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  2. Subprime

Subprime

Housing Meltdown Hurts Minorities the Most

Minority Americans were the biggest losers in the subprime mortgage crisis, according to a study by an advocacy organization United for a Fair Economy. The study concludes that African-Americans and Hispanics lost as much as $213 billion in wealth over the last eight years because of predatory lending. “This was “the most massive loss of […]

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Loan Company Tries Cutting Mortgage Principal

 At least one loan servicing company is retooling mortgages to lower the loan balance as well as the rate in order to keep borrowers in their homes. Reducing the principal on mortgages is “a last resort,” says Paul Koches, executive vice president at Ocwen Financial Corp., a West Palm Beach, Fla., loan servicer. Ocwen has […]

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Getting a Mortgage Tougher for Buyers

Difficulty in landing a mortgage is keeping many buyers out of the market.At the peak of the housing boom, about 20 percent of the mortgage market was subprime, and nearly 20 percent was “Alt-A loans” or “A-minus” loans, typically offered those with good credit but with high debt-to-loan ratios or little or no proof of […]

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Mortgage Fraud Crackdown Continues

The FBI was instrumental in 206 convictions in 2007 for real estate securities and commodities fraud. According to an FBI report released Thursday, the 1,204 mortgage fraud cases pursued in 2007 resulted in 321 indictments and court orders for $595.9 million in restitution. The FBI, working in conjunction with the Securities and Exchange Commission, is […]

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Mortgage Crisis Has Big Impact on Kids

More than 2 million children will be directly impacted by the subprime mortgage crisis, as their families lose their homes to foreclosure, according to a new report from First Focus, a bipartisan children’s advocacy organization based in Washington, D.C. “When families lose their homes, kids often lose their schools and access to services. Such changes […]

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Real Estate News:Immigrants Often Targets of Subprime Scams

Immigrants Often Targets of Subprime Scams Immigrants have long been victims of fraud, but the subprime mortgage boom has provided a particularly popular avenue for unethical lenders to take advantage of immigrants. Housing counselors say they have seen predatory lending to immigrants across the U.S. Among the vulnerable groups: Latinos throughout California, Caribbean and African […]

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