The federal government is looking into the allegations that homeowners have been (are being) evicted using incorrect or erroneous paperwork according to Attorney General Eric Holder.  He stated that the “financial task force has a mortgage component to it” in a recent news conference.

In what might be a tidal beginning Ohio’s Attorney General Richard Cordray is suing GMAC, a division of Ally Financial Inc., citing fraud in its hundreds of foreclosures in his state.  “It certainly seems likely that other states will follow,” said Diane Thompson, counsel at the National Consumer Law Center.  READ MORE

Mortgagee Rates at Near Record Lows as Wall Street anticipates more money going into the economy.  Freddie Mac says its 30 year fixed loan average is at 4.27%.  The 15 year rate (a common target for refinances) has dropped to 3.72%.  READ MORE

Home Rescue Group, a new resource for homeowners in need of help with their mortgages, has just partnered with Yuba Sutter Homes and Loans.  The services supplied by this not-for-profit group will include information and/or assistance with loan modifications, short sales, foreclosure processes and more.  For more information email them at (HomeRescurGroup@EncoreRES)  or call Yuba Sutter Homes and Loans at 530 315-2808.

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