Largest reverse Mortgage Companies

Banking Picture Happy Friday!! For some of those who prefer Big Banks to smaller local mortgage origination companies, it is fair to note some of the following info below. Just a tidbit if you will on what really happens as a spin-off or a ripple affect. Now certainly banks are great for some things. For example all of us feel much safer with keeping our money in any given account that is federally insured. Of course this in turn allows them to give back to us a very small amount of interest so they can in turn loan our money out at 10 times the interest It is surely some sort of thank you to us. But regardless of your take – Consider what you really get when you peel back the layers. Don’t get us wrong – we’re all about profit just as well. But wouldn’t you rather get a much better grade of customer service with a local company such as Green House Mortgage while at the same time taking pride in knowing that you had a small hand in helping establish a local company become a prominent force in the lending world in your very own community? We would think so. But take a look at the follow info and you be the judge. After all what goes on in the real estate and lending industries affects us all.

Big Bank Tid-Bits:

We’ll catch up on the plethora of shutdown updates in a bit, but let’s spend a moment catching up with settlements. Because if the big guys can settle, maybe they’ll be amenable to settling with the little guys! According to a release from Citi, the bank will pay Freddie Mac $395 million, all of which is covered by its existing mortgage repurchase reserves as of the end of Q2. The agreement covers claims for breaches of representations and warranties on 3.7 million loans sold between 2000 and 2012. Jane Fraser, CEO of CitiMortgage, said the agreement “marks another important milestone in successfully resolving Citi’s remaining legacy mortgage issues.”

Even Wells Fargo has to pony up settlement money occasionally. “The Coach”said it will pay $780 million in cash to Freddie Mac to resolve substantially all repurchase liabilities on home loans sold to the government-controlled mortgage company prior to 2009. The largest U.S. mortgage lender said the settlement was reached on September 27 and totaled $869 million before adjusting for credits related to prior loan repurchases.

"Change" & "Hope" = BULLSHIT. You've been had.

2009-06-03 04:06:40 by Hammer-and-Sickle

Tens of millions voted for Obama and the Democrats last November in the hope that the Democratic Party would reverse the policies of the Republican Party and the Bush administration: militarism, attacks on democratic rights and the destruction of the living standards of working people. But the promises of “hope” and “change” have proven to be illusions.
Trillions have been turned over to Wall Street in the form of loans, guarantees and cash handouts from the Treasury and Federal Reserve. But what have the first four months of the Obama administration brought for the working class? Economic figures published this week suggest the answer:
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  • Avatar tt How can I find out which bank my grandfather had a reverse mortgage?
    Jul 20, 2013 by tt | Posted in Renting & Real Estate

    My grandpa died in December 2012. Supposedly his house was in reverse mortgage. My uncle says he hasn t been I m contact with the banks and he does not know when they will take the house. There has been a lot of greed going on. I just want to know how I can find out who owns the house or who themortgage lenders are. I thought the heirs were supposed to pay back the mortgage to keep the house or sell it.

    • The bank has investigators who look for indications that a borrower has died, but unless it s a local bank, it takes a while before they find out he s dead unless someone tells him. What I would do after you look through all your grandfather s papers, is call the county courthouse. There s a lien filed with his name, property identification and the name of the lender. You have 6 months to pay back the loan, with one extension of 6 months. The clock started when he died, so you need to actor whoever the executor of the estate is. The heirs can pay off the mortgage with a new mortgage if they …