Alright, yes, this week I went back to the headline about fraud. Can you blame me though? I needed a quick fix to distract me from the numbing legislation talks between the House and the Bush administration.
If you read below, you'll find five articles that touch on new state and federal legislation in regards to the industry. (That's a record for the "On Capitol Hill" section of the DealWire)! They range from Senator Clinton talking about economic plans, to the "Mortgage Forgiveness" Bill, to the MBA and there thoughts on fraud legislation. As with all things government, people have something to say about it one way or the other so I placed the stories on our blog so I could get your feedback. Talk to us about government intervention.
I also wanted to share an article with you that talks about transferable skills that could help you or someone you know in the industry land a new job if needed. Check out the article below.
P.S. If I haven't talked to you yet about our year end customer appreciation special, please give me a call so I can walk you through the details.
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TimesOnline |
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| Shares in Experian, the credit-checking group, dived by 7 per cent yesterday as investors took fright at the company’s exposure to the troubled American sub-prime mortgage market and cautious UK lenders.
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SFGate |
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| Ever since the real estate market boiled over, melting down the mortgage industry and its cheap-money feeding frenzy, I've been waiting for one happy outcome: an end to the roar of mortgage brokers at my various doors.
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MSNBC |
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| Despite rash of layoffs, skills are transferable to other industries
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Reuters |
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| Thornburg Mortgage Inc, a jumbo-mortgage lender pinched by the credit crisis, on Tuesday boosted its estimated loss from asset sales by 27 percent as trade data revealed lower prices than expected.
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WallStreetJournal |
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| Despite the downturn of the mortgage market, a type of home loan has remained surprisingly sturdy: one extended to illegal immigrants.
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CNNMoney |
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| PMI's Fall 2007 Risk Index Shows Risk of Home Price Declines Near All-Time Highs Despite Minor Improvements in Affordability
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Orlando Sentinel |
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| Bank of America is expected to report about $1 billion in mortgage-related charges in its upcoming earnings report, according to one senior banking analyst.
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RealtyTimes |
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| Agents have called my office in the last four weeks seeking assistance in meeting settlement dates, looking for advice on how to get a lender to move quicker and bemoaning the slow-down of transactions across the board in the last few weeks.
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TheNewYorkTimes |
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| House Democrats squared off against the Bush administration today over measures to help homeowners trapped in a vise of unaffordable subprime mortgages and falling home prices.
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LATimes |
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| The Democrat outlines her economic plan. She urges revisiting NAFTA and helping homeowners with adjustable loans find fixed rates.
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capeMayCountyHerald |
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| U.S. Rep. Frank A. LoBiondo (R-2nd) was one of 165 GOP members in the House to support the Mortgage Forgiveness Debt Relief Act of 2007 (H.R. 3648), a measure meant to help address the ongoing turmoil in the housing and lending markets.
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MortgageNewsDaily |
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| In an earlier article we referred to the Mortgage Bankers Association's (MBA) white paper on mortgage fraud that was issued recently as a "pre-emptive strike" against proposed legislation on both the state and federal level. MBA, in fact, states that "enacting a new federal law - especially a federal law creating criminal penalties - carries with it the potential for unforeseen and unintended consequences."
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ColumbusDispatch |
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| Gov. Ted Strickland is asking the top 20 companies holding the majority of subprime loans in Ohio to agree to work with borrowers to modify those loans or face the potential of legislative action to force them to do so.
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StarTribune |
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| Prosecutors say they recruited straw buyers, got loans for more than the properties' worth and split the profits.
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Boston |
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| Maine's attorney general has filed a lawsuit against a South Portland mortgage lender charging the company and two employees with engaging in unfair and deceptive practices.
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