U.S Federal Government Intervenes With Mortgage Market To Save Lending Companies

September 14, 2009
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During the time when the U.S real estate sector is at its peak, almost anybody can just get a mortgage loan from several mortgage financial companies. Some of these companies are even the one who pursues people who are planning to purchase a house, to borrow money from them.

But since U.S real estate is experiencing a downfall nowadays, the U.S Federal Government has given itself the authority to make a decision regarding who or who will not qualify for the loan. As most of us know, the federal government has taken control of two of the largest mortgage companies last year which are known as Fannie Mae and Freddie Mac.…

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Filed Under: Lenders, Mortgages, Real Estate

Convicted Couple Faces Imprisonment And Fine For Loan Application Misrepresentation

September 14, 2009
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A couple from Michigan was found guilty of loan misrepresentations which include counts of wire and mail frauds. The two convicts are named as Patricia L. VanderZwaag and Daniel Lee VanderZwaag and both of them faces imprisonment and fine of $1,000,000.00.

Among the two, Patricia VanderZwaag got the heavier sentence as she was also found guilty for money laundering and financial institution fraud aside from the wire and mail frauds charges. Patricia and Daniel Lee own a company called as Mad Jac Corporation which is also identified as the B & J Towing. The couple used their company, along with falsified documents and phony information, to acquire loan proceeds from mortgage…

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Filed Under: Lenders, Real Estate, Real Estate Fraud

Real Estate Agent from Florida Sentenced To 18 Months For Lying to Lenders While Flipping

August 23, 2009
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A woman from Clearwater Beach, Florida has just been sentenced to serve one year and six months in federal prison as she pleaded guilty last January 15, 2009 for her participation in a mortgage fraud scheme that involved several properties.

This 47 year old woman named as Klara Horvath was charged on January 2, 2009 and has pleaded guilty two weeks after. Horvath admitted her involvement in a mortgage fraud scheme which includes three properties located in Mandalay Avenue and Branch Morrings Drive. She was reported to manage four transactions with these three properties where each transaction amounts from $39,500.00 to $316,000.00 for a total of $770,000.00. Horvath planned to flip…

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Filed Under: Lenders, Mortgages, Real Estate, Real Estate Fraud

Applications to Purchase a Home or Refinance a Loan Dropped by 16-Percent

June 25, 2009
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Despite the stimulus fund of the U.S. government, the index of application to purchase a home or refinance a loan decreased by 16 percent, The Mortgage Bankers Association reported today.

At the report released by MBA for the week ending June 12, the gauge of mortgage loan application quantity was 514.4 a decrease of 15.8 percent compared with the 611.0 last week.

MBA also said that the refinance Index also dropped from 23.3 percent to 1998.1 compared to the previous figure of 2605.7.

The Purchase Index or the record for those houses that were bought also decreased 3.5 percent to 261.2, the MBA stated.

Due to the four-week decrease of the housing market, the…

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Filed Under: Economy Crisis, Lenders

Investors Still Confident About REITs

May 1, 2009
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The United States property markets may be experiencing a slump but investors are still confident about US real estate investment trusts or REITs. This was confirmed by ING Real Estate which said that REITs are able to bolster their balance sheets despite the reduction in property values thanks to their ability to tap stock markets. US REITs are able to raise equity at only 7-8% discounts compared to those in Australia, Singapore and the United Kingdom which raise equity at high discounts of 40-50%.

ING said US REITs are aggressively reacting so they were able to raise enough funds to cover debt repayments for years. ING Clarion Real Estate Securities portfolio…

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Filed Under: Lenders, Real Estate

Pressure Rising At Freddie Mac With CFO Suicide

April 26, 2009
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The bubble burst in the real estate sector as resulted not only to dislocation of families experiencing foreclosures but more significantly it has resulted to the loss of lives of people who are directly involved in the real estate industry. The latest casualty of the crisis is mortgage-giant Freddie Mac’s chief financial officer Davir Kellerman who was found dead in his home basement last Wednesday.

The 41-year old Kellerman, who has been with Freddie Mac for 16 years prior to his being named acting chief financial officer last September, was said to have committed suicide by hanging himself. Kellerman is an addition to the long list of professionals working in the…

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Filed Under: Lenders, Mortgages

Brokers Innovate; Offer Unemployment Insurance

April 6, 2009
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The real estate race has gone to a different level. This time, the most creative real estate company that can offer the most creative deals will get the most number of customers if there is such a number in today’s recession-filled economy. When it comes to creativity the Howard Hanna Real Estate Services may just top the race with its offering of an insurance plan for clients who may find themselves out of a job someday while their mortgage is still going on.

The strategy is expected to calm the jitters among potential home buyers who are hesitant to invest in a house due to job security problems. Unemployment is on…

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Filed Under: Lenders, Real Estate Agents

Lennar Stoops Down; Offers 3.625%

April 4, 2009
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If you think the recent sub-5% interest rate is a record low then you’re wrong. No one can possibly beat Lennar in terms of stooping down so low after the homebuilder offered a very low 3.625%interest rate for a 20-year fixed-rate mortgage. The offer is not however available for every home but only for new purchases and not for refinances. You also have to contend with the very tight requirements including a credit score of 700, a…

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Filed Under: Lenders, Real Estate

Insider Lending Up Despite Credit Crunch

March 24, 2009
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This may be a time for credit crunch and bailouts but banks all over the United States still practice insider lending with an estimated $41 billion in loans for bank executives, directors and other insiders. These insider loans can take the form of home mortgages or multimillion credit lines. While considered legal, insider lending has a shield of secrecy prompting fears that those in charge of overseeing bank management and protecting the shareholders might have clouded or influenced judgments. The surge in insider lending came after the freezing of the credit market forcing the government to approve bailouts.

On top of the list of banks with noticeable insider lending is JPMorgan…

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Filed Under: Economy Crisis, Lenders
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