By: Lorene Yue June 24, 2008
(Crain’s) — Illinois Attorney General Lisa Madigan is suing Countrywide Financial Corp., claiming that the company knowingly put borrowers in mortgages they couldn’t afford leading to thousands of residents losing their homes.
The suit, filed Wednesday morning in Cook County Circuit Court, charges Countrywide with one count of fraud and [...]
Filed under: mortgage | Leave a Comment »
The White House temporarily suspends a rule that imposes a 90-day waiting period before foreclosed homes can be sold to receive government loans.
June 13, 2008: 4:17 PM EDT
WASHINGTON (AP) — The Bush administration is temporarily suspending a 5-year-old rule intended to deter property flippers, as part of an effort to help speed the sale of [...]
Filed under: news | Leave a Comment »
By Ellen Yan | Tribune Newspapers | June 8, 2008
MELVILLE, N.Y.—Homeowners have been getting their home-equity lines of credit frozen or pared down by lenders trying to cut risks.
It happened to dentist Michael Sherman, who can’t touch his $100,000 credit line for bathroom renovations because he has little equity in his home, and to homeowner [...]
Filed under: mortgage | Leave a Comment »
I guess every town has its slums. This foreclosed home didn’t look so bad in the MLS listing photo. But in person, its true colors came through.
See that drain cleanout? It’s in the middle of the driveway!
Listed for $110,000; far below the asking price of similar-sized foreclosures in the area, I wanted to take a [...]
Filed under: case study | Leave a Comment »
Fox News | June 6, 2008
National City Corp.’s banking unit recently went into a “memorandum of understanding” with federal regulators, a move that puts the bank on a kind of probation, according to the Wall Street Journal.
National City (NCC: 4.95, -0.40, -7.47%) has recently been troubled by a rising number of bad loans and fallout [...]
Filed under: mortgage | 1 Comment »
