Real estate

Mortgage lenders now cast themselves as saviors

Mortgage lenders now cast themselves as saviors

PacWest Funding’s CEO watched in late 2007 as rival mortgage brokerages, banks and collaborators collapsed under the weight of the declining housing market. Fearing his company would be next, Curtis Melone restructured his business to offer what he felt people needed most: help with their crushing mortgage debt. Melone re-christened his company Green Credit Solutions, […]

That dream home you bought in foreclosure might not be yours

That dream home you bought in foreclosure might not be yours

It seemed too good to be true: You bought a house in foreclosure at a fraction of the former price. Maybe you even knocked out a wall or two and remodeled with all the money you saved. But now thousands of foreclosures around the country may be invalid because of bank paperwork problems. Should you […]

Foreclosures rise again

Foreclosures rise again

Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis. The increase in home repossessions came even as the number of properties entering the foreclosure process slowed for the seventh month in a row, foreclosure listing firm RealtyTrac Inc. said Thursday. In all, banks repossessed 95,364 […]

Rich more likely to default on mortgages

Rich more likely to default on mortgages

No need for tears, but the well-off are losing their master suites and saying goodbye to their wine cellars. The housing bust that began among the working class in remote subdivisions and quickly progressed to the suburban middle class is striking the upper class in privileged. Whether it is their residence, a second home or […]

Feds crack down on mortgage fraud

Feds crack down on mortgage fraud

Some 500 people have been arrested in a nationwide crackdown on mortgage fraud, and federal officials pointed to Las Vegas as one of the centers of the scams that pumped up home prices until the housing market bubble finally burst. “I heard this many times,” said Scott Hunter, a Las Vegas FBI agent who has […]