By Tara Ramsey, staff writer
Published: November 15,2011
Realtor Thomas Harte had a contract on a 1920s-era home in Charlotte’s Elizabeth neighborhood. The five-bedroom, four-bath, fully renovated house at 425 Clement Ave. was listed at $790,000. With a tax value of $1.23 million, Harte thought the home would appraise at fair market value. Then came the disappointment. The late-August appraisal came in $25,000 [...]
By The Associated Press
Published: November 15,2011
WASHINGTON — The government regulator of Fannie Mae and Freddie Mac said Thursday that million-dollar bonuses paid to executives at the companies were necessary to keep the mortgage giants running. Edward DeMarco, the acting director of the Federal Housing Finance Agency, sent a letter to U.S. lawmakers that paying a total of $12.8 million in [...]
By Sam Boykin, staff writer
Published: November 12,2011
The Obama administration rolled out revisions to a program last month designed to prevent some homeowners from going into foreclosure. But many question the Home Affordable Refinance Program’s effectiveness and say that it’s too narrow and limited to make an impact on the housing market. Others go so far as to say it could do [...]
By The Associated Press
Published: November 8,2011
WASHINGTON — Government-controlled mortgage giant Freddie Mac has requested $6 billion in additional aid after posting a wider loss in the third quarter. Freddie Mac said Thursday that it lost $6 billion, or $1.86 per share, in the July-September quarter. That compares with a loss of $4.1 billion, or $1.25 a share, in the same [...]
By Tara Ramsey, staff writer
Published: October 29,2011
This month, the Federal Housing Administration’s single-family home loan limits dropped in more than 600 counties across the U.S., including some in the Charlotte area. On its face, it sounds like more grim news for the housing industry: Lower loan limits and price more people out of homeownership. But housing industry officials say it should [...]
By The Associated Press
Published: February 5,2011
Bank of America Corp. on Thursday said it is splitting its mortgage business into two units, with a new division created specifically to handle foreclosures and discontinued loan products. The bank said the new Legacy Asset Servicing unit will be responsible for resolving issues involving faulty paperwork that led Bank of America to suspend foreclosures [...]
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