GMAC out of Massachusetts
GMAC, the mortgage arm of Ally Financial, will cease most of its mortgage lending in Massachusetts.
The announcement came a day after Massachusetts Attorney General Martha Coakley filed suit against GMAC and four other major mortgage servicers, alleging illegal foreclosure practices in Massachusetts.
GMAC says it will stop buying loans from correspondent lenders and wholesale brokers, which
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Tagged Foreclosure, GMAC, Massachusetts, Mortgages
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The foreclosure gold digger
Among the more bizarre bottom-feeders to profit from our foreclosure mess is Jacob Franz: Dyck (yep, he signs with a colon), a 72-year-old former Florida dentist and ex-con who figured out a clever way to drill for gold in the cavities of America's broken dreams.
Dyck considers himself a "sovereign citizen," meaning he's not bound by
Will rates rise on jobs report?
The labor market took a small step forward in November, but when you read the fine print, the situation isn't as rosy as it appears. Still, mortgage rates will likely rise amid the somewhat positive news.
The Labor Department reports that the unemployment rate dropped to 8.6 percent. That's a big deal considering the rate had
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Tagged jobs report, Mortgages, unemployment
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Will rates rise on jobs report?
The labor market took a small step forward in November, but when you read the fine print, the situation isn't as rosy as it appears. Still, mortgage rates will likely rise amid the somewhat positive news.
The Labor Department reports that the unemployment rate dropped to 8.6 percent. That's a big deal considering the rate had
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Tagged jobs report, Mortgages, unemployment
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Foreclosure evictions on hold
Homeowners who face foreclosure will get a short break this holiday season. Fannie Mae and Freddie Mac will suspend foreclosure evictions from Dec. 19 through Jan. 2.
For those whose homes are in foreclosure, this doesn’t mean the foreclosure process will be put on hold. Foreclosure proceedings will continue, but borrowers will be "permitted" to remain
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Tagged eviction, foreclosures, Mortgages
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Homeownership demand up
The monthly cost of owning a median-priced home (including taxes and insurance) is lower than the average cost to rent in 12 metro areas, according to a Wall Street Journal survey. In 15 of the 27 cities surveyed, it is still less expensive to rent, but the scale has been tipping in favor of homeownership.
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Tagged buyers, gains, home prices, homeownership, Mortgages, sales
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Underwater? You’re not alone
Here are some not-so-fun facts on borrowers who owe more on their mortgages than their houses are worth.
About 10.7 million homes in the United States were underwater in the last three months, compared to 10.9 million in the last quarter, shows a report by CoreLogic.
About 22.1 percent of all residential properties with a mortgage are
No recovery until 2013?
The cure for the ailing housing market is time, and any signs of sustainable recovery won't come until 2013, according to a group of economists polled by Reuters.
Attempts to revive the market are being discussed, but the economists believe they'll do little to increase home sales, stave off foreclosures or get more money flowing through
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Tagged economy, housing market, mortgage, Mortgages
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More Americans staying put
The number of Americans who moved in the past year was at a record low, not only as a result of the poor economy, but also putting a drag on further recovery.
From March 2010 to March 2011, a little more than 11 million Americans moved, according to U.S. Census data. Compare that with the record
Will purchase of more MBS help?
In 2009, when the government bought mortgage-backed securities, or MBS, to help stop the decline in home prices, the tactic worked to some degree. But although there's some talk of repeating the tactic, Christopher Waller, research director of the St. Louis Federal Reserve Bank, doesn't think it will work this time around.
"Now, we don't see the
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Tagged mortgage backed securities Federal Reserve economy, Mortgages
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