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Housing Crisis

Florida’s First in Mortgage Fraud

While activity increased on mortgage fraud cases being prosecuted in California, New York also saw acceleration in fraud and fraud activity in Minnesota zoomed, Florida’s mortgage fraud index topped the list for the Third-Quarter 2011 Mortgage Fraud Index from Read More »

Mortgage Banks’ Profits on Originations Soar 377 Percent

Mortgage banks made an average profit of $1,263 on each loan they originated in the third quarter of 2011, up from $575 per loan in the second quarter of 2011 and $346 per loan in the first quarter, according to the Mortgage Bankers Association according to the Mortgage Bankers Association. That’s a 377 percent increase over a six month period. Read More »

Do REO Sales Threaten Homeownership?

During the boom, the only way first-time buyers, minorities and working families could afford to buy a home was through subprime and creative financing. Now that homeownership is affordable, new barriers to financing and competition with investors are locking them out of homeownership and changing the residential fabric of our communities from ownership to rental. Read More »

Two-time Losers Flood Foreclosure Inventory

Nearly half, 45 percent, of October foreclosure starts were redefaults-mortgages which had previously defaulted and were modified unsuccessfully either by the lender or the federal government. About 105,000 redefaults increased total foreclosure starts in October to 232,865, 11.5 percent more than the level of a year ago. Read More »

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