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HUD committed to RESPA changes Premium Content

By Matt Carter, Tuesday, May 12, 2009.

Housing Secretary Shaun Donovan says he remains committed to implementing new standardized loan-disclosure forms and settlement procedures proposed last year by the Bush administration, although HUD is stepping back from a proposal to ban certain incentives offered by homebuilders.

Meanwhile, the prospects of legislation that would force HUD to delay by one year implementation of changes to the Real Estate Settlement Procedures Act (RESPA) -- currently scheduled to take effect Jan. 1 -- remain uncertain, despite a lopsided House vote last week.  more...

NAR: REOs, short sales pull down home prices Premium Content

By Inman News, Tuesday, May 12, 2009.

The median resale single-family home price fell in 88 percent of the 152 metro areas tracked in the first quarter compared to the same quarter last year, according to a National Association of Realtors report, with 18 areas reporting price increases.

Nationally, the median price of resale single-family homes dropped 13.8 percent year-over-year in the first quarter, to $169,000.  more...

Five lose licenses in 'builder bailout' scheme

By Inman News, Tuesday, May 12, 2009.

A mortgage originator is accused by Minnesota authorities of recruiting straw buyers in a "builder bailout" scheme involving the purchase of about 220 new homes at "substantially above" market value in the state's fast-growing areas including St. Cloud, Eagan, Rochester and Otsego.  more...

Mortgage shoppers need reality check

By Tara-Nicholle Nelson, Tuesday, May 12, 2009.
Cover image courtesy <a href="http://www.amanet.org/books/book.cfm?isbn=9780814413692" target=blank>AMACOM</a>.

There's a fine line these days between fear-mongering and being responsive to consumers' timely concerns. When I first scanned the cover of "Navigating the Mortgage Minefield," my neurolinguistically programmed hackles went up, and I braced myself for a barrage of foreclosure horror stories, easy on the useful advice. By and large, that's the stuff that rushed-to-the-presses-while-the-topic-is-still-hot books are made of.

Then I opened the book, and was pleasantly surprised.  more...

Goldman to restructure subprime loans

By Inman News, Tuesday, May 12, 2009.

About 700 Massachusetts homeowners will see the principal on their subprime loans slashed and thousands of others will get help refinancing under the terms of settlement between the state attorney general and Goldman Sachs & Co.

Massachusetts Attorney General Martha Coakley launched an investigation into the origination and securitization of subprime loans in the in December, 2007.  more...

8 insurance tips to avoid financial ruin

By Bernice Ross, Tuesday, May 12, 2009.

It's springtime and the news is filled with unseasonably late blizzards, flooding, mudslides, tornadoes, hail and devastating fires. In the summer and fall, many areas must prepare for hurricanes. Of course, there also could be an earthquake, a volcanic eruption or a tidal wave. Do you have the insurance coverage you need to protect your home?

Many people believe that their homeowner's insurance policy provides protection against most disasters. Sadly, most people don't discover there is an issue with their policy until they have a major claim.  more...

The Realty Alliance partners with Realtor.com

By Inman News, Tuesday, May 12, 2009.

Brokers who belong to the The Realty Alliance, a network of North American real estate firms, can promote the home warranty and mortgage services offered by TRA members alongside their Realtor.com listings through a marketing agreement between the two companies.

The marketing agreement also allows participating TRA brokers an "easier, more integrated" method of ordering Realtor.com Showcase Listing Enhancement packages, TRA said in announcing the agreement.  more...

FTC alleges bias in loan 'overages' Premium Content

By Matt Carter, Tuesday, May 12, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/wwworks/2988469720">woodleywonderworks</a>.

A Bakersfield, Calif.-based lender is disputing charges that it charged Hispanic applicants larger "overages" than whites when pricing mortgage loans, in violation of the Equal Credit Opportunity Act.

The Federal Trade Commission alleges that Golden Empire Mortgage Inc. and its owner, Howard Dewey Kootstra, employed a discretionary pricing policy that resulted in Hispanics paying more for their loans, on average, than non-Hispanic whites.  more...

Big-screen TVs: prime time to subprime

By Marcie Geffner, Tuesday, May 12, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/alan-light/228256455/" target=blank>Alan Light</a>.

Plenty of people have been blamed for the nation's mortgage meltdown and housing market slump: Irresponsible lenders, incompetent regulators, unethical brokers, spineless appraisers, greedy investors, foolish homebuyers and even headline-hungry reporters have all been said to have participated in some way in the factors that triggered the crisis.

But so far, the real culprit has remained on the sidelines, where it has been often mentioned but never directly accused in so many words. The plain truth, as I see it: the big-screen TV is to blame.  more...