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Mortgages News

Is generation rent threatening the American dream?

Home-owning is an inalienable part of the American dream, or at least that’s what we've thought for the last 60 years. Since World War II, home ownership has formed the cornerstone of upward mobile aspiration.

Citigroup to pay $7 billion to settle U.S. financial claims

Washington D.c. - U.S. banking giant Citigroup Inc. agreed Monday to pay $7 billion to settle government claims that it lied to investors when it sold them some $30 billion in financial products backed by subprime mortgages, precipitating the 2007-2009 financial crisis.

$7 billion Citibank mortgage repayment deal may be in the works

The financial world is swirling with rumors that Citibank is about to pay back around $7 billion to those they reportedly cheated on bad or unfair mortgages.

Mortgage fine print forcing widows into foreclosure

As mortgage foreclosures continue to decline, a new foreclosure trap is affecting widows aged over 50 whose deceased husbands were sole holders of the mortgage.

Company pay homeowners mortgages and turns homes into billboards

Brainiacs From Mars is a company that pays homeowners' mortgages but the catch is that they will paint the homes, turning them into giant billboards.

Op-Ed: Australian first home buyers hit the wall

Sydney - For a country which bases so much economic power in home ownership, Australia is really creating one hell of a mess for itself. Almost half of first home buyers are likely to lose their homes, according to a new survey.

Bank of America tests 'Mortgage to Lease' plan for foreclosures

Bank of America has announced it is in the midst of unrolling a new program called "Mortgage to Lease." This plan is to be offered to selected mortgage customers facing foreclosure.

Police bust six-year-old fraud scam in Toronto

Toronto - The General Manager of The Croatian Credit Union, located on Dundas Street West in Ontario allegedly helped suspects obtain fraudulent mortgages on undeveloped parcels of rural Ontario land.

Op-Ed: How to Successfully Rescue Residential Real Estate

The federal government should self-refinance the original mortgages directly with homeowners at 4% fixed for 20 or 30 years, ultimately turning these mortgages into GNMAs.

Mortgages are Tough for Everyone

The mortgage crises has really affected everyone, not just the middle and lower class. Even the wealthy are having problems now when it comes to refinancing their homes.

Former Wall Street broker arrested in Spain

Julian Tzolov, a former Credit Suisse Group AG broker, who faces charges of security fraud and bail jumping for illegally selling subprime mortgages, has been arrested in Spain following an international manhunt.

Free Mortgages for Divorced and Separated Couples in Spain

One year’s free mortgage and up to 40% discounts on house purchases are to be offered to divorced and separated couples in Spain as part of a new initiative lead by the Spanish real estate group, Ternum.

Op-Ed: Obama Mitigating Mortgage Foreclosures?

Obama announced that between $50 billion and $100 billion will be spent on making mortgage payments affordable, as part of the giant gamble he and Congress are making, under the title of “stimulus.”

Op-Ed: Scum to the rescue – 'Foreclosure rescue companies' are rip offs

Just when you thought the level of disgusting behavior and stupidity couldn’t get worse, comes a new scam taking money off people being foreclosed. Lenders are creating more opportunities for ripoffs as they foreclose mindlessly on anything and anyone.

Ron Paul Weighs In On Government Bailout

Texas Republican Representative and former GOP Presidential hopeful Ron Paul had weighed in on the idea of the bail out. Paul had plenty of interesting things to say on the matter.

Mortgage foreclosures swamp banks, homeowners allowed to stay despite defaults

There are so many mortgage defaults on top of foreclosures that banks are being overwhelmed. Two per cent of mortgages have been foreclosed, and 3.6 per cent are in arrears of more than 90 days. Banks are now “starting to look the other way."

Clinton Reveals Proposal To Stimulate Economy

US Democratic presidential hopeful Hillary Clinton has revealed a stimulus package up to $70 billion dollars to stimulate the economy. This package would make it easier for millions to pay mortgages and heating bills.

500,000 Americans risk losing homes: Administration tries mortgage rates freeze

Depending on who you read, the administration’s plan to try and take some of the heat out of the subprime mortgage situation is either getting a bit of bipartisan traction and/or generating a bit more political point scoring.

Forgiven Debts Can Come Back to Haunt You

You filed for bankruptcy and you're out of debt. You're ready to start over. But your credit report is saying "not so fast." Illegal practices are forcing consumers to pay money they don't owe.

Wall Street: Write-down and all is forgiven

One of the rare cases in which “market sentiment” actually means something has occurred. The big US banks are doing some massive write-downs of their mortgage-backed securities. Not that they had a choice. Nobody would have believed anything else.

Subprime or subhuman: How not to write loans

Unsecured loans of up to 100% of mortgages aren’t a great idea. In theory, setting fire to your assets and dousing yourself in petrol while doing so might be safer. “Staggeringly dumb” might be a better description than “subprime”.

Mortgage Crisis

Predatory lending, subprime rates those words look more and more scary for the people who signed up for them.
 

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House painted by Brainiacs From Mars
House painted by Brainiacs From Mars
Screengrab / KOKA 02

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