Fraud FINALLY on the Decline!
First American CoreLogic’s index of home loan fraud shows that the rate tied to non-subprime loans has declined to 84 from a 2007 peak of about 112. Still, the firm says a quarter of foreclosures reflect “some evidence of fraud” in the mortgage application.
First American estimates that 0.55 percent of mortgages made in 2009 were fraudulent and that the fraud rate for loans insured by the FHA is 1.22 percent. Fraudulent mortgages totaled $14 billion last year; and fraud rates in hot spots like Orlando and Miami, Fla., Atlanta, and Detroit are three to four times the national average.
Source: The Wall Street Journal, James Hagerty (03/15/10)
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Monday March 8th… Than Merrill LIVE!!!
Meet Than Merrill – Live – Mon. March 8th
Star of A&E’s “Flip This House”
Doors will open at 6:00 p.m.
To Pre-Register for the Event: http://washingtonreianetwork.com
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HOA’s Getting Tough on Foreclousure Loss!
When people think about the fallout from the real estate market, many do not consider the collateral damage that is done to other businesses related to the industry. One such business is Home Owner Associations (HOA). But the HOA’s are fighting back and not going to take their losses lying down!
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Tax Credit Not Helping?
The $6,500 move-up tax credit isn’t significant enough to have much of an impact on the housing crisis, housing experts say.
The percentage of current home owners who are considering buying was unchanged from January, a traditional slow month, to February, when business is usually better, according to a poll of 1,500 real estate agents by Campbell Communications and Inside Mortgage Finance.
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Fannie Mae Seeks Another Bailout!
Fannie Mae admitted last week that it needs another $15.3 billion from the federal government to stabilize its finances.
Fannie, which is controlled by the federal government, is making financial progress. It reported a fourth-quarter loss of $16.3 billion, including $1.2 billion in dividend payments to the Treasury Department, as compared to a loss of $25.2 billion in the same period in 2008.
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09. Mar, 2010 


