The Wall Street Journal

Fed proposes minimum standards for home loans
During the housing boom, many lenders and mortgage brokers didn’t operate with the consumers’ best interest in mind.  They enabled and sometimes encouraged borrowers to take out loans with interest rates that shot upward after an introductory period – even ones in which the principal balance rose over time.

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Inland Valley Daily Bulletin

U.S. home sales rise
Investors lifted U.S. home sales last month, plunking down cash to grab cheap homes at risk of foreclosure.  But purchases made by first-time home buyers fell, a troubling sign for the weak housing market.

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Weekly Fraud Alert: HUD campaign promotes homeowner scam awareness

HUD has launched a new campaign in Miami, Chicago, and Los Angeles called “Know It. Avoid It. Report It.,” a campaign that aims to direct homeowners facing foreclosure to trusted resources and housing counselors, and to solicit the support of homeowners in shutting down scammers who regularly target the elderly, Hispanics, and African Americans.  Both objectives will be pursued through education and outreach, anti-scam reporting tools, and close cooperation with federal, state, local, and non-profit partners.

Highlights of the Know It. Avoid It. Report It. campaign include:

• Information on how to avoid becoming a victim
• Scam artist red flags and fraud warning signs
• Complaint form and hotline to report fraud or suspicious activity
• Resources for finding HUD-approved counselors and free housing workshops in every state
• Names of individuals and companies identified by law enforcement agencies who have allegedly committed loan modification fraud or foreclosure relief scams
• Education, outreach, and grassroots efforts in hardest hit communities include:
• Multilingual brochures, posters, flyers, and other outreach materials
• Television, radio, print, mass transit, and out-of-home advertising
• Social media activity

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