Meanwhile, ForeclosureS.com has reported that foreclosure activity in several Western markets rose sharply in the second quarter after a first-quarter dip."Year over year, at the end of the second quarter of 2006, foreclosure activity in California has increased more than 67%," said Alexis McGee, president of the Fair Oaks, Calif.-based investment advisory firm. She added that defaults were also rising in formerly hot housing markets such as Las Vegas and Phoenix, where she said more than 25% of new-home sales were going to out-of-state investors who had no intention of occupying the homes. "Now those who came late to the party find themselves squeezed by rising interest rates and resulting negative cash flows," she said.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
5h ago -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
5h ago -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
8h ago -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
9h ago