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American Federal Mortgage

DEBT LIMIT - A GUIDE TO AMERICAN FEDERAL DEBT MADE EASY.

A satirical short film taking a look at the national debt and how it applies to just one family. Watch the guy from the Ferris Bueller Superbowl ...

A brief history of crime, corruption, and malfeasance at American banks

Since the foreclosure crisis that swept the nation after the 2008 crash, America's biggest banks have been involved in a never-ending spree of abuse, scams, and crime.

The latest allegation comes from indefatigable housing reporter David Dayen . This time it is about America's largest bank, JPMorgan Chase, and how it apparently gamed the 2012 mortgage settlement.

That wrist-slap was a $25 billion deal involving most of the major banks, where they agreed to pay a combination of fines and mortgage relief to avoid prosecution over a "robosigning" fraud scheme that affected millions of American homeowners. JPMorgan's share was $5.3 billion, of which $4.2 billion was allocated for relief. With another settlement mandating $4 billion in relief, the bank was supposed to cough up $8.2 billion in total relief. But according to Dayen , JPMorgan never really took the full hit.

For some elderly Americans, mortgage rules herald harder struggle

AGAWAM, Mass. (Reuters) - Lloyd Nicholas, 82, and his wife Gloria Hitchcock, 69, sat next to each other as they received counseling on a reverse mortgage, a loan that would allow them to cash out the equity in their home, pay off a mountain of bills and live comfortably as they age in the house they built 50 years ago.

But a change in rules on Monday by President Donald Trump’s administration will shrink the amount they are set to get by more than $20,000. Without that money, they said, they will not be able to keep up with property taxes that they are already struggling to pay, afford increasingly frequent trips to the hospital and deal with unexpected expenses.

“This past week, I had to get my sewer pumped out for $360 dollars,” Hitchcock said. “$360 dollars! It’s adding up and we’re falling behind.”

The couple are among many elderly Americans who scrambled to secure reverse mortgages ahead of new restrictions that could put the loans out of reach for some or deliver substantially less money to others. As a result, more than a dozen mortgage counselors and lenders told Reuters they expect a significant drop in the loans from Monday.

American Federal Mortgage Corporation?

Does anyone have any experience with the American Federal Mortgage Corporation?


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