This weekend the New York Times published an article about the increased debt load carried by many Americans, and did a great job of explaining one of the primary reasons for the continuing mortgage and credit crisis, and why junk fees are increasing the cost of your home mortgage.
[B]ehind the big increase in consumer debt [...]

Two giant Government Sponsored Enterprises (GSEs), Fannie Mae and Freddie Mac are teetering on the brink financially. These two entities, chartered by congress to help consumers find home loans at reasonable rates, are struggling with loan defaults. The Federal Home Loan Mortgage Corporation (”FHLMC”), normally referred to as Freddie Mac, and Federal National [...]

In as clear a case as you will find of closing the barn door after the horses get out, Fed chief Bernanke now proposes prohibiting lenders from giving mortgages without proof of income, among other mortgage reforms.
As the lenders threw money out the window the early part of this decade, they had to lower their [...]

Foreclosures are up 47% in Jacksonville, Florida, which has created a challenge for the Duval County Clerk’s Office. Every foreclosure ends with the home being sold on the courthouse steps, and the increased volume often means large crowds and long auctions.
Such sales are often good deals for buyers because there is little competition for the [...]

I have never checked my credit score. I have always used credit sparingly, and I’ve never been denied a loan. So, I’ve never really worried about my score until now.
No, I’m not overextended, but I utilize a home equity line on occasion to float larger purchases like a car. In the wake of massive foreclosure [...]

The U. S. Senate today voted to cut off debate on its bailout bill.
It would spend hundreds of millions of taxpayer dollars for re-financing mortgages that are underwater now, that is,  more is owed on the house than it is worth.  This part of the program would be run by Fannie Mae and Freddie Mac.
And, [...]

cleveland-bankruptcy-court

Judge Pat E. Morganstern-Clarren of the U.S. Bankruptcy Court for the Northern District of Ohio, fed up with the shenanigans of law firm Brice, Vander Linden & Wernick, P.C., ordered the firm to review over 1,200 claims filed in pending bankruptcy cases. The edict arose from the judge’s concern that Brice Vander Linden had [...]

A bankruptcy judge stunned the mortgage industry this week by discharging a stated income HELOC mortgage deficiency, even though the borrowers lied about their income on the loan application.
A false loan application is fraud and usually grounds to deny a bankruptcy discharge, but this lender did not verify the income and did not rely on [...]

Private statistics show that foreclosure filings continue to increase nationally. In April 2008, the number of homes facing foreclosure rose 65% over the same period last year. Nearly a quarter million homeowners received a foreclosure notice last month according to RealtyTrac, a company based in Irvine, California. Nonetheless, has the calm come [...]

On my way to the National Association of Consumer Bankruptcy Convention in California last week, I read a disturbing article in the USA Today, which discussed people who have committed suicide as a result of their pending foreclosure.
According to the story, last October 23rd, Raymond and Deanna Donacas closed all their home’s doors except the [...]