage Rates Move Dramatically, Others Stall
The Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications
Survey for the week ended September 7 showed a dramatic drop in the 30-
year FRM, from 6.42 percent with 1.09 points (including the origination
fee) to 6.25 percent with 1 point.
Mortgage application volume increased…
Major Homebuilder Runs Successful Weekend Sale
It seemed to smack a bit of desperation at the time, but in hindsight
it appears to look more like marketing genius.
Hovnanian Enterprises, Inc., one of the nation’s
largest homebuilders, threw open the doors of literally thousands of its
newly built homes or those that were under construction last weekend and,
in what media has described as a fire sale, offered deep discounts,
sometimes in the six figure range, to buyers ready to make a deal.
Well, whatever it was, it apparently worked…
One day after the Fed cut rates and the House of Representatives
approved FHA Reform, the Senate Banking Committee
approved legislation that would expand the ability of the FHA to insure
mortgages, including higher-risk borrowers.
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