Archive for the ‘Mortgage News’ Category

postheadericon California Files Suit Against Fannie and Freddie

SAN FRANCISCO – California’s attorney general filed lawsuits against mortgage giants Fannie Mae and Freddie Mac on Tuesday, demanding that the companies that own some 60 percent of the state’s mortgages respond to questions in a state investigation.

Attorney General Kamala Harris, whose office filed the lawsuits in San Francisco Superior Court, is investigating Freddie Mac’s and Fannie Mae’s involvement in 12,000 foreclosed properties in California where they served as landlords. She also wants to find out what role the companies played in selling or marketing mortgage-backed securities.

 

The essentially identical lawsuits ask the mortgage firms to respond to 51 investigative subpoenas that call on Fannie Mae and Freddie Mac to identify all the California homes on which they foreclosed. They also want the mortgage firms to reveal whether they have information on the decreased value of those homes due to drug dealing or prostitution, as well as explosives and weapons found on those vacant properties.

“Foreclosures not only affect the families who lose their homes, but also the safety, health and welfare of the entire community,” the lawsuit said.

Harris also called on Fannie Mae and Freddie Mac to disclose whether they have complied with civil rights laws protecting minorities and members of the Armed Forces against unlawful convictions and foreclosures.

The suits also seek to determine whether the companies are in compliance with California’s securities and tax laws.

The companies were taken over by the federal government and put into conservatorship under the Federal Housing Finance Agency in September 2008 to save them from collapse.

An attorney representing the Federal Housing Finance Agency said in a letter attached to the lawsuits that the 51 subpoenas were “frequently vague and ambiguous,” and said state attorneys general did not have the authority to issue subpoenas against the federal conservator.

“The burden to collect that information would be nothing short of staggering,” the letter said.

Representatives of Fannie Mae and Freddie Mac said the companies would not comment on the lawsuits Tuesday.

The lawsuits could determine whether states have a right to investigate the mortgage firms while they are under federal control. Harris argues that since the mortgage companies own properties in California, they are subject to state law and demands.

Fannie Mae and Freddie Mac buy home loans from banks and other lenders, package them into bonds with a guarantee against default and then sell them to investors around the world. The two own or guarantee about half of U.S. mortgages, or nearly 31 million loans.

The companies have so far cost American taxpayers more than $150 billion — the largest bailout of the financial crisis. They could cost up to $259 billion, according to the FHFA.

Two former CEOs at Fannie Mae and Freddie Mac last week became the highest-profile individuals to be charged in connection with the 2008 financial crisis. In a lawsuit filed in New York, the Securities and Exchange Commission brought civil fraud charges against six former executives at the two firms, including former Fannie CEO Daniel Mudd and former Freddie CEO Richard Syron.

The executives were accused of understating the level of high-risk subprime mortgages that the companies held just before the housing bubble burst.

Harris has created a task force that is pursuing criminal charges and civil judgments in mortgage fraud cases. She has said that her office would not join a planned 50-state settlement over foreclosure abuses that federal officials and other state attorneys general are negotiating with major U.S. banks.

She said the settlement gave bank officials too much immunity from civil litigation.

Harris said 768,330 residential mortgages were foreclosed on in California between January 2007 and June of this year.

Read more: http://www.foxnews.com/politics/2011/12/20/california-attorney-general-sues-fannie-freddie-demanding-answers/#ixzz1hAzFp71w

 
 
 
 
 
 
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postheadericon Barney Frank Calls It Quits!

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It was because he was going to retire anyway, lost a favorite port town in redistricting and had a tough race last time.

Was this really why Congressman Barney Frank announced today he’s retiring from the House of Representatives?

Perhaps another reason was he’s no longer chairman of the House Financial Services Committee and like a lot of bullies, Mr. Frank found it’s not easy to be stripped of the power to torment and humiliate others.

Brilliant, but acid tongued and generally unpleasant, Mr. Frank ruled with an iron gavel, ran over critics with delight and treated committee members and especially Republican colleagues as lesser forms of life.

Mr. Frank’s departure in January 2013 will remove from the House one of its more offensive members. Until then, this petulant, abrasive and downright nasty Congressman will keep making his presence known.

However, it is unlikely that Mr. Frank is leaving for the reason he should depart Congress: out of shame for all he did to stop reform of Fannie and Freddie while there was still time to avert the disaster that almost took down the American economy.

In 2003, he called Fannie and Freddie “fundamentally sound financially” and accused the Bush Administration of trying to “exaggerate a threat of safety… [to] conjure up the possibility of serious financial losses to the Treasury, which I do not see.”

A year later, he said talk of financial problems at Fannie and Freddie were “an artificial issue created by the administration…I don’t think we are in any remote danger here.”

In 2007, as Chairman of the House Financial Services Committee and just as Fannie and Freddie – overleveraged and stuffed to the gills with risky mortgages they’d encouraged and facilitated – were about to go over the cliff, Mr. Frank attacked President George W. Bush’s call for reform as “inane.”

Yet when Fannie and Freddie went belly up in the fall of 2008, Mr. Frank voted for the same Bush Administration reforms that could have averted the bankruptcies of Fannie and Freddie.

Why did Mr. Frank oppose giving these two gigantic financial institutions the same scrutiny as a local bank, a neighborhood savings and loan or a community credit union?

Fannie and Freddie provided “grease” for the Democratic political machine through hundreds of millions in charitable contributions to left wing community and advocacy groups that are critical to Democratic get-out-the-vote efforts.

Fannie and Freddie hired vast armies of influence peddlers – admittedly from both parties, but mostly Democrats – to forestall any efforts at reasonable regulation.

Fannie and, to a lesser extent, Freddie, were led by Democratic political power brokers, masquerading as mortgage bankers while advising Democratic presidents, vetting Democratic running mates, and plumping the election hopes of Congressional Democrats.

Mr. Frank is incapable of feeling shame, regret or a sense of personal responsibility. These are emotions for lesser beings. He’s leaving because of redistricting or to avoid having to raise money or facing those nasty little voters every two years. The House will be a better place for his departure.

Karl Rove is a former senior adviser and deputy chief of staff to President George W. Bush. He is a Fox News contributor and author of “Courage and Consequence” (Threshold Editions, 2010).

 
 
 
 
 
 
Branch Manager
4117 Mariner Blvd.
Spring Hill FL, 34609
 
Office 352-688-7949
Cell     727-946-0904

postheadericon Bring My Puppy Home- Soldier Fights To Bring Puppy Back Home

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This is the story of a soldier and his quest to bring his best friend to the US.

Sergeant Thomas Homan is trying to rescue “Lil’B” – an adorable puppy he found on the streets of Afghanistan.

Homan and the soldiers of the 1st Squad, 1st Platoon of a military police company are trying to send the pup back to the states, but the process is lengthy and extremely and costly.   These soldiers think the pup is worth every penny. They consider “Lil’ B” a morale booster and a little piece of home.

Fox 29 spoke with Homan via Skype.

If you would like to help bring this puppy to the US, click here.

 

Steve Fingerman
Branch Manager
E Loans Mortgage Inc LLC
 
4117 Mariner Blvd.
Spring Hill FL, 34609
 
Office 352-688-7949
Cell     727-946-0940

postheadericon Bottom Line – Nation’s labor market perked up in September

Nation’s labor market perked up in September

David Goldman / AP

Joya Green, right, with Metro Fair Housing Services, discusses employment opportunities with Kimberly Anderson, left, of Atlanta, during a job fair at a Goodwill store in Atlanta. By Roland Jones

The nation’s labor market perked up last month, according to the government’s latest jobs report.

U.S. employers added 103,000 net jobs in September, the government said Friday — that’s better than economists had expected, but barely enough to keep up with population growth.

“This is good news and we’ll take it, but it’s not enough to erase the risk of recession, particularly if Europe goes down,” Diane Swonk, chief economist and senior managing director at Mesirow Financial, told CNBC.

Nearly half of the gains last month were due to 45,000 Verizon workers who returned to their jobs after dropping off payrolls in August due to a strike. Excluding those workers, payrolls increased by 58,000 in September. The nation’s unemployment rate held steady at 9.1 percent.

The tone of the September jobs report was strengthened by government revisions that showed 99,000 more jobs were added in July and August than initially reported. Also, hourly earnings rebounded and the average work week rose.

“Hopefully it is sustainable and continues so that we can avoid recession,” Kurt Karl, chief U.S. economist at Swiss Re, told Reuters. “If we keep up like this we will certainly avoid that.”

The weak U.S. economy has been a major challenge for President Barack Obama, who is gearing up for a re-election battle in November 2012.

U.S. employers slowed hiring over the summer as the economy softened, Europe�%

via Bottom Line – Nation’s labor market perked up in September.

 

Steve Fingerman

Branch Manager

E Loans Mortgage Inc

4117 Mariner Blvd.

Spring Hill FL, 34609

Office 352-688-7949

Cell     727-946-0904

postheadericon Remembering an Icon- Steve Jobs

After learning of the death of Steve Jobs, Time Magazine literally stopped the presses for the first time in 20 years to put the tech visionary on the cover for the eighth time. Time  Managing Editor Rick Stengel and NBC’s Tom Brokaw discuss Jobs’ life and legacy.

 
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postheadericon A Win For Homeowners in The Fight Against Citizens Insurance Increases

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McCarty dramatically cuts Citizens rate request

TALLAHASSEE, Fla. — Florida Insurance Commissioner Kevin McCarty has dramatically slashed the amount that the state-backed Citizens Property Insurance Corp. can charge home and business owners for sinkhole coverage.

McCarty ruled Monday night that Citizens was unable to provide evidence to support its intention to raise rates on an average of more than 440 percent on sinkhole coverage. He instead set the maximum at 32.8 percent for new policies that take effect after Jan. 1, 2012.

Florida’s largest insurer of homes and businesses with more than 1.4 million policyholders agreed last week that it would lower a proposed rate hike for sinkhole coverage.

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The Legislature passed a broad property insurance bill earlier this year that they said would help drive down costs for private insurers and stabilize the state’s fragile market.

A Big thank you is deserved for the efforts of FAIR- Florida Association For Insurance Reform as well as Senator Mike Fasano and each and every Citizen and homeowner who raised their voice. Finally the people were heard and the regulators listened to our collective voice.

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postheadericon Freddie Mac’s Short Sale Smackdown!

Freddie Mac announced that Short Sale Fraud is prevalent in the Market Place and on the rise. They are actively looking for these cases, so protect yourself by making sure your Short Sale is a true “Arms Length” transaction. Subscribe over the right to stay up to date on the latest Real Estate News, call us today for all your mortgage lending needs.

 

 

 

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postheadericon It’s Cheaper To Buy Than Rent In Hernando County

It’s Officially Cheaper To Buy Than Rent! Duh!.. Check Out The Video Below, for all your financing needs call the Team at E Loans Mortgage Inc in Spring Hill FL. Subscribe for Free Over to the right to stay informed with all the latest Real Estate News In Hernando County.

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Dont Forget To Check out our Free Home Buyer WorkShops By Clicking The Banner and Link Below, The Information Provided Can Save You Thousands On Your Home Purchase

postheadericon Residents Protest Sink Hole Rate Increases

New Port Richey, Florida — Protesters lined the streets in New Port Richey, targeting a new law that would allow insurance companies to raise their rates for sinkhole coverage by thousands of dollars a year in some cases.

Even if you don’t own property, they warn this will affect you too by crippling Florida’s already fragile economy.

Facing a massive sink-hole insurance rate increase in the thousands of dollars, retiree John Haun says he’s worried he’ll be forced from his home. “My neighbor just got his bill and he got a $5,000 increase in his,” said Haun.

In a room filled with similar worry, The Florida Association for Insurance Reform (FAIR) brought in a bipartisan panel of local politicians, promising to do what they can to repeal the new law that removed the cap on sinkhole insurance premiums.

Sen. Mike Fasano, a Republican representing the 11th District, says he’ll ask state lawmakers to repeal Senate Bill 408.

“That bill was signed into law by our Governor. It has barely gone into effect and we already see the consequences the people of this area will pay,” said Fasano.

State Representative Robert Schenck, a Republican representing the 44th district, actually voted for the original House bill, hoping it would reduce fraud. Now, he says, he’s worried too many people will be hurt.

“Seventy percent of all sinkhole claims that have been paid out, that money has not been put in to fix that property,” said Schenck, explaining his original position on the issue. “So if you guys want to know why we have  so much trouble with sinkhole coverage in Hernando County, that’s why. It’s the rampant fraud.”

Rose Rocco, a Democrat and former Hernando County Commissioner, said fraud should be addressed by the insurance companies and not pushed onto consumers.

“It’s up to the insurance companies or whoever is supplying that service to make sure that they’re paying a claim that’s reasonable and just,” said Rocco. “And to put the blame on people now is unconscionable.”

A mortgage expert also told the crowd it’s not just a concern for current homeowners. People considering purchases of property may be told by banks that they must carry the insurance, which could put a chilling effect on an already depressed real estate market. That could have a ripple effect on the overall economy. Steve Fingerman, with E Loans Mortgage Inc says people will have less money in their pockets.

You’re all of a sudden gonna be faced with a massive payment increase of $300, $400, $500 a month,” said Fingerman.

Realtors say it’s already having a chilling effect on business, even before the state’s insurance commission decides whether to grant the request from Citizens Insurance to raise the rates.

Some clients, even some from other countries, are already aware of the sinkhole issues, and say they don’t want to take a chance that other insurance companies will quickly line up to follow suit.

Lawrence Sanek, who owns Castle Dream Real Estate, says it’s a problem.

“I have international people saying ‘Tell me about the sinkhole problem. What’s it gonna cost us?'”

The insurance commissioners are not expected to rule on Citizens rate hike request until mid-October, but before then, on September 13 at the Tampa Convention Center, the same commission will be taking public comment in the center’s main ballroom.

The hearing is expected to draw hundreds, perhaps thousand of people.

 
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For More Information Contact

Steve Fingerman

Branch Manager

E Loans Mortgage Inc

Office 352-688-7949

Cell    727-946-0904

(original article writtnen by Eric Glasser at 10news WTSP)

postheadericon Government Plans To Turn Foreclosed Homes In Rentals

The Latest Brain Child from Washington? Let’s Turn Foreclosures Into Rental Property. When Did We Shift From A Nation Of HomeOwners To Nation Of Renters? Just another misguided idea to deal with the housing crisis from Your Favorite Uncle, Same. Bought and Paid For…By You The Tax Payer. Check It Out Below.

 

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For More Information or For Immediate Free Pre-Approval Contact Us At

Steve Fingerman

Branch Manager

E Loans Mortgage Inc

Office 352-688-7949

Cell     727-946-0904

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