Articles from February 2011



New Jersey $136 million Mortgage Fraud Scheme Prosecution

Michael J. McGrath, Jr., 47, former president of U.S. Mortgage Corp Has been  sentenced to 14 years in prison for his role in a $136 million fraud scheme that bankrupted the company and its subsidiary, CU National Mortgage. McGrath  pleaded guilty to – quote – one count of mail and wire fraud conspiracy and one […]

US Mortgage Rates Drop Marginally Under 5 Percent

News from Freddie Mac reported that this week the average rate on the 30-year loan slipped to 4.95 percent from 5 percent Freddie Mac But this is now only one week, what will happen next week, next month, next quarter and next year! As we have showcased many times there is zero market confidence – […]

Florida Mortgage Fraud Scheme 14 Charged

$47 Million US Dollars – £29 Million UK Pounds Florida Mortgage Fraud Scheme, 14 people charged in scam Florida Mortgage Fraud Scheme Involving 22 residential properties in the Sarasota, Florida USA The Court and Bloomberg report – quote – Fourteen people were charged with operating a scheme to acquire more than $47 million in mortgage […]

The Mortgage Bankers Association Applications for Home Mortgage Rebound

Applications for Home Mortgage increased last week on the back of news of refinancing activity and easing of interest rates The Mortgage Bankers Association The Mortgage Bankers Association – quote –  said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 13.2 percent in the week ended […]

US Mortgage Deal Settlements being pushed by Obama

Many US banks could be forced into paying $20 billion in civil fines or to fund a comparable amount of loan modifications for distressed borrowers Bank of America Some of the banks targeted to engage in pay outs include Bank of America Wells Fargo & Co J.P. Morgan Chase & Co More details laid out […]

Wells Fargo Rates Only on Offer for Best Borrowers

Financial houses often offer top deals, it is the way they do their business and they are of the opinion that promotion is the way forward with the lending schemes and processes Wells Fargo But the reality is that when a borrower wants to borrow mortgage finance at the rates advertised. Thereupon the rules change […]

Former Countrywide head Angelo Mozilo Case Dropped

Two long years after starting a criminal investigation into former Countrywide head Angelo Mozilo on charges of insider trading the case has been dropped Angelo Mozilo Here are more details from the U.S. Justice Department – quote – The U.S. Justice Department has agreed to drop a two-year criminal investigation into former Countrywide head Angelo […]

Negotiate your US Mortgage Rate Shop Around

After years of recession it is unbelievable at this late hour advice is now being offered to home buyers on how to negotiate your mortgage rate APR – Annual Percentage Rate The gist of the advice is this – quote – Shop Around – Those issues aside, it’s imperative that you shop around to ensure […]

When Fannie, Freddie Fold Who Steps Into the US Mortgage Market

Analysts and financial experts are reviewing the options open to the US housing market if the reliance on the influence of Fannie Mae and Freddie Mac was diluted to enable other financial players to enter the market place US Mortgage Market This is a big ask, that is complex and could be fraught with both […]

Florida Mortgage Delinquency Rate Highest in USA

Here are the USA Mortgage Delinquency Rate at the end of 2010 Foreclosures Skyrocket #1 – 24 percent of the home loans in Florida were one payment or more past due, or in the process of foreclosure. #2 – 22 percent in Nevada 13.6 percent  is the national average Unemployment in Florida stands at 12 […]