Mortgage

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Banks with $1 billion or more in assets would see dividend payments received for putting their money into the Federal Reserve’s bank, reduced to 1.5 percent from 6 percent as part of the Senate plan to pay for three years of road work in its six-year highway bill.  

Bank groups are opposing the plan and have been joined by mortgage lenders. 

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U.S. households have come a long way in regaining wealth lost in the Great Recession, but the pace of recovery remains uneven largely due to the housing market, say researchers from the St. Louis Federal Reserve.

This article first appeared in the St. Louis Beacon: The rules are changing for federally insured reverse mortgages designed to enable older Americans to borrow from the equity in their homes without making payments. Lenders don’t collect on the loans until the houses are sold.

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A new report says fewer homeowners in the St. Louis area are struggling to keep up with their mortgages.

The St. Louis Post Dispatch, citing figures released Tuesday from real estate data company CoreLogic, reports that about 11 percent of St. Louis homeowners with mortgages owed more than their home was worth. That number is down from 16 percent in June 2012. 

The Planet Money team shows how mortgage and home-equity debt fit into the financial profile of American households.

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The Missouri Attorney General’s office has announced the state will get a share of multi-million dollar settlements from lawsuits against drug makers and book publishers.

Saying it wants "to protect homeowners from surprises and costly mistakes by their mortgage servicers," the Consumer Financial Protection Bureau today proposed new rules it believes would make the home loan process simpler and give struggling homeowners more of a chance to avoid foreclosures.

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The St. Clair County state’s attorney has filed suit against 22 banks for allegedly failing to record the sale of mortgages with the county.

Brendan Kelly alleges in the suit filed today that banks conspired to document those sales on a private network known as MERS, rather than at the county recorder's office in Belleville.

The Missouri Attorney General’s office is hosting 120 town-hall-style meetings across the state this week to help homeowners affected by lending abuses and improper foreclosure procedures. 

Attorney General Chris Koster  says qualifying Missourians will split about $155 million of a $25 billion settlement reached with five of the nation’s largest mortgage lenders.

Missouri Attorney General's office

Koster wants U.S. Supreme Court to reject individual health insurance mandate

Missouri Attorney General Chris Koster wants the U.S. Supreme Court to reject an individual health insurance mandate but uphold other parts of the federal health care law. Koster, a Democrat, said Tuesday his office filed a written argument in support of a lawsuit by Florida and other states.

(Joseph Leahy/St. Louis Public Radio)

Troubled Missouri home owners can expect a degree of relief from a national mortgage settlement that has been reached with five of the nation’s largest mortgage lenders.

The Show-Me State is being awarded more than $196 million of a $25 billion settlement with banks -- including Bank of America and JP Morgan Chase -- over allegations of lending abuses and improper foreclosure procedures.

Missouri Attorney General Chris Koster says the settlement does not close the door on possible criminal charges against mortgage lenders.

KMOV-TV is reporting that six people were arrested during a protest Monday at the Bank of America branch in downtown Clayton.

According to the report:

provided

One year after the NACA "Save the Dream Tour'' stopped in Cleveland, a local nonprofit advocacy group that offers foreclosure counseling in Ohio has posted a note on the front page of its website "reaching out to homeowners who've had difficulty with Neighborhood Assistance Corporation of America."

On a miserably hot and steamy weekend last summer, struggling homeowners seeking mortgage salvation turned out by the thousands at the Chaifetz Arena for an event called "Save the Dream," a highly publicized multi-city foreclosure-prevention tour put on by the Neighborhood Assistance Corporation of America (NACA), a Boston-based nonprofit that touts "same-day permanent solutions."

This article originally appeared in the St. Louis Beacon. - While it can be argued that all levels of the lending industry played some part in the sub-prime mortgage collapse, economist William Emmons of the Federal Reserve Bank of St. Louis adds another factor: household financial behavior.

Emmons believes the sub-prime mortgage meltdown was a long time coming and is linked to the downward trend in both U.S. personal and national saving.

Chris Krehmeyer
Provided by Beyond Housing

This article originally appeared in the St. Louis Beacon. - She is a 34-year-old married mother of two who is whittling away at $20,000 of debt – a saga she shares on her Web site www.paidtwice.com.

This article originally appeared in the St. Louis Beacon. - Congress will approve a housing bill that includes foreclosure relief for troubled American homeowners promptly after the Fourth of July recess, Sen. Claire McCaskill, D-Mo., said Saturday.

This article first appeared in the St. Louis Beacon. - The foreclosure numbers are staggering, acknowledges Colleen Hernandez, president and executive director of the Homeownership Preservation Foundation that manages 888-995-HOPE, a national hotline for Americans seeking counseling assistance.

This article originally appeared in the St. Louis Beacon. - Over the coming weeks, the Beacon, in partnership with KETC Channel 9, will be reporting on the sticky web of issues surrounding foreclosure - a crisis for nearly 2 million Americans, including thousands in the St. Louis region who have lost their stake in the American Dream.

This article first appeared in the St. Louis Beacon. - If you -- or someone you know -- are worried about making house payments, it's time to take action. Trouble is, mortgage talk is a language many homeowners do not understand. ARMs, resets, balloons ... and the dreaded F word: Foreclosure.

A sub-prime mortgage, for example, is not a reference to the interest rate of the loan but to the credit history of the borrowers.

This article first appeared in the St. Louis Beacon. - Get help now. Open your mail. Answer the phone. Don't avoid those calls from your lender; deal with your mortgage problems while you still can.