Statements versus reality of mortgage messups

First-time homebuyers have originated less than a tenth of all subprime loans since 1998, according to a 2007 Center for Responsible Lending analysis. As recently as 2006, just over half of all subprime loans were refinances of existing home loans. The expected foreclosure toll from these loans will outpace the ownership gains by nearly a …

California defaults rise 125 percent. Adios – here are the keys!

California home owners have been walking away from their mortgages in bunches. Some say Californians expect state protection from predatory lenders, and honesty from professionals. Time is money in California, where one can get behind faster than a sandstorm in the California desert. Mortgage servicers recorded “notices of default” on 118,020 homes from April to …