In 2006, Arthur Brito, a self-employed Bay Area landscape designer, and his wife were prequalified for a $625,000 home loan. After being priced out of the housing market by inflated values, they started looking again last year, but quickly learned that the mortgage crisis had changed their fortunes: They now qualified for a loan of only $280,000. » Read more…
Tag Archives: residential mortgage
BofA May Owe $20 Billion in Mortgage Buybacks, Insurers Say
Posted by MORTGAGE BLOG NEWS on March 2, 2011
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Bank of America Corp., the biggest U.S. lender by assets, should repurchase as much as $20 billion in home loans that were based on wrong or missing information, said a trade group for bond insurers. » Read more…
Mortgage Investors Are Set for More Pain
Posted by MORTGAGE BLOG NEWS on March 2, 2011
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For mortgage investors, the recent suspension of foreclosures could potentially cause further losses in the already-battered $2.8 trillion market for residential mortgage-backed securities. » Read more…
Lawmaker Questions Power to Foreclose
Posted by MORTGAGE BLOG NEWS on March 2, 2011
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A Virginia lawmaker asked the state’s attorney general to launch an investigation of Mortgage Electronic Registration Systems, the middleman firm in millions of court filings that helps keep the mortgage-securitization machine moving. » Read more…