|
|
|
|
|
Latest Mortgage News Headlines |
| Last Updated Thursday, December 04, 2008 06:23 PM Texas Time |
|
|
Mortgage Video News
|
|
|
|
Affiliates of Residential Capital LLC saw their servicer ratings lowered as a result of ongoing viability. (Dec. 4)
A foreclosure prevention counseling company has leased space in South Carolina where it plans to add 300 new employees. (Dec. 4)
A settlement with North Carolina banking regulators will cost two Countrywide units more than $15 million -- including more than $11 million paid to nearly 5,000 borrowers and contributions to an interstate licensing organization. (Dec. 4)
Several offerings promise to help mortgage servicers analyze their portfolios and identify solutions for potentially troubled loans. One service helps prevent foreclosures using reverse mortgages. (Dec. 4)
Mortgage rates continued lower as applications exploded. (Dec. 4)
A plan being floated by the U.S. Treasury would push mortgage rates down to 4.5 percent. (Dec. 4)
Fitch Ratings, Moody's Investors Service and Standard & Poor's Ratings Services all face stiffer oversight from the Securities and Exchange Commission. Mortgage bankers were especially happy about one aspect of the changes. (Dec. 3)
Wilshire Credit Corp.'s uncertain outlook under its parent's acquisition prompted a servicer rating downgrade. (Dec. 3)
A reprieve in consumer bankruptcy filings is expected to be only temporary. (Dec. 3)
Applications for refinances shot up more than 200 percent. But with much of the industry's infrastructure wiped out, its capacity to process the inflated level of originations is greatly diminished. (Dec. 3)
One of the three major credit ratings providers is now requiring due diligence on all residential securitizations it rates. (Dec. 3)
An online library of state mortgage laws has been released by a mortgage education firm. Two alliances promise to help mortgage companies maintain better compliance, while SunTrust Banks Inc. has signed on to utilize a service that helps it comply with internal and regulatory requirements. (Dec. 2)
A Massachusetts-based lender has been inundated with so much refinance business that its originations have exceeded its warehouse capacity. As a result, the company has suspended its third-party lending. (Dec. 2)
Nearly 10,000 Washington Mutual Bank employees have been advised they will be laid off next year, though few of the impacted employees work in mortgage lending. (Dec. 2)
Reports of mortgage fraud jumped from last year, a new analysis indicates. Nearly half of all fraud took place in three states that also have some of the highest levels of foreclosures. (Dec. 2)
The U.S. Department of the Treasury has already disbursed $150 billion in funds from the Troubled Asset Relief Program to financial institutions and still has another $100 billion to go. The lure of cheap capital has prompted another five firms -- including a commercial financial company, a mortgage servicer and a mortgage insurer -- to initiate the process of converting to bank-holding companies. Three firms are making bank acquisitions as part of the conversion process. (Dec. 2)
Monthly securitizations at Ginnie Mae more than doubled from a year ago and topped issuances at both Fannie Mae and Freddie Mac. (Dec. 1)
A class action filed today seeks to force Countrywide Financial Corp. to repurchase as much as $80 billion in securitized mortgages that it plans to modify. But Countrywide's parent company claims that investors will be better off after the modifications. (Dec. 1)
Fueled a big drop in the 1-year Treasury yield last month, the monthly Treasury average fell for the 19th consecutive month to its lowest level in nearly four years. While the decline suggests short-term mortgage rates will be much more attractive, long-term mortgage rates are also tumbling. (Dec. 1)
As home builders warn that bank failures are causing more damage to their business, three firms went bankrupt. (Dec. 1)
|
A small survey of delinquent borrowers has uncovered the worst U.S. mortgage servicer.
The survey was conducted by LoanSafe.org during October and November, according to an announcement today. Responses were obtained from 412 borrowers who were in some stage of the loan workout process.
Borrowers were queried on customer service during the loan workout process. The survey included 10 questions. (Nov. 26)
Legal actions tied to mortgage compliance, mortgage fraud and regulatory orders have surged, according to the Third Quarter Mortgage Litigation Report.
The report, based on active cases covered by MortgageDaily.com, was prepared in conjunction with the law firm of Weiner Brodsky Sidman Kider PC.
Lawsuits and regulatory actions tied to compliance violations totaled 18 in the third quarter, rising from just three cases covered in the prior quarter. During the first quarter, just one case was tracked. Third-quarter compliance actions were concentrated on RESPA and TILA violations. (Dec. 1)
Wells Fargo Home Mortgage is trimming its wholesale staff. (Nov. 25)
Former wholesale lending employees of National City Mortgage were ecstatic when another company acquired much of the operation following its closure in the summer of 2007. Now those same employees are faced with the second closing of the unit. (Nov. 24)
In a lawsuit filed earlier this month, DLJ Mortgage Capital Inc. claims it was defrauded on $50 million in loans. The bad loans were not uncovered for several years because the defendants allegedly made payments on the fake loans. The mortgage banker who served as the ringleader is currently in prison for bribing a U.S. congressman. (Nov. 21)
|
|
|
|
complete archive of mortgage business news for mortgage bankers
|
|
|
