All articles about Dodd–Frank Wall Street Reform and Consumer Protection Act

New Mortgage Escrow Rules for January 2014

New Mortgage Escrow Rules for January 2014

Nearly three years after passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act ,  a response to the mortgage crisis of 2007-2008 that has left millions of Americans licking their financial wounds from foreclosures and short sales; new escrow rules are published today that will go into effect January 1, 2014 and will  impact those who have a “higher-priced mortgage loan”. Continue reading New Mortgage Escrow Rules for January 2014

Why is it so hard to get a loan for a manufactured home?

Colfax, IL; House

This is a question that I receive often so today when a client emailed me asking me this very same question it was no surprise to me. This post is based largely in part to that persons email and my response. The email began; 

I am pleased to inform you that due to your lack investors due to my single family home which just happens to be manufactured and my low [balance]  mortgage, I cannot be considered for the “new low rates”.  Seems as though all you are interested in is condos/townhouses/stick-built homes in a more affluent community. – Unhappy Consumer

Continue reading Why is it so hard to get a loan for a manufactured home?

Obama: Subprime lending immoral, not illegal

Official presidential portrait of Barack Obama...
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Obama: “Subprime lending immoral, not illegal” http://ow.ly/6PE2P

Today the president took a question from a  reporter who asked him why his administration had failed to file suit or enforcement action against corporate leaders for the 2008 financial crisis that ultimately led to numerous bank, insurance, auto-maker and state bailouts. To that the president replied…

“If someone has engaged in fraudulent actions — if they have violated laws on the books, they need to be prosecuted,” President Obama said. “One of the biggest problems about the collapse of Lehman, the financial crisis and the subprime lending fiasco is that all of that stuff wasn’t necessarily illegal.” Continue reading Obama: Subprime lending immoral, not illegal