Mortgage-Related Issues
State Senator Works To Help Staten Island Residents Save Their Homes
More than 2,000 Staten Islanders are behind on their mortgage payments by at least a month, with some as much as 60 days delinquent and headed down the path toward foreclosure. Now, on February 24, 2008, a unique opportunity is going to allow those people to meet directly with banks to discuss ways to [...]
Review Home Closing Documents Carefully To Avoid Problems Later
A home closing probably represents one of the most expensive transactions of your life - a set of keys that can cost hundreds of thousands of dollars. In New York City, where apartments typically climb into the million dollar range, those keys are expensive indeed.
So why is it that most people don’t take the [...]
Holiday Song For The Subprime Lenders
Yield Spread Premium - What Is It, And Why Do You Care?
The yield spread premium is a confusing and under-explained closing fee that leave borrowers lighter in the pocket once the closing has occurred. Simply put, it is a payment made by a lender to a mortgage broker in connection with a borrower’s mortgage transaction. It is shown on the Settlement Statement (HUD-1), but often [...]
Homeowners May Soon Be Able To Sue Wall Street For Mortgages Gone Bad
House Democrats introduced legislation this week that will allow homeowners to sue Wall Street firms for relief from mortgages that the borrowers never had a realistic chance of repaying.
The bill is part of a broader measure intended to restrict what lawmakers and consumer advocates consider deceptive and improper lending practices in the mortgage market. [...]
