All Posts By Steve
Bank of America Has Prevailed In Ghetto Loans Lawsuit
Bank of America Has Prevailed In The Cook County Ghetto Loans Lawsuit As 7th Circuit Court of Appeals Rules In It’s Favor Bank of America has prevailed in a ghetto loans lawsuit brought against it by Cook County, Illinois. Cook County sued the bank alleging predatory mortgage loans to Black and Hispanic borrowers in the Chicago…
Freedom Mortgage Spanked By CFPB
Freedom Mortgage Spanked By CFPB To The Tune Of $1.75 Million For Illegal Kickbacks To Realtors Last week, Freedom Mortgage was spanked by the CFPB to the tune of $1.75 million. The CFPB say Freedom Mortgage paid kickbacks to real estate brokers in exchange for mortgage loan referrals. The CFPB said Freedom provided real estate…
Romspen Investment Corp. Sues Fake Real Estate Tycoon
Canadian Lender Romspen Investment Corp. Sues Fake Real Estate Tycoon Caroline Weiss For Foreclosure After Throwing $21.3 Million At Her Are you an inexperienced real estate developer who is being sued for fraud by your own daughter and need a $21.3 million dollar loan? Well, we have perfect lender for you! Yes, Canadian lender Romspen…
New LoanDepot Shareholder Lawsuit Filed
LoanDepot Shareholder Lawsuit Alleges Investor Deception and Breach of Fiduciary Duty Plague The Mortgage Firm LoanDepot is facing another shareholder lawsuit. Plaintiffs in the latest LoanDepot shareholder lawsuit filed it in Delaware. Plaintiffs allege that investors were misled before its 2021 initial public offering (IPO). This is the latest in a series of legal complications…
Rocket Mortgage Is Offering A Third Round Of Voluntary Buyouts
Rocket Mortgage Is Offering 12 and 24 Weeks Of Pay In A Third Round Of Voluntary Buyout Offers Rocket Mortgage is offering another round of buyouts to its employees. The buyout follows two rounds from last year. Those buy outs resulted in a workforce reduction of about 30% last year. Rocket is offering between 12…
US Bank Imposes More Mortgage Layoffs
US Bank Imposes More Layoffs Claiming It Is Reducing Resources In Areas That Continue To Be Slow US Bank imposes more layoffs and has told media sources that the layoffs in its mortgage division will happen this week. The announcement follows a decline in its mortgage originations in the first quarter of 2023. US Bank…
Negative Equity Alert! Homeowners Have Lost $108.4 Billion
Negative Equity Alert As US Homeowners Lose $108.4 BILLION In Equity This Year Alone. 200,000 Homeowners At Risk Of Going ‘Underwater’ MFI-Miami has issued a Negative Equity Alert! Why? Homeowners are sitting on a negative equity timebomb. US home values have dropped a whopping $108.4 billion in 2023 alone. The average borrower saw their home…
Mortgage Applications Fell By 4.4% Last Week
MBA Says Mortgage Applications Fell By 4.4% Last Week After Weeks Of Several Weeks Of Increases. The Mortgage Bankers Association says that mortgage applications fell last week to their lowest level in a month. This is after several weeks of increases from various sectors. The MBA’s Weekly Mortgage Applications Survey for the week ended June…
Latino Wells Fargo Employees Accuse Bank Of Anti-Latino Bias
Here We Go Again! Latino Wells Fargo Employees Accuse Bank Of Anti-Latino Bias In A Predatory Lending Scheme A group of current and former Latino Wells Fargo employees has filed a federal lawsuit against Wells Fargo. The employees from the company’s bilingual mortgage sales team are alleging race-based discrimination. The suit alleges: “Wells Fargo forces…
Pending Home Sales Fell 2.7% In May
Pending Home Sales Fell 2.7% In May. Will They Continue To Fall? NAR Bullish About Housing. Is There Another Housing Apocalypse Coming? Pending home sales were steady in April like they had been since the beginning of the year. However, pending home sales fell in May. they dropped 2.7%, according to data released Thursday by the National…