From The News Archives: Second Mortgages

Foreclosure service president sentenced to 151 months in jail for fraud

November 20, 2009 Second Mortgages

The president of Metropolitan Money Store has been sentenced to 151 months in prison after being found guilty of fraud charges that falsely promised help for homeowners who had fallen behind on payments for all mortgage types.
Forty-one-year-old Joy Jackson received the sentence earlier this week after being convicted on conspiracy to commit wire fraud in [...]

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Homeowners continue to refinance with fixed-rate mortgages

November 12, 2009 Second Mortgages

Homeowners who refinanced their mortgages in the third quarter of 2009 overwhelmingly chose to utilize long-term fixed-rate mortgages, even if they were not the most cost effective choice, according to Freddie Mac.
Utilizing mortgage data compiled in and graphs showing quarterly product transition statistics, the mortgage company found that 95 percent of borrowers who refinanced after [...]

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Could foreclosures top 25 million during housing crisis?

October 20, 2009 Second Mortgages

The recent struggles of homeowners who are either trying to keep up on their mortgage payments or watching their home’s value plummet during the current economic crisis has led to some asking if foreclosures could top 25 million before the end of the current housing crisis.
According to a recent survey released by HousingPredictor.com, 32 percent [...]

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Freddie Mac video offers mortgage modification tips

July 9, 2009 Mortgage Financing

Mortgage lender Freddie Mac is offering tips to struggling homeowners on how to refinance or modify their mortgage loans in a video posted to YouTube.
The video, Stop Foreclosure: Documents Your Lender Needs to Help You, can be seen at Freddie Mac’s YouTube channel. The two-minute video explains step-by-step which documents borrowers need before they call [...]

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Mass. AG settles with Goldman Sachs over subprime mortgages

May 12, 2009 First Time Mortgages

Massachusetts attorney general Martha Coakley on Monday announced a $60 million settlement with investment bank Goldman Sachs stemming from her investigation of subprime lending and securitization markets.
Goldman agreed to provide loan restructuring valued at approximately $50 million to Massachusetts subprime borrowers and pledged to make a $10 million payment to Massachusetts, the attorney general’s [...]

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Mortgage rates began climbing last week

May 12, 2009 Mortgage Financing

Mortgage rates rose slightly last week, with the national average for 30-year fixed rate mortgages climbing to 5.07 percent from 5.05 percent the prior week, according to the mortgage monitor Zillow.
However, on Monday, rates for 30-year fixed mortgages dipped below 5 percent, with the average rate on Zillow Mortgage Marketplace at 4.98 percent. The Federal [...]

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