State Investigates 3 South Florida Foreclosure Firms Whose Clients Include Bank of America, Chase, Citi, and most of the country’s largest mortgage lenders Florida Attorney General Bill McCollum has launched investigations into three South Florida foreclosure law firms, and issued them all subpoenas seeking detailed financial, client and employee records. Late last month, Fort Lauderdale [...]
Exotic Deals Put Denver Schools Deeper in Debt In the spring of 2008, the Denver public school system needed to plug a $400 million hole in its pension fund. Bankers at JPMorgan Chase offered what seemed to be a perfect solution. The bankers said that the school system could raise $750 million in an exotic [...]
Lawmakers Slam Top Mortgage Firms on Loan Mods The four largest mortgage lenders in the United States were grilled on Capitol Hill on Thursday about the limited number of home loans they have modified for homeowners facing foreclosure. “I just wonder how hard you are really trying?” Rep. Dennis Kucinich asked David Lowman, chief executive [...]
by Douglas A. McIntyre All of the news about housing that was so good in the fourth quarter became bad in the first two months of the new year. Foreclosure rates are still up and some analysts expect them to hit 3 million, a bit higher than last year. Warren Buffett claims that the economy [...]
(from Mandelman’s Monthly Museletter, Issue 6.0) FHA IS GOING DOWN The Washington Post reported the following: The share of borrowers who are falling seriously behind on loans backed by the Federal Housing Administration jumped by more than a third in the past year, foreshadowing a crush of foreclosures that could further buffet an agency vital [...]