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JPMorgan Chase reaches $2B settlement over foreclosure abuses

JPMorgan Chase reaches $2B settlement over foreclosure abuses   The nation’s largest bank, JPMorgan Chase, has agreed to pay borrowers some $2 billion in mortgage relief and direct cash payments in order to settle foreclosure abuse claims with regulators, the Wall Street Journal reported. The settlement calls for some $753 million in cash payments and […]

New rules aimed at reducing risky mortgage lending

New rules aimed at reducing risky mortgage lending Consumer Financial Protection Bureau officials today released new rules for mortgages aimed at reducing risky lending practices and allowing borrowers to know exactly what kind of loan they’re taking out, CNN reported. The measure is meant to prevent institutions from giving out loans that their borrowers cannot […]

Miami coastal condo prices up 30 percent; sales activity highest since 2006

Miami coastal condo prices up 30 percent; sales activity highest since 2006 Ocean House in Miami Beach The median sales price of condominiums in Miami rose 30.1 percent in the fourth quarter, with total sales activity reaching its highest fourth-quarter levels since 2006, according to a new report from Douglas Elliman Florida. Miami’s single-family market […]

Release of New Foreclosures due to the shodow inventory banks hold

The housing market is poised to see the release of new foreclosures due to the shadow inventory that the banks have been holding back from prosecuting to prevent another housing crash.  There are also a large number of homeowners that did loan modifications that have defaulted on their loan modification agreements. Will you be prepared […]

Mortgage applications up sharply after holidays; rates inch up

Mortgage applications up sharply after holidays; rates inch up   The number of mortgage applications for the week ending January 4, 2013 increased 11.7 percent on a seasonally adjusted basis from the week ending December 28, 2012, the Mortgage Bankers Association announced today. On an unadjusted basis, the Index increased 49 percent compared with the […]

Mortgage Forgiveness Debt Relief Act Extension

Short Sale Agent Update   Bank of America would like to inform the real estate agent community that Congress has extended the certain provisions of the Mortgage Forgiveness Debt Relief Act through the American Taxpayer Relief Act of 2012 until December 31, 2013. This act benefits qualified homeowners who may have otherwise owed taxes on […]