Content Tagged As mortgage

1 year 2 months ago

Number of mortgage applications drops

The number of mortgage applications dropped last week, as interest rates jumped. According to the Mortgage Banker's Association, mortgage applications fell 3% from last week. The Market Composite Index, which is a measure of mortgage loan application volume, also dropped 3% to the lowest level since November 2011. Despite...

2 years 6 months ago

Fort Lyon Receives Funding

Fort Lyon is slated to receive $5 million from the mortgage settlement funds as announced this morning by the governor. The news is very welcome to the small community of Las Animas. As we've been reporting, the closure of the prison has forced some 200 employees to commute, some...

3 years 3 months ago

Cal and Illinois probe robosigning allegations

LOS ANGELES (AP) - The top prosecutors in California and Illinois are investigating allegations that one of the nation's largest mortgage processing companies engaged in the illegal practice of "robosigning" - signing thousands of foreclosure documents without checking their accuracy. The attorneys general of both states said Wednesday that...

3 years 7 months ago

What caused financial meltdown?

WASHINGTON (AP) - When it comes to finding the cause of the financial meltdown, the answers break down along party lines. The six Democratic members of a panel appointed by Congress agree that government officials and Wall Street executives share the blame for ignoring the warning signs. But...

3 years 11 months ago

States want foreclosure changes

WASHINGTON (AP) - Attorneys general in up to 40 states want to force mortgage companies to revamp the way they handle foreclosures, pay financial penalties for violations and expand help to homeowners on the verge of foreclosure. The attorneys general are discussing the outlines of a settlement that would...

4 years 2 months ago

Economy still struggling to recover

The latest economic reports contain new signs that the recovery remains tepid. Regional manufacturing indexes in New York and Philadelphia plummeted this month, but a national report showed modest growth in industrial output nationwide. The government also reported that first-time claims for unemployment benefits fell, but that was...

4 years 3 months ago

Mortgage applications lowest in 13 years

The number of customers applying for a mortgage to purchase a property fell to the lowest level in 13 years last week, a sign the housing market is struggling without government incentives. The Mortgage Bankers Association said Wednesday purchase volume declined 5.7 percent and is at its lowest point...

4 years 3 months ago

Real estate division head steps down

The head of Colorado's real estate division is stepping down after clashing with a state lawmaker and her own boss. Erin Toll was suspended in March after she sparred with state Sen. Ted Harvey over a bill that would strip her of the power to oversee mortgage brokers. Toll...

4 years 4 months ago

Mortgage fraud incidents rise last year

Incidents of residential mortgage fraud increased last year, a sign that scammers are still targeting the industry despite efforts to find and report such activity. A study released Monday by the LexisNexis Mortgage Asset Research Institute showed the number of mortgage fraud reports among loans made in 2009 grew 7...

4 years 4 months ago

Ianne report still not released

A special prosecutor's report into the grand jury proceedings that resulted in indictments against Pueblo businessman Tony Ianne was to have been released Friday, but last week the Pueblo District Attorney's Office filed a motion to keep it private. It's the latest chapter in a convoluted mortgage fraud case....

4 years 4 months ago

Mortgage aid program said more vulnerable to scams

A government watchdog is warning that recent changes to the Obama administration's mortgage assistance program may make it more vulnerable to fraud. The changes are intended to make it easier for struggling homeowners to avoid foreclosure. But the special inspector general for the Troubled Asset Relief Program, or TARP, says...

4 years 5 months ago

Transcripts to be released in Ianne indictment

A Pueblo District Judge ruled Friday afternoon that hundreds of pages of testimony that resulted in an indictment against Pueblo businessman Tony Ianne may be released to the defense. The scene, in Judge David Crockenburg's court was unusual, with six attorneys present, plus another on the phone. Ianne was...

4 years 6 months ago

Loan modification can quickly hurt credit

Homeowners who are making their payments on time but are on the verge of default are finding a hidden whammy in the government's loan modification program. Once they apply, the mortgage company notifies the three big credit bureaus, which may reduce their credit scores up to 100 points. That...

4 years 6 months ago

Colorado senator investigated for mortgage fraud

The Colorado Division of Real Estate is investigating allegations that a state senator and the mortgage company where he works engaged in false advertising. Division Director Erin Toll says state investigators believe Republican Sen. Ted Harvey and the company where he works as a mortgage broker, American Home Funding,...

4 years 6 months ago

Mortgage rates now above 5 percent

Rates for 30-year home loans rose above the 5 percent threshold for the first time in three weeks, but remained near historically low levels. The mortgage finance company Freddie Mac said Thursday that the average rate on a 30-year fixed rate mortgage was 5.05 percent this week, up from...

4 years 9 months ago

Only 10,000 permanent loan modifications so far

Only about 10,000 homeowners have received permanent loan modifications under the Obama administration's mortgage relief plan, evidence of continuing woes for the government's effort to stem the foreclosure crisis. That means fewer than 2 percent of the 650,000 homeowners enrolled in the program as of October had their mortgage payments...

4 years 11 months ago

Mortgage relief plan hits goal early

The government's mortgage relief program has hit its goal of helping 500,000 borrowers, almost a month ahead of schedule. The government in July gave the lending industry a Nov. 1 deadline to meet that goal for the $50 billion program, which is designed to reduce foreclosures by lowering borrowers' monthly...

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