TransUnion today said borrowers, especially in California, continue to focus on credit card payments and ignore their mortgages.
This is at least the company’s second study showing the same trend.
The percentage of consumers current on credit cards and delinquent on mortgages first surpassed the percentage of consumers current on their mortgages and delinquent on credit cards [...]
Borrowers pay credit cards before mortgages is a post from: Mortgage Insider
President Barack Obama today called for a special fee on the 50 biggest financial firms. A bank economist and an independent economist react:
Scott Anderson, senior economist, Wells Fargo
Anderson said much of the losses Obama mentions actually went to nonbanks like failed insurance giant AIG and General Motors.
“To just tax the 50 largest banks is probably [...]
(Update: Attorney Lear comment.)
The seizure of a handful of mortgage-aid companies operated by two men was made permanent today by Orange County Superior Court Judge Frederick Horn.
The Judge granted a petition by the California State Bar, which closed on Dec. 21 the operations of Curtis Melone of Huntington Beach and Christoper Fox of Redondo Beach.
The [...]
(Update: Response from Tornow’s attorney.)
A man who posed as a mortgage broker was sentenced this morning to 70 months in prison, federal prosecutors said.
Jared Tornow, of San Clemente, and others falsified documents on $40 million in loans, costing lenders more than $7 million in losses so far, according to the U.S. Attorney’s Office.
United States District [...]
