St Louis Real Estate NewsDaily St. Louis real estate news, market analysis, home prices, and mortgage rate updates from local industry professionals. |
Dennis Norman
A report just released by CoreLogic estimate the financial impact of short-sale fraud to be $310 million annually. It is estimated there is fraud in one in every 53 short sale transactions resulting in an unnecessary loss to the lender of $41,000 per transaction on average.
Dennis Norman
So, you have the money to pay on your ‘underwater’ mortgage, or to afford the reduced payment amount offered to you under the HAMP program, but think, rather than throw good money after bad you’ll just do like so many borrowers are doing and ‘walk-away‘? Well, if you have any plans to buy a house again in, say the next seven years, particularly with a Fannie Mae loan, think again.
Today Fannie Mae announced policy changes to “encourage borrowers to work with their servicers”. These policy changes include, a seven-year “lock-out” period for borrowers that Continue Reading →
Dennis Norman
According to a press release issued by the FBI, nearly 500 people have been arrested in a nationwide mortgage fraud take-down as part of “Operation Stolen Dreams.” This operation was launched on March 1, 2010 and, according to the FBI, has lead to a total of 485 arrests, 330 convictions and the recovery of nearly $11 million. The FBI estimates that losses from a variety of fraud schemes are estimated to exceed $2 billion.
Operation Stolen Dreams is the government’s largest mortgage fraud take-down to date. But FBI Director Robert S. Mueller cautioned that there is Continue Reading →
PLASTIC TAKES PRIORITY.
Consumers are paying more attention to their credit card payments and making sure they are current according to a newly released report from TransUnion. The credit information management company analyzed 27 million anonymous consumer records randomly sampled during the six quarters from 2008 to 2009. Their selection criteria included consumers with at least one credit card and a current mortgage. Consumers who are delinquent on their credit cards and current on their mortgages decreased to 3.6% from 4.1% in the time period of the study. However, during the first quarter of 2008 a “flip” occurred where the Continue Reading →