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Latest Mortgage News Headlines |
| Last Updated Monday, October 13, 2008, 12:59 PM Texas Time |
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Mortgage Video News
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The chief of the $700 billion Troubled Asset Relief Program told bankers today that implementation of the program is moving quickly.
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The City of San Diego has sued Washington Mutual Inc. in an attempt to halt foreclosures by the former lending giant. The case, which accuses the thrift of mortgage fraud and predatory lending, is the second recent lawsuit filed by the city against a major lender just after it was acquired by a major bank. (Oct. 13)
State banking regulators have closed down a Michigan bank and an Illinois bank. (Oct. 13)
The law firm of Weiner Brodsky Sidman Kider PC has prepared a white paper on the HOPE for Homeowners Program created under as part of the Housing and Economic Recovery Act of 2008. (free white paper - Oct. 10)
Accredited Home Lenders is backing away from a lawsuit against an Illinois sheriff that is refusing to perform evictions on foreclosed properties. (Oct. 10)
An attorney for the U.S. Department of Justice recently provided an inside look at the process involved in prosecuting a mortgage fraud case. While the government is looking to lock up ringleaders of mortgage schemes, industry insiders are their biggest targets. (Oct. 10)
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With Citigroup Inc. out of the way, Wells Fargo & Co. is on its way to becoming the biggest U.S. mortgage orginator with its potential acquisition of Wachovia Corp. But a problem portfolio and a $60 billion lawsuit loom over the deal. (Oct. 10)
Bankers warn that a move by the sheriff's office to stop evictions on Chicago foreclosures could end up preventing new lending in the area.
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Loans entering the foreclosure process dipped last month, according to one foreclosure listing service. But filings were still nearly double the level a year earlier. (Oct. 9)
The monthly Treasury average now stands at its lowest point in three-and-one-half years. (Oct. 9)
Fixed rates fell, 1003 applications nudged higher and FHA activity jumped. As the yield on the 1-year adjustable-rate mortgage rose, the underlying 1-year Treasury yield tumbled. (Oct. 9)
Combined with a recent improvement in subprime performance, the $700 billion plan for the U.S. Treasury Department to buy up mortgage assets has the potential to significantly help the mortgage business. (Oct. 8)
Several states are calling on subprime servicers to adopt streamline modifications that may cost one company more than $8 billion, while servicers of Federal Housing Administration loans are being warned about loss mitigation steps that are required to avoid damage assessments. And as some companies have emerged to help servicers deal with delinquent and foreclosed loans, one is looking to exploit lender compliance errors. (Oct. 8)
A recent opinion by Utah's highest court denied borrowers in a 33-year-old class-action case the right to earn interest on their mortgage escrow account. Federal preemption was cited in the decision. (Oct. 8)
A new white paper analyzed the recently passed H.R.1424, the Emergency Economic Stabilization Act of 2008, which was signed into law on Oct. 3, and the Troubled Asset Relief Program that enables the U.S. Treasury Department to purchase, manage and sell up to $700 billion toxic mortgage assets. (Oct. 8)
With less than a month until mandatory implementation, service providers are lining up to help lenders comply with the new Red Flags Rules. Other mortgage compliance activity includes opposition remains fierce to proposed Real Estate Settlement Procedures Act changes. (Oct. 7)
A new report shatters the conventional wisdom that borrowers with a mortgage do a better job paying other types of credit. (Oct. 7)
Global turmoil brought the financial markets to their knees last month, according to a new report that estimates global losses from the U.S. mortgage meltdown will now reach $1.4 trillion. (Oct. 7)
CitiMortgage is slashing the number of mortgage brokers it does business with -- leading to hundreds of layoffs. Business from a smaller and more productive group of brokers will ultimately be channeled through offices in Missouri and Texas. (Oct. 7)
A new trade group report indicated broker share fell last year as retail and correspondent share rose. Mortgage bankers saw losses climb more than $500 for each loan they originated, though servicing profits per loan nearly doubled. (Oct. 7)
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Mortgage Lending has reached the pinnacle of pop culture. A skit on the latest Saturday Night Live provided a humorous but comprehensive overview of the mortgage crisis -- highlighting the roles of borrowers, Democrats and the former leaders of Golden West Financial Corp. The Sandler featured in this skit, however, was not Adam.
The skit started with joint speeches by a clueless President Bush, a condescending House Speaker Nancy Pelosi and a grossly lisping House Financial Services Committee Chairman Rep. Barney Frank.
As the Pelosi character berated Bush for running one of the worst administrations in U.S. history, she accused Bush and the Republicans of resisting all efforts to rein in risky lending at Fannie Mae and Freddie Mac. (Oct. 6)
CitiMortgage is slashing the number of mortgage brokers it does business with -- leading to hundreds of layoffs. Business from a smaller and more productive group of brokers will ultimately be channeled through offices in Missouri and Texas.
The O'Fallon, Mo.-based lender is cutting off some of its mortgage brokers, spokesman Mark Rodgers told MortgageDaily.com in an interview.
He could not reveal which brokers are being cut or how exactly the company is determining this, but he did note that the brokers they are keeping tend to be those with the higher quality loans and higher volume. (Oct. 10)
A once-booming mortgage company that specialized in subprime refinances has shut down. The Ohio-based company's demise appeared to be tied to its lack of government loan programs. (Oct. 7)
Bank of America Corp. will spend mortgage than $8 billion to settle charges of predatory lending at Countrywide Financial Corp. (Oct. 6)
Five Southern California mortgage brokers have been charged by the Securities and Exchange Commission with allegedly placing borrowers in unaffordable subprime loans to finance unsuitable securities -- earning commissions every step of the way. (Oct. 6)
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