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Latest U.S. Mortgage News |
| Last Updated Thursday, September 02, 2010 01:54 PM Central |
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Mortgage Video News
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More than a quarter of purchase-money mortgages acquired by Fannie Mae or Freddie Mac must be to low-income borrowers under a new rule established by the two companies' regulator. The duo cannot purchase private-label securities to reach new housing goals. (Sept. 2)
Interest rates again fell to new lows but failed to stimulate an improvement in new lending activity. Mortgage rates are likely to be higher in next week's reports. (Sept. 2)
RICHMOND, Va. -- A group of consumers in Virginia who have previously filed bankruptcy are suing the credit repositories because their former debts don't show as discharged on their credit reports and instead show as outstanding and delinquent. In other credit-related litigation, one borrower claims that after two of the credit agencies settled a lawsuit she filed against them, she began receiving calls from creditors trying to collect someone else's debt. So she is back in court. (Sept. 2)
HomEq Servicing offices in California and North Carolina are shutting down -- impacting more than 1,000 employees. The office closings follow the sale of the company by Barclays bank PLC. (Sept. 2)
Over the past year, banks and thrifts have reduced their mortgage holdings and improved their earnings. More recently, the number of bank employees rose -- though so did the number of troubled institutions. (Sept. 1)
More downward movement in mortgage rates -- which were already at record lows -- wasn't enough to lift the Mortech-Mortgage Daily Mortgage Market Index higher. (Sept. 1)
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It was nearly four years ago that Washington Mutual Bank and Wachovia went into a tailspin and were eventually deemed insolvent. A behind-the-scenes look at the demise of the two companies by a regulatory insider reveals two different strategies used in resolving the institutions. (Sept. 1)
A jump in securitization activity at the Federal National Mortgage Association was enough to offset a decline at the Government National Mortgage Association. It was the fifth consecutive month that agency issuance was higher. (Sept. 1)
The acquisition of a servicer in California has hundreds of employees wondering whether they will be laid off. The deal involves servicing rights on more than 100,000 mortgages. (Sept. 1)
A Texas-based mortgage lender's problems with the Internal Revenue Service landed six prime NFL season tickets on the auction block. An affiliate of the company also faces accusations by state regulators of defrauding consumers. (Sept. 1)
Four indices for adjustable-rate mortgages -- including the cost of funds index -- fell last month, and one was lower this month. (Aug. 31)
A just-released ratings agency report indicates that loan modifications are having a positive impact on residential delinquency. (Aug. 31)
Title insurers and mortgage bankers are battling in court over title insurance claims. One mortgage lender is using litigation to secure a superior lien position on a loan it refinanced after a judgment was issued against the borrower. (Aug. 31)
An upcoming acquisition of a default servicer is expected to create a new top-10 servicer of subprime mortgages and boost demand for servicing portfolios. (Aug. 31)
The Secure and Fair Enforcement for Mortgage Licensing Act seems to be keeping at least two education providers busy. One educational offering provides a good dose of mortgage compliance training. (Aug. 31)
After five months of rising volume, mortgage insurers wrote 7 percent fewer policies last month. But when compared to the frenetic pace set earlier in the decade -- monthly M.I. business is down by more than 90 percent. Defaults rose for the second consecutive month. (Aug. 31)
Credit unions saw quarterly growth in outstanding loans, deposits and membership -- albeit at a nominal rate. Late payments rose on fixed-rate mortgages but improved on loans with adjustable rates. (Aug. 31)
There were no shortage of regulatory actions against financial institutions over the past month. Officials are meeting this week to discuss regulation of the largest financial services companies. (Aug. 30)
A lawsuit filed by the Texas attorney general alleges violations of the state's mortgage servicing laws byinsurance and taxes even though they didn't owe such expenses. (Aug. 30)
A wholesale lending "renaissance" is on, according to one executive. And improving rates have forced at least one wholesale lender to increase minimum lock periods to 45 days. Meanwhile, wholesale lender underwriting overlays are a troubling trend for third-party originators. (Aug. 30)
A company that originates more than $3 billion a year in retail business is launching a third-party channel that will focus on government programs. The expansion into the mortgage broker arena follows similar moves recently by other wholesale lenders. (Aug. 30)
The bank is in the process of starting a residential mortgage warehouse lending group, Brian Lewand told Mortgage Daily in a phone interview. Lewand is the managing director and head of capital markets for MetLife Bank.
It's the bank's first foray into warehouse lending, Lewand said.
"We just think that there's market opportunity and that it's a natural fit for the MetLife Bank," Lewand explained, "given our presence in the residential mortgage space." (Aug. 26)
Mortgage brokers can be required to return the fees and overages they earned on a closed loan if that loan is paid off or refinanced shortly after origination, according to a new policy from Wells Fargo & Co.'s wholesale lending unit.
In a bulletin sent to mortgage brokers today, Wells Fargo Wholesale Lending announced revisions to its early payoff policy.
Loans that pay off within 90 days of when Wells funded the loans will be considered an early payoff. The prior policy was 180 days. (Aug. 20)
It was a small increase but an increase all the same. It was also the fourth consecutive week that the Mortech-MortgageDaily.com Mortgage Market Index was higher. Purchase activity was up and rates were down. (Aug. 25)
A big surge in the number of active mortgage fraud cases helped push the Second Quarter 2010 FraudBlogger.com Index higher. The heavier caseload follows increased efforts by the Obama administration to prosecute mortgage crimes. (Aug. 23)
The U.S. Department of Housing and Urban Development has terminated the approval of more than 30 mortgagees. Among the terminations were branches of Allied Home Mortgage Capital Corp. and Gateway Funding Diversified Mortgage Services. (Aug. 13)
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Fannie Mae's former chief credit officer says many problems at Washington, D.C.-based company and its government-controlled cousin Freddie Mac began in the late nineties.
Edward Pinto was the chief credit officer at Fannie from 1987 to 1989. He is now a consultant for the industry.
Pinto told a Wall Street Journal reporter that problems began in the late nineties "as HUD, particularly Andrew Cuomo as the secretary of HUD, starts announcing that the goals are going to be boosted substantially" for low- and very low-income borrowers.
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Some of the biggest names in mortgage banking traveled to Washington Tuesday to discuss the future of real estate finance and what role the U.S. government should have in the mortgage market.
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A former senior executive of Countrywide Financial Corp. is investing in non-performing loans through his current venture, PennyMac Mortgage Investment Trust. He sees possible securitizations for non-performing loans.
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Mortgage operators in California see good and bad to the Secure and Fair Enforcement for Mortgage Licensing Act of 2008.
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Legislation that has been called the most sweeping reform of financial regulation since the Great Depression has been signed into law by President Barack Obama.
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