In an effort to warn more delinquent borrowers about a widespread form of foreclosure fraud, Freddie Mac has re-edited the custom-made video it posted to YouTube for Spanish-speaking homeowners. The new Spanish language version of Freddie Mac's anti- fraud video can be found at http://www.youtube.com/AvoidFraud. Like the English-language Internet video Freddie Mac produced and posted in 2007, the Spanish language version uses professional actors to demonstrate how con artists can get copies of foreclosure notices at City Hall or a county courthouse, persuade distressed borrowers to give up the deeds in exchange for suspicious promises to solve their financial problems, use the deeds to secure new loans for themselves and let the new loans go into foreclosure, which means the homeowners looking for help end up losing their house. Freddie Mac decided to produce the anti-fraud videos when a new survey of delinquent borrowers found 25% going to the Internet first for information about managing their mortgages and avoiding foreclosure.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24