About Another Real Estate Roundup
Lenders would be required to make sure prospective borrowers have the ability to repay their mortgages before giving them a loan, under a proposal released by the Federal Reserve on Tuesday.
This is really radical, I know, but give it a chance. It’s an idea from someone in the government.
In his budget speech Wednesday, President Barack Obama once again suggested a cutback in the mortgage interest deduction.
And:
Eliminating this tax break for homeowners is tantamount to forcing new taxation on an economy where most thinking people believe the best way out of a hole is not to dig it any deeper with new taxes.
Dual tracking refers to a common bank tactic. When a borrower in default seeks a loan modification, the institution often continues to pursue foreclosure at the same time.
In foreclosure, apparently it’s not the investor or the servicer. According to this story, the trustee is becoming the major obstacle to getting a reasonable resolution between the borrower and the investor of the loan.
Homeowners are fed-up and they are protesting by the way they are paying their bills. A growing volume of homeowners are paying credit card bills before making payments on their mortgages, according to a new study by Trans Union credit reporting agency. It’s a trend that has been widely reported over the last three years as homeowners’ protest being used as pawns by banks, mortgage companies and Wall Street.