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Latest U.S. Mortgage News |
| Last Updated Friday, September 03, 2010 03:51 PM Central |
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Mortgage Video News
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After bouncing higher in July, consumer bankruptcy filings retreated last month. The latest activity pushed year-to-date bankruptcies past 1 million. (Sept. 3)
The U.S. Department of Housing and Urban Development is making changes to credit and equity requirements on loans insured by the Federal Housing Administration, and hundreds of comments have been received both supporting and opposing the planned changes. (Sept. 3)
Home-equity conversion mortgage production jumped 13 percent last month and has been up each of the past three months. At the biggest retail reverse mortgage lender, volume soared more than a third. (Sept. 3)
Shareholders of Washington Mutual Inc. were wiped out when its banking unit was seized, while Wachovia Corp. shareholders were afforded the less costly option of an acquisition. Regulators yesterday testified about the why there was disparate treatment in the resolution of the two institutions. (Sept. 3)
Record low rates appear to be having a positive impact on mortgage employment, with much of the growth happening on the East Coast. But mortgage broker jobs didn't fare so well. (Sept. 3)
The failure of a $23 billion corporate credit union last year was the result of fraudulent activity by executives at the company, according to a federal lawsuit. Former directors are also named as defendants. (Sept. 3)
Delinquency on securitized commercial mortgages soared more than a hundred basis points in the second quarter. But performance improved on loans owned by life insurance companies. (Sept. 2)
Monthly foreclosures were worse, but delinquency improved -- pulling the overall rate lower. (Sept. 2)
An annual bank report on underwriting standards found that even though banks have reined in mortgage lending policies, risk continues to rise. The report included findings on residential loans, home-equity loans and commercial mortgages. The share of banks that continue to tighten guidelines, however, is falling. (Sept. 2)
New mortgage insurance premiums that take effect next month on loans insured by the Federal Housing Administration have been released. (Sept. 2)
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)
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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