Bank Of WHITE America?

Bank of America today agreed to pay a record $335 million to settle a lawsuit claiming they discriminated against minority home-buyers.The suit charged that Countywide (purchased by B of A) charged higher interest rates and fees to African-Americans and Hispanics and steered them to more expensive sub-prime loans even though they qualified for conventional loans.  U.S. Attorney General Eric Holder said that the investigation found a widespread pattern of discrimination against more than 200,000 people in 41 states.

The BBB Is NOT Investigating You

There's a new malicious email going around.  If you receive an e-mail claiming to be from the Better Business Bureau about a complaint filed against you, DO NOT click on the link.  It's a fake.  The bad English always gives it away.  The e-mail states "The Better Business Bureau has been filed the above-referenced complaint from one of your clients regarding their dealings with you.  The detailed information about the consumer's concern is explained in enclosed document..." 

Forward the email to phishing@council.bbb.org , and delete it immediately.  

Forget Black Friday

Shop Small.  Small Business Saturday is November 26th. 

Michigan Supreme Court OK's Foreclosure By MERS

The Michigan Supreme Court has ruled that it is legal for Mortgage Electronic Registration Systems (MERS) to foreclose by advertisement.  The ruling overturns a prior Appeals Court decision.  MERS was developed as a way to keep track of the servicing rights on home loans.  Though MERS is not a lender, they foreclosed on properties as an agent for lenders.  The Appeals Court had ruled that MERS did not meet the requirements under state statute to foreclose by advertisement. The decision threw thousands of foreclosures into question and caused many title companies to cancel closings due to concerns about insuring the title on a bank-owned home involving MERS.  But the Michigan Supreme Court ruled that MERS has an interest in the debt and acted properly under Michigan law.

Fannie Mae Wants $7.8 Billion More

Fannie Mae has asked U.S. taxpayers to cover $7.8 Billion in loses.  Those loses are for a THREE MONTH PERIOD from July to September (so you can be sure they'll be back asking for more every three months).  Taxpayers have ALREADY shelled out $169 billion to keep Fannie and Freddie afloat ($112.6 Billion to Fannie Mae).  And in the "Oh no you really didn't say that" category, Fannie's president and CEO Michael Williams actually said "Despite these challenges, we are making solid progress."  You believe him, right?   

Earning Cash With A Side Job

From Yahoo business advisor, 5 ideas for starting a side business:

Social sales. Mary Kay, Pampered Chef, Tupperware, and Stella & Dot allow a flexible schedule and start up can be quick.

Freelancing. You may have a marketable skill that fills a need such as writing/editing, animal care, cutting hair, being a DJ, organizing homes, translation, video production, and mowing lawns.

Online stores. Selling items you make or collect.

Consulting. you may have an expertise that can fill a need. Consulting, tax preparation, personal finance advise, wedding preparations, Internet marketing, computer troubleshooting, public speaking, and interior design are just a few examples.

Teaching. Ideas include yoga instructor, fitness trainer, music instructor, foreign languages, academic tutoring, dance, etc.

President Obama Plans To Announce New Mortgage Initiative

This week, President Obama plans to announce new mortgage rules intended to make it easier for more Americans to refinance their homes.  Administrators have been working with the Federal Housing Finance Agency to loosen lending under the Federal Home Affordable Refinance Program (HARP).  The changes include letting banks avoid the risk of any "buy-back" on HARP mortgages as long as borrowers have made their last six mortgage payments and can show they have a source of income.

The Best Notary Stamp Money Can Buy

I just received my Brother 2260 Elite Notary Stamp from Notary Rotary (see the post below for why I needed a new stamp).  Notary Rotary bills it as "the best notary stamp money can buy."  After trying it out, I can see why.  The stamp takes very little exertion to leave an impression.  And the impression it does leave is crystal clear every time.  No smudging, no smearing.  I'm embarrassed to admit that I'm actually a bit excited about my new notary stamp.  Yep, it's the little things...

Notary Lesson Number 372

If you're going to use the roof of your car to notarize something, remember not to leave your notary stamp on top of the car when you drive away.  Otherwise you end up with a stamp that's in a thousand pieces.  Lesson learned!  

Bank of America's Website Has Not Been Hacked, Your Info Is Safe!!

But curiously, their site has been having serious issues since their Friday announcement that they would be adding a $5 monthly service fee to debit card users.  Hmmm.

A Little Housekeeping

There are several articles I've meant to post over the last few weeks.  They're late, but they're still relevant:

Bank of America is eliminating 30,000 jobs, the largest single cut by a U.S. company this year.  The cuts equal about 10% of their workforce. 


Our U.S. Government (Fannie, Freddie, & FHA) is currently sitting on 248,000 foreclosed homes, equal to almost a third of all repossessed homes.  And they have no idea what to do with them. 


Speaking of our U.S. Government, regulators for Fannie Mae and Freddie Mac are planning to sue more than a dozen banks for misrepresenting the quality of mortgage securities created and sold during the height of the housing bubble.  Those banks include Chase and Bank of America among others.  If you're keeping score, yes, these are the same banks that received billions of dollars from Uncle Sam.

And starting October 1st, FHA will require mortgage servicers to place certain borrowers into trial modifications before collecting a fee for the loan modification. The trial modification will be required for borrowers who miss one mortgage payment twice in the last year, fell 90-days delinquent in the past three years, defaulted within 90 days of the last foreclosure prevention workout, or spend more than 80% of their income on debt repayments.

Short Sale & Foreclosure Prevention Seminar

The city of Southfield will sponsor a Short Sale and Foreclosure Prevention Seminar from 6:30-8 p.m. Thursday, Sept. 15, in the Southfield Public Library meeting room, 26300 Evergreen Road...continued

Explaining Fannie Mae & Freddie Mac

From The Detroit Free Press:

Fannie Mae and Freddie Mac are publicly traded companies that guarantee the majority of new mortgages in the U.S.  Fannie Mae (the Federal National Mortgage Association) and Freddie Mac (the Federal Home Loan Mortgage Corp.) were taken over by the government in 2008 after billions of dollars in losses and years of mismanagement at a cost to taxpayers of $141 billion.
Fannie and Freddie operate in the U.S. secondary mortgage market. They don't sell mortgages directly to homeowners; they buy mortgages from banks and other lenders, which can use the money to issue new home mortgages.

Continued...

Best Places To Live In America

Money Magazine's yearly list of the top 100 places to live in America is out.  My hometown of Plymouth, Michigan has placed in the top 50 year after year.  This year?  Not one single Michigan city made the top 100.  Another sign of the beating Michigan has taken in recent years. 

Satellite View Of Homes in Foreclosure

Fascinating and Frightening (Thanks to Sue W. for posting this on Notary Rotary).

Notary Bond Requirements

Thank You To 123 Notary

Thank you to Jeremy and 123 Notary for mentioning my blog on their forum. A little love is always appreciated.  And they think I'm cool (which I totally am).  No, really I am.  123 Notary is listed on my resource page under Notary Signing Agent Forums as well as Mobile Notary Public Locator Services (I love the zip code search right on the front page), and I consider my 123 listing as an absolutely essential part of my online presence.  If you want to be found, you've got to be on 123.   

123's notary blog can be found here.

Online Notarizations Take Another Hit

The State of New Jersey just released a statement regarding the practice of notarizing signatures online via a webcam.  Though many states (not Michigan) have issued statements prohibiting the use of webcams as a means of identifying a signer and notarizing a signature, the New Jersey statement is significant since the one company that claims to offer this service, Notary Now, is based in New Jersey.  Due to concerns over security and fraud issues, the notary community has been singularly united against the use of webcams for the purpose of notarizations.

The statement reads as follows:

The Division of Revenue requested legal guidance concerning the practice of online notarization services utilizing a webcam or other video in lieu of a personal appearance in front of a valid New Jersey Notary. It has been determined that New Jersey’s statutes do not allow for this type of notarization.



 

Prices Up, Sales Down

New home sales fall as home values begin to rise. 

A Devestating Day For All Of Us

Late yesterday evening the notary community lost one of its finest members.  Paul Williamson of PAW Notary Services in Florida passed away.  The news comes as a shock to so many of us.  Paul was a leader in the industry and an absolute gentleman.  He was as knowledgeable as anyone in the industry and was always willing and eager to offer his assistance to those who needed it.  As with so many others, I find it hard to express the sadness and devastation I feel over this immense loss.  Paul will be greatly missed.