By Mary Ellen Podmolik
The Illinois Attorney General’s office filed a lawsuit against Chicago-based Illinois Loan Modification LLC, Omega Business Center, its managers and related businesses, alleging that they preyed on residents of the Chicago-area’s Polish community by falsely promising mortgage and credit card relief.
The suit, filed Tuesday in Cook County Circuit Court, charged that the companies and their affiliates charged upfront fees to consumers but the promised services were never provided and customers who canceled their contracts were not issued refunds. Get the full story »
Nov. 9, 2010 at 12:58 p.m.
Filed under:
Banking,
Government,
Investigations,
Mortgages
By Associated Press
Industry regulators have fined Goldman Sachs $650,000 for failing to disclose that two of its brokers, including the executive accused of leading the mortgage securities deal that brought civil fraud charges against the firm, were under investigation by the government.
The Financial Industry Regulatory Authority announced the fine Tuesday, saying Goldman lacked adequate procedures to ensure that the required disclosure was made for Fabrice Tourre, a Goldman vice president. Goldman made that report in May, more than seven months after Tourre received a notice from the Securities and Exchange Commission that it was considering filing charges against him, FINRA said. Get the full story »
Nov. 9, 2010 at 10:45 a.m.
Filed under:
Mortgages,
Real estate
ELITE STREET | By Bob Goldsborough | The landmarked, 9,768-square-foot Francis J. Dewes mansion in Lincoln Park has hosted weddings and exclusive parties for years. It has now become available for $9.9 million
Developer Fred Latsko took control of the five-bedroom mansion about seven years ago, when he acquired its mortgage and foreclosed on it. Since then, Latsko has completely restored the grandiose German Baroque and French-style mansion, which was finished in 1896 and added to the National Register of Historic Places in 1973. Get the full story »
Nov. 5, 2010 at 10:41 a.m.
Filed under:
Investing,
Mortgages,
Real estate
By Reuters
Several Citigroup Inc. mortgage bond investors, including Charles Schwab Corp. and hedge fund Cambridge Place Investment Management, have sued the bank over its home loan underwriting processes, according to a regulatory filing on Friday. Get the full story »
Nov. 1, 2010 at 12:59 p.m.
Filed under:
Bankruptcy,
Mortgages,
Stock activity
By Reuters
Ambac Financial Group Inc., which was the second-largest U.S. bond insurer before suffering huge losses on risky mortgages, said it may file for bankruptcy protection as soon as this year after skipping a bond interest payment.
Ambac shares slid as much as 59.8 percent Monday. Get the full story »
Oct. 25, 2010 at 3:39 p.m.
Filed under:
Government,
Housing,
Mortgages,
Real estate
By Mary Ellen Podmolik
The number of Chicago-area homeowners in trial mortgage modifications continued to fall in September, while the number of people who have received permanently lower payment terms rose 4 percent in the month, the Treasury Department said Monday.
The government’s September accounting of its Home Affordable Modification Program also showed that borrowers in permanent modifications are having trouble keeping their loans current, even after the payments are reduced. Get the full story »
Oct. 25, 2010 at 11:27 a.m.
Filed under:
Investing,
Mortgages,
Real estate
By Reuters
The bond insurance business, which fell to its knees during the 2008 financial crisis under the weight of soaring defaults, may have finally heard its death knell Monday. Get the full story »
By Becky Yerak
Mark Hoppe said it has taken more than 990 days, but the chief executive of Taylor Capital Group Inc. said the parent of Cole Taylor Bank has finally turned a quarterly profit.
“Wow, that feels good,” Hoppe, who joined the Chicago-based company from LaSalle Bank in 2008, told analysts during a conference call Thursday morning to discuss third quarter earnings.
But he said he’s “not standing on an aircraft carrier like George W. Bush did.” Get the full story »
Oct. 21, 2010 at 10:46 a.m.
Filed under:
Housing,
Mortgages,
Real estate
By Associated Press
Rates on 30-year fixed mortgages rose slightly from their lowest level in decades, inching up to a national average of 4.21 percent. Get the full story »
Oct. 14, 2010 at 2:50 p.m.
Filed under:
Banking,
Mortgages,
Real estate,
Stock activity
By Associated Press
Stocks dipped Thursday after another disappointing jobs report and growing concern over how potentially damaging foreclosure documents will weigh on the health of major banks. But losses were mitigated by expectations that the Federal Reserve will have to act soon to strengthen the economy.
Oct. 14, 2010 at 9:05 a.m.
Filed under:
Mortgages,
Real estate
By Reuters
U.S. mortgage rates reached new record lows in the latest week, according to a Freddie Mac survey released on Thursday, as weak economic data fueled demand for safe-haven government debt.
Interest rates on U.S. 30-year fixed-rate mortgages, the most widely used loan, averaged 4.19 percent for the week ended Oct. 14, down from the previous week’s 4.27 percent and the lowest on record, according to the survey. Get the full story »
Oct. 7, 2010 at 9:37 a.m.
Filed under:
Economy,
Housing,
Mortgages,
Real estate,
Updated
By Reuters
A sign offering a lot for sale is planted next to a sold home under construction in Nebraska. Rates on 30-year mortgages fell to a new low for the ninth time in 12 weeks. (AP Photo/Nati Harnik)
U.S. mortgages reached new record lows in the latest week as economic data raised the appeal of safe-haven government debt, according to a survey released on Thursday by Freddie Mac, the second-largest U.S. mortgage finance company.
While rock-bottom rates offer a glimmer of hope for a housing market struggling to find its footing in the aftermath of the expiration of a popular home buyer tax credits, their effect on home loan demand has been modest as a weak jobs market and flailing economy weigh on consumer confidence.
Interest rates on U.S. 30-year fixed-rate mortgages, the most widely used loan, averaged 4.27 percent for the week ended Oct. 7, down from the previous week’s 4.32 percent and the lowest on record, according to the survey Rates were also below their year-ago level of 4.87 percent. Freddie Mac started the survey in April 1971. Get the full story »
By Mary Ellen Podmolik
At least 531 Illinois homeowners will be offered mortgage loan modifications by Wells Fargo Bank after an investigation into allegedly deceptive marketing of payment option adjustable rate mortgages.
Illinois and seven other states investigated Wachovia and Golden West’s marketing of pay-option ARMs, potentially risky loan products because they allow borrowers to pay only a minimum payment, with the rest of the funds due added to the balance of the loan, which eventually resets at much higher required payments. Wells Fargo owns Wachovia and Golden West. Get the full story »
Sep. 24, 2010 at 11:51 a.m.
Filed under:
Mortgages,
Real estate
By Associated Press
Homeowners with more recent loan modifications are less likely to default on their payments, a report Friday showed. Thirty percent of modifications made in 2009 were seriously delinquent or in the foreclosure process, according to a second-quarter study released by the Office of the Comptroller of the Currency and the Office of Thrift Supervision.
Sep. 23, 2010 at 10:08 a.m.
Filed under:
Housing,
Mortgages,
Real estate,
Updated
By Mary Ellen Podmolik
The local home sales market failed to regain its momentum in August after tumbling in July, according to new data released Thursday by the Illinois Association of Realtors.
Sales of existing single-family homes and condominiums in the Chicago area rose a scant 1.3 percent in August to 5,561 homes sold, but were still down 19.6 percent from the 7,008 homes sold in August 2009. Get the full story »
