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Mortgage Brokers

Welcome to the special Real Estate Industry Bulletin for Mortgage Brokers.

Flagstar losses narrow, unloads $80 million in troubled mortgages

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Flagstar losses narrow, unloads $80 million in troubled mortgages

Flagstar Bancorp (FBC: 1.32 0.00%) narrowed losses in the first quarter to .7 million, or 6 cents per share, from .9 million loss one year ago. Losses in the fourth quarter totaled 2.1 million. For the first part of the last decade, Flagstar routinely landed among the top 20 mortgage originators in the country....
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FTC mails $1.5 million in mortgage refund checks to Hispanics

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FTC mails $1.5 million in mortgage refund checks to Hispanics

The Federal Trade Commission mailed .5 million in refund checks to Hispanic borrowers who were allegedly charged more on their mortgage than whites. The refund stems from a lawsuit the FTC filed against California-based Golden Empire Mortgage and its CEO Howard Kootstra. The suit alleged the company charged Hispanic consumers higher prices for mortgages....
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Colorado AG fines two brokers nearly $1 million each for deceptive lending

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Colorado AG fines two brokers nearly $1 million each for deceptive lending

A Denver District Court ordered two Colorado mortgage brokers to pay civil penalties of nearly million each for deceptive advertising and fraudulent loan origination practices. The court found Leo Shifrin conducted unlawful and misleading business practices between January 2004 and June 2007, rolling potential homeowners into option adjustable-rate mortgages. "Through the advertisements used to...
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Real Estate Opportunities in the World’s Most Romantic City

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Real Estate Opportunities in the World’s Most Romantic City

Venice in Italy is one of the world’s most enchanting cities thanks to the almost fairytale allure of landmarks such as St Mark’s Basilica and Square, the Palazzo Ducale, the Grand Canal... [[ This is a content summary only. Visit my websi...
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February home prices stabile as market readies for spring: FNC

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February home prices stabile as market readies for spring: FNC

Home prices remained relatively stable in February, according to FNC's Residential Price Index, which could be a positive sign for the home buying season yet to come. The national price index decreased just 0.7% between January and February, but remain 5.3% below the same period of last year. FNC's 30-city composite index fell 0.3%...
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Record Foreclosure Rates Could Mean Cash in Your Pocket

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Record Foreclosure Rates Could Mean Cash in Your Pocket

With the mortgage crisis in full swing, homes are going into foreclosure left and right all across the country. In 2005 there were 850,000 foreclosures, with the number of foreclosures increasing... [[ This is a content summary only. Visit my website ...
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U.S. Housing Market Intelligence Report (April 2011)

U.S. Housing Market Intelligence Report (April 2011)

Categories are graded from A thru F: Economic Growth:  C- Economic growth trends were mixed this month, as several key metrics ticked up while others ticked down.  The employment market improved once again as year-over-year employment growth has now been positive for seven consecutive months, and unemployment now stands at its lowest level since...
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Thoughts on Residential Investment Recovery

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Thoughts on Residential Investment Recovery

A few thoughts looking out a few years … • Residential investment (RI) is the best leading indicator for the economy. This isn’t perfect – nothing is – but RI is usually a strong leading indicator for the business cycle. The slump in RI helped me call the 2007 recession correctly, and the lack...
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Quote of the Day: 15 years of house price appreciation “It’s gone”

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Quote of the Day: 15 years of house price appreciation “It’s gone”

“I bought my first house in 1996, a four-bedroom for 4,000, and I could probably buy that same house for 4,000. All the appreciation we’ve gained in the last 15 years, it’s gone.” Chuck Whitehead, general manager for Coldwell Banker’s Southwest Riverside operations, via Eric Wolff at the NC Times. Earlier: • First Look...
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Europe Update: Ireland Downgraded, Greece to default?

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Europe Update: Ireland Downgraded, Greece to default?

• Possible Greece default. From Bloomberg: Greece May Need Debt Restructuring, Schaeuble Tells Die Welt German Finance Minister Wolfgang Schaeuble said Greece may have to seek debt restructuring if an audit in June questions its ability to pay creditors, Die Welt reported, citing an interview. Greece would have to negotiate to ease its debt...
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