Mortgage | St. Louis Public Radio

Mortgage

Jacqueline Hutchinson, Co-Chair of the St. Louis Equal Housing and Community Reinvestment Alliance SLEHCRA coalition, discussed Tuesday a new report that indicates significant racial and income disparities in home purchase lending in St. Louis.
Wiley Price | The St. Louis American

Amid a long stretch of boarded-up store fronts in the Baden neighborhood, a coalition of equal-housing advocates rallied outside today to decry the mortgage lending disparities in the St. Louis region.

mortgage money flickr
TaxRebate.org.uk | flickr

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. 

house leaning against dollar
sxc.hu

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.

Fewer St. Louis Homeowners Struggle With Mortgages

Sep 11, 2013
(via Flickr/woodleywonderworks)

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. 

This article first appeared in the St. Louis Beacon: Steven Peterson of Belleville is one of 4.2 million Americans who will find out in the next few weeks how much -- if any -- compensation they will receive from their lenders after a government-ordered review of questionable foreclosure processes.

Peterson isn’t expecting much, although his mortgage servicer – PNC Mortgage – was one of 13 companies that earlier this year reached a settlement with federal banking regulators from the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Bank.

Household Debt In America, In 3 Graphs

Nov 26, 2012

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

(via Flickr/jmerelo)

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.

(via Flickr/TheTruthAbout)

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.

Morning headlines: February 15, 2012

Feb 15, 2012
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.

Missouri nets $196 million in mortgage settlement

Feb 9, 2012
(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.

This article first appeared in the St. Louis Beacon, Dec. 1, 2008 - To construct a global financial meltdown, start with some building blocks called "mortgage-backed securities."

What are they?

In a nutshell: A borrower goes to a lender to arrange financing to buy a house. The lender gives the borrower the money but then sells the loan – or portions of it – to a third-party financial company. That company further divvies up the loan among investors who will share the profits from the loan repayment but also the risk should the homeowner default.

This article first appeared in the St. Louis Beacon: July 15, 2008 - It's virtually impossible to read or hear the news without Freddie Mac and Fannie Mae cropping up.

Freddie Mac and Fannie Mae are mortgage lending behemoths that own or guarantee nearly half of the mortgages issued in the United States. They buy mortgages, convert them into securities and sell them to investors. The mortgage foreclosure epidemic, sub-prime lending crisis and sagging housing market, coupled with other complex economic forces, all work against Fannie and Freddie.

'We get to stay in our home'

Jul 15, 2008

This article first appeared in the St. Louis Beacon: July 15, 2008 - Housing counselor Eric Madkins was on the phone with one of his foreclosure success stories: a 26-year-old homeowner from Jennings who found help at the Urban League of Metropolitan St. Louis after her husband was laid off last Christmas.

The mother of three described how her family's near-miss with foreclosure had affected her children.

Pages