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|Mortgage Bill Now Law
New legislation signed into law today improves the Hope for Homeowners Program, increases protections for servicers and makes it harder for bad actors to originate loans insured by the Federal Housing Administration. It also makes it easier to modify FHA loans.
President Barack Obama today signed S. 896, the Helping Families Save Their Homes Act of 2009, according to an announcement from the U.S. Department of Housing and Urban Development.
"This law improves FHA's Hope for Homeowners Program, making it a more flexible and attractive option," HUD Secretary Shaun Donovan said in the statement. "By reducing the cost of this program and easing the eligibility requirements, we believe Hope for Homeowners is better able to help struggling families."
National Wholesaler Closes
GB Mortgage says it caters to small brokers.
"Many brokers don't produce the huge numbers needed to get the attention of today's mega-wholesale lenders," a promotional message on its Web site says. "We know the small broker is the heart and soul of this industry."
Michael Strauss and Stephen Hozie have been charged by the Securities and Exchange Commission with committing accounting fraud and making false and misleading disclosures, an announcement today said. A civil lawsuit filed today in U.S. District Court for the Southern District of New York alleges violations of the Securities Act of 1933 and the Securities Exchange Act of 1934.
U.S. Department of Housing and Urban Development Secretary Shaun Donovan revealed the news today in a speech to the National Association of Realtors in Washington, D.C., according to a copy of his prepared remarks.
One of the nontraditional sources used in developing a nontraditional credit report must be housing-related, the secondary lender said in Announcement 09-12 yesterday.
2 Casualties Rise From Dead
HVCC Deadline Friday
1st Metropolitan Sale
The Mod Wire
HUD Cracks Down on Mortgagees
Read the full text of these articles and many more at: www.MortgageDaily.com
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