Spanish banks accomplish a feat of irony as they attempt to sell off real estate assets
In 2008, Spanish banks took on a large amount of homeowners’ debt in exchange for assets, or homes. While this move helped avert a massive reduction on debt, it left Spanish banks with far more homes as assets instead of loans.
In U.S., 500 arrested for mortgage fraud
Nearly 500 people have been arrested in a U.S.-wide crackdown on mortgage fraud since the operation began March 1. Federal officials found that Las Vegas was one of the major centres where scams were situated to falsley inflate house prices.
More likely to foreclose on your loan with poor math skills: U.S. study
If you have poor math skills, you're three times more likely to go into foreclosure over your mortgage loan found a new study led by Stephan Meier, a Columbia University assistant business professor.
Canadian farmers/US housing mortgage collapse similarities 'scary'
Canada's farmers could soon face a sub prime mortgage crisis, University of Guelph professor George Brinkman warns.
Banks granted mortgages to Vancouver grow-op
Two of Canada's biggest banks have been accused of being "wilfully blind" in giving huge mortgages to a Vancouver man who allegedly used the property as a marijuana grow operation, reported the Financial Post yesterday.
Nova Scotia companies to offer job loss mortgage insurance
Canadian home buyers can opt for a little peace of mind with the introduction of job loss insurance coverage on mortgages by the Nova Scotia companies Fraser & Hoyt Benefits and Propel Insure.
U.S. could learn from Canada's mortgage market, blogs WSJ
The superior practices of Canada's mortgage market should be imitated by the U.S., blogged Wall Street Journal mortgage and real estate reporter James R. Hagerty. At a U.S. housing-policy conference this week, Bank of Canada researcher Virginie Tract received "one of the biggest rounds of applause" by simply describing how the Canadian mortgage market works. She, however, declined to say if Canada does have a better system than the U.S, wrote Hagerty.
Wells Fargo closing Canadian outlets
Wells Fargo & Co. is closing its Canadian outlets and will cease making customer loans, reported the Financial Post this morning.
Stoddart: Mortgage brokers need to improve customer security
Several mortgage brokerages need to better secure their customers' personal information from theft, Privacy Commissioner Jennifer Stoddart said yesterday in a report.
CREA revises 2010 forecast
Canadian resale home prices will be lower than previously predicted, according to revisions made by CREA to its 2010 forecast, due in large part to B.C. sales.