by Staff Writer Published: June 8,2009
Tags: fraud, indictment, mortgage, theft
The Statewide Grand Jury has indicted Ernie Colter on three counts of theft and one count of forgery for his role in fraudulently obtaining a loan for a client and then stealing some proceeds from a related real estate transaction. According to the indictment, Colter, acting as the originating broker for a real estate transaction, [...] [...]
by Rob Larimer Published: May 28,2009
Tags: mortgage
A record 12 percent of homeowners with a mortgage are behind on their payments or in foreclosure as the housing crisis spreads to borrowers with good credit. And the wave of foreclosures isn’t expected to crest until the end of next year, the Mortgage Bankers Association said Thursday. The foreclosure rate on prime fixed-rate loans [...] [...]
by Becky Hurley Published: April 6,2009
Tags: interest rates, mortgage
Home loan borrowers are cashing in on historically low mortgage interest rates as a refinancing boom gains momentum. National mortgage refinance statistics jumped again for the last week in March – up 3 percent from a week earlier and up 68.8 percent for the week ending March 27, on a year-over-year basis. That news from [...] [...]
Seniors are queuing up at banks and credit unions around the country to apply for reverse mortgages on their homes. There has been a “significant uptick” in applications, said Eric Bachman, founder and CEO of Golden Gateway Financial. “Our volumes are double.” The surge began several months ago. The FHA Modernization Act — which raised [...] [...]
by Rob Larimer Published: March 17,2009
Tags: Colorado, fraud, Morgage Bankers Association, mortgage
Colorado had the 10th-highest level of residential mortgage fraud during 2008, according to the Mortgage Bankers Association. The No. 10 spot is up from the state’s 2007 ranking of No. 17. The state was No. 8 on the list during 2006, No. 6 in 2005 and No. 3 in 2004. Rhode Island was No. 1 [...] [...]
Projections for U.S. home financing this year have increased $400 billion. An increase in conventional refinances is responsible for the bright outlook, according to www.MortgageDaily.com. First-quarter residential originations are expected to reach $430 billion, Freddie Mac said in its March Economic and Housing Market Outlook. Estimated U.S. production is 46 percent higher than estimated fourth-quarter [...] [...]
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