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Justice Department Settles Lawsuit for $335 Million In
Discriminatory Lending Case
December 21, 2011
The Justice Department reached a settlement with Countrywide over its discriminatory lending
during the years 2004 to 2008. The settlement of $335 million will go to homeowners who
suffered damages because of unlawful lending practices.
At a press conference on Wednesday, Attorney General Eric Holder said that his office had
investigated discriminatory lending practices that affected 200,000 Hispanics and
African-Americans. The investigation covered 41 states and 180 different markets.
The investigation discovered that Countrywide, now owned by Bank of America, steered
minority borrowers into subprime loans that carried higher fees, higher rates and also a higher
risk of defaulting.
The Justice Department sited the Fair Housing Act and the Equal Credit Opportunity Act in
winning its judgment. Mr. Holder said that Hispanics and African-Americans were charged
higher rates because of their race or national origin.
Dan Frahm a senior vice president at Bank of America assured the public that these lending
practices involved Countrywide, and that these events occurred before Bank of America took
over Countrywide in 2008. He also wants the public to know that Bank of America does not
condone this type of lending.
Discriminatory Lending Case
December 21, 2011
The Justice Department reached a settlement with Countrywide over its discriminatory lending
during the years 2004 to 2008. The settlement of $335 million will go to homeowners who
suffered damages because of unlawful lending practices.
At a press conference on Wednesday, Attorney General Eric Holder said that his office had
investigated discriminatory lending practices that affected 200,000 Hispanics and
African-Americans. The investigation covered 41 states and 180 different markets.
The investigation discovered that Countrywide, now owned by Bank of America, steered
minority borrowers into subprime loans that carried higher fees, higher rates and also a higher
risk of defaulting.
The Justice Department sited the Fair Housing Act and the Equal Credit Opportunity Act in
winning its judgment. Mr. Holder said that Hispanics and African-Americans were charged
higher rates because of their race or national origin.
Dan Frahm a senior vice president at Bank of America assured the public that these lending
practices involved Countrywide, and that these events occurred before Bank of America took
over Countrywide in 2008. He also wants the public to know that Bank of America does not
condone this type of lending.
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My Community Mortgage From Fannie Mae
Fannie Mae Sets Timeframe For Foreclosures
Home Equity Line Of Credit Still A Great Option
For A Loan
Jumbo Loans Are Back
Why Smart Investors Like Interest Only Mortgages
Finding a Credit Worthy Buyer To Qualify For A
Mortgage – Priceless
The Truth About Mortgage Modification
Hope For Homeowners (H4H): Refinancing For
Homeowners With Reduced Income
Streamline FHA Mortgage: Less Underwriting
For A Refinance
Recasting Is A Great Option
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Cash Buyers Driving Real Estate Market In 2011
December 27, 2011
How can the housing market survive without cash buyers? Generally, the people with cash are
real estate investors. Without these types of buyers many real estate agents would be looking
for different careers, and more houses would be sitting empty and unsold.
According to the real estate research company Hanley Wood Market Intelligence, 38% of
homes purchased in 2011 were all cash transactions. That's up from 34% in 2010 and double
the rate of 19% set in 2006.
Some mortgage and housing experts complain that the real estate investors are snapping up
the good deals and nothing is left for the first time home buyer. However, it should be noted
that credit is still tight for all borrowers. In addition, lenders are asking for a downpayment
before the issue a mortgage.
Looking forward to 2012 we can expect the cash investors to continue buying distressed
properties at a record pace.
December 27, 2011
How can the housing market survive without cash buyers? Generally, the people with cash are
real estate investors. Without these types of buyers many real estate agents would be looking
for different careers, and more houses would be sitting empty and unsold.
According to the real estate research company Hanley Wood Market Intelligence, 38% of
homes purchased in 2011 were all cash transactions. That's up from 34% in 2010 and double
the rate of 19% set in 2006.
Some mortgage and housing experts complain that the real estate investors are snapping up
the good deals and nothing is left for the first time home buyer. However, it should be noted
that credit is still tight for all borrowers. In addition, lenders are asking for a downpayment
before the issue a mortgage.
Looking forward to 2012 we can expect the cash investors to continue buying distressed
properties at a record pace.
FHA Extends Anti-flipping Waiver Until End Of 2012
December 28, 2011
The Federal Housing Administration is extending its waiver of a rule that says the FHA will not
insure properties that are flipped. In other words, if a real estate investor buys a house and
then resells it within 90 days, he can not get the house insured by the FHA. This rule was
designed to stop real estate speculation.
The FHA realized that the rule did not help stabilize the housing market. Many experts in the
mortgage and housing market will argue that we need the cooperation of investors. Real
estate investors were the driving force behind the cash sales in the housing market.
This extension is meant to accelerate the sale of foreclosure properties and revitalize
neighborhoods that were blighted by abandoned and vandalized homes.
December 28, 2011
The Federal Housing Administration is extending its waiver of a rule that says the FHA will not
insure properties that are flipped. In other words, if a real estate investor buys a house and
then resells it within 90 days, he can not get the house insured by the FHA. This rule was
designed to stop real estate speculation.
The FHA realized that the rule did not help stabilize the housing market. Many experts in the
mortgage and housing market will argue that we need the cooperation of investors. Real
estate investors were the driving force behind the cash sales in the housing market.
This extension is meant to accelerate the sale of foreclosure properties and revitalize
neighborhoods that were blighted by abandoned and vandalized homes.