On July 12, 2014, Douglas Trudeau, a Realtor with Tierra Antigua Realty in Tucson, petitioned the Federal Aviation Administration (“FAA”) for an exemption from certain federal regulations to allow him to operate his PHANTOM 2 Vision + quad copter unmanned aircraft system (UAS) or “drone” to conduct aerial videography and cinematography “to enhance academic community … [Read more…]
So, Fannie Mae and Freddie Mac, the beleaguered government sponsored agencies, which were seized by the US government during the financial crisis, recently announced programs to back loans to low and moderate income borrowers who would only be required to put down three percent, a two percent reduction in what Fannie and Freddie have required. … [Read more…]
David Dayen of the liberal New Republic recently reported on a speech by Mel Watts, the chairman of the Federal Housing Finance Agency (FHFA), which has served as the conservator for Fannie Mae and Freddie Mac since the financial crisis. Dayen argues that Watt “signaled to mortgage bankers that they can loosen their underwriting standards, … [Read more…]
The Securities and Exchange Commission today announced a massive global settlement between Bank of America and the US Justice Department, other federal agencies (including the Securities and Exchange Commission, the Federal Housing Administration, and Ginnie Mae), and six states, to resolve claims connected to toxic residential mortgage-backed securities, collateralized debt obligations and an origination release … [Read more…]
While median home prices are clearly beginning to find some traction, having risen 6.6% from the first quarter of 2013 to the first quarter of 2014 (and just 12% of the national 2006 peak), national wages and income have remained stagnant. The below graph highlights that real median household income in the United States has … [Read more…]
The Mortgage Debt Relief Act of 2007 has survived the "fiscal cliff," which will invariably lead to a continued increase in the number of short sales nationwide. The "fiscal cliff" deal will extend the Act for another year, meaning that homeowners who receive debt forgiveness resulting from a foreclosure, deed in lieu, or short sale … [Read more…]
Anyone who has been involved in dealing with banks in the realm of loan modification have come to accept (at least at some level) that banks move with glacial speed. Well, for those with a high credit score who actually just want to close a loan – this may be the way to go…..
The Arizona Supreme Court just weighed in on the issue of attorney’s fees in tax lien foreclosure cases. Under Arizona Revised Statutes section 42-18206 (2010), a tax lien purchaser is entitled to a judgment for costs and reasonable attorney fees if the delinquent taxpayer redeems the lien after the purchaser commences a foreclosure action. After … [Read more…]
I took three different calls this past week from homeowners who have sought the assistance of Bank of America’s servicing subsidiary, BAC Home Loans Solutions, for a loan modification. What most unsuspecting homeowners do not realize is that BAC simply has no vested interest in actually making good on the false promises it continues to … [Read more…]
A great article by Don Lee – Tribune Washington Bureau – highlights how underwater mortgages are a serious contributor to the dismal performance of the national economy. It is estimated that there are 15 million homeowners who are undewater on their mortgages, many of whom can and continue to pay on their mortgage, but have … [Read more…]