Former, Current CA Employees Sue WaMu over Job Expenses
A current and a former employee are among the initial plaintiffs in a lawsuit that seeks class action status against two Washington Mutual subsidiaries.
$1.2 Billion Fannie Error Helps Case for More Oversight
When Fannie Mae makes a mistake, it's a doozy.
WaMu to Layoff Thousands
Following some of the best times ever for the mortgage industry, 4,000 layoffs are in sight at a behemoth west coast thrift.
Business Falls at Freddie
While rival Fannie Mae reported record business volume, September's new business purchases fell at Freddie Mac.
Defying the competition, mortgage production kept escalating for a San Francisco-based banking behemoth.
Report Brought Freddie's Potential Tax Liability to Light
Last week's revelation -- that Freddie Mac could owe as much as $750 million in back taxes if the IRS is successful in its challenge to the company's treatment of 2001 transactions -- had been disclosed for more than a month.
30-Year Hovers at 6.05%
The mortgage market was quiet this past week, with rates and applications staying near the prior week's levels.
First Impression is Lasting
Industry commentary by Dave Hershman -- Selling mortgages is not rocket science.
Record Production at Golden West
Defying industry trends, the third quarter shined for an Oakland, Calif.-based financial corporation as adjustable rate mortgages helped loan volume peak.
HUD Steps in to Prevent Fraud
Although many lenders have the best intentions to assist homebuyers, every year thousands of misinformed buyers -- often seniors, minorities and low-income groups -- fall prey to predatory lending, HUD recently said. A new brochure from the housing agency reportedly guides borrowers from falling into the pit.
Production Plummets at ABN AMRO
Production followed the national declining trend for a company that says it is the fifth largest loan originator in the nation.
Apps Head Down, But Rates Don't
Although one industry expert remains confident rates won't rise dramatically, the upward trend has visibly slashed applications.
National City Production Off Slightly
Third quarter mortgage production slipped and net income was almost sliced in half for a Cleveland-based financial holding company.
Justice Dept Investigation of REALTORS Focusing on MLS Online Listings
Federal authorities are investigating how the National Association of REALTORS displays information, including brokers' residential listings, on the Internet.
Fannie's Business Climbs
One of the country's secondary mortgage lenders reported record-breaking business volume last month and a tripled third quarter net income.
Countrywide Volume Declines
Countrywide reported funding numbers that were down last month -- even as the company was cited as an acquisition target.
Paperless Mortgage Still Years Away
Three years after the first paperless mortgage transaction was consummated, is the mortgage industry any closer to ripping the paper from the process of applying, documenting, and closing a loan?
Rate Rally Short-Lived
The increase in employment signals pressure for mortgage rates to rise, but they will remain low during the next quarter.
Flagstar Fundings Fall Further
Monthly and quarterly production fell, but year-to-date volume almost doubled for one of Michigan's largest banks.
More Bad News From FHLB System
Atlanta, Pittsburgh districts report losses attributed to accounting for derivatives.
Texas Investigating WaMu
Recurrent homeowner complaints have Washington Mutual Inc. under fire once again, and this time Texas seeks resolutions.
Beverly Hills 140-6-0's
An alleged $140 million mortgage scam involving flashy Beverly Hills real estate developers resulted in some bad loans being dumped on the Federal Home Loan Bank of San Francisco.
NJ Predatory Law Will Increase RMBS Risk, Moody's Says
Recent RMBS ratings news.
Allied Settles With HUD Over Credit Report Upcharging
HUD's tripled RESPA enforcement proves to be on the prowl, as another mortgage lender disputed its interpretation of RESPA, but settled for allegedly inflating credit report costs.
Mortgage Employment Sector Off
The number of people reported as employed in mortgage-related positions was down slightly in August.
Falling Rates Finally Spark Uptick in Apps
Refinance loans took a leap, and for the fourth week in a row, rates lowered.
WA, NJ Mortgage Firms Seek Bankruptcy Protection
Mortgage lenders on both U.S. coasts fell prey to economic hardships and announced filing for bankruptcy.
WaMu Top Mortgage Exec Out
A top executive at Washington Mutual Inc. retired this week, and a successor for his duties is already named.
COFI Cracks 2% Floor
The interest expense paid by western savings institutions continued its historic descent, dragging down the cost of some mortgage loans with it.
Lender Settles RESPA Violations With HUD
An Atlanta-based mortgage company settled government allegations that it paid sham employees for little or no work -- a violation of RESPA.