Tag Archives: san jose mercury news

California’s Foreclosure Woes

It’s bad in the Sunshine state, as well as in Florida, Arizona and Nevada. In the first three months of 2009, there were twice as many foreclosures in the San Francisco Bay Area as compared to a year ago. The … Continue reading

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Bank of America Modifies Home Loans

The politicians are a lot more interested in the modification of mortgage loans than the lenders who made the original deals. I don’t blame the lenders. Why should they be forced to revise sacred contracts? If somebody can’t live up … Continue reading

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How Did Our Mortgages Get Us Into This Crisis?

From the San Jose Mercury News: Investment banks seeking high rates of return gobbled up groups of mortgages, many of them risky subprime loans to people with poor credit. When the interest rates on some of those loans spiked, homeowners … Continue reading

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Dead-End Dialing For Loans

From the San Jose Mercury News: Now it’s in the hands of a loan servicing firm that boasts foreclosure expertise and offers only boilerplate responses. “I can afford a home. Just 2 percent of modifications — or less than 1 … Continue reading

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CA’s Real Estate Market Due To Stabilize

From the San Jose Mercury News: The "free fall" phase of the California housing market bust could end soon, as bargain-hunters begin buying homes in parts of the state hardest hit by foreclosures, according to a new economic report. The … Continue reading

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Mortgage Rates Rise

From the San Jose Mercury News: Interest rates for long-term mortgages rose this week to their highest levels since March, pushed up by the threat of inflation. The national average interest rate for 30-year, fixed-rate mortgages increased to 6.08 percent … Continue reading

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Mortgage Rates Rise

From bizjournals.com: Mortgage rates at Hawaii‘s four largest banks rose this week, along with the national average rate for a 30-year fixed-rate loan, amid concerns about inflation. American Savings Bank, Bank of Hawaii and First Hawaiian Bank each offered a … Continue reading

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California’s Mortgage Scams

From the San Jose Mercury News: Elias Escobedo, 41, lost his house earlier this month when it was foreclosed on, but not because he didn’t pay his mortgage. Mortgage and foreclosure fraud is growing. According to the FBI 2007 Mortgage … Continue reading

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CA Congresswoman Defaults On House?

From the San Jose Mercury News: Richardson, a Southern California Democrat, bought a two-story home in a leafy, upper-middle class neighborhood of Sacramento in January 2007, just months after winning a seat in the state Assembly. Property records on file … Continue reading

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Mortgage Rate Relief

From the San Jose Mercury News: Months after many eager homeowners started gearing up to refinance their mortgages, interest rates for Bay Area-size mortgages are finally falling. Government-sponsored agencies Fannie and Freddie buy bundles of mortgages from lenders, and package … Continue reading

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