Court Voids Foreclosures by U.S. Bancorp and Wells Fargo

From the New York Times:

OK, so now we have Massachusetts court knocking foreclosure judgments out of the box.

The name of the game is balance the rights of lenders against defaulting borrowers.  Just what is that balance?

Read, Court Voids Foreclosures by U.S. Bancorp and Wells Fargo

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Title Inc.

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 201-656-4506

E-mail vti@vested.com - www.vested.com

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Final count of 2010 bank failures at 157

From Deposits.com

This year ended with 157 bank closures which was 17 more than failed last year. The number of bank failures grew considerably when the financial crisis began in 2008. The number of failures went from 3 in 2007 to 25 in 2008. It's hard for me to remember the days before 2008 when bank failures were rare.

Depositors with large savings have a little less to worry about in terms of bank failures. The FDIC $250K coverage limit became permanent when the Dodd-Frank Wall Street Reform and Consumer Protection Act became law in July. This same coverage limit also applies to NCUA-insured credit unions.

So, how does this translate to the average homeowner? 

The main issue for depositors when banks fail is the loss of the high interest rate on their existing CDs. By law the acquiring banks are allowed to lower the interest rates on existing CDs. Many of the acquiring banks did make use of this allowance. The depositors are free to close the CDs without a penalty, but in today's interest rate environment, it's impossible to replace those CDs with new ones with the same high rates.

To see a list of failed banks and the full report, go to Review of the 2010 Bank Failures and Their Effects on Depositors

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Title Inc.

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 201-656-4506

E-mail vti@vested.com - www.vested.com

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Homeowners overlook the powder room

Want to make an impression on your guests or that homebuyer? The powder room is a place not to overlook.

“Averaging just 4 feet by 5 feet, the first-floor powder room normally is the home's smallest oom.

“Yet it's much used and often treated as an afterthought during remodeling, or overlooked altogether.”

Here are some of the things you can do to maximize this minimal room:

Take advantage of wall space; upgrade the medicine cabinet; select a comfort-height toilet; furnish the room, and splurge on a granite or marble countertop.

Read more here.
 

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Title Inc.

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 201-656-4506

E-mail vti@vested.com - www.vested.com

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When was the last time you got a bargain?

When did you last enter into a transaction where you a) got a steep discount on the price and b) the seller provided 100% financing? Well, read this story about the FDIC sales of two mortgage portfolios.

Real Money: The FDIC Sells Four Loan Portfolios Totaling $1.22 Bil.

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Title Inc.

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

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Mortgage Rates May Have Hit Bottom - NYTimes.com

Have mortgage rates hit bottom? The New York Times' Lynnley Browning writes that "a recent and sustained increase may indicate that consumers can expect to pay more in the new year to buy or refinance a home."

"Mortgage rates typically track those of 10-year and 30-year Treasury and other government bonds. Yields, or interest rates, on those notes have been "rising amid lender concerns that the White House’s deal with Congress on Dec. 7. to extend the Bush-era tax cuts and the Federal Reserve’s move in early November to buy back $600 billion in debt to stimulate economic growth will combine to fuel inflation and swell the budget deficit."

Read the complete post, Mortgage Rates May Have Hit Bottom.

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Title Inc.

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 201-656-4506

E-mail vti@vested.com - www.vested.com

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