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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.
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$1.2 Billion Fannie Error Helps Case for More Oversight
When Fannie Mae makes a mistake, it's a doozy.
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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.
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Business Falls at Freddie
While rival Fannie Mae reported record business volume, September's new business purchases fell at Freddie Mac.
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Wells Shines
Defying the competition, mortgage production kept escalating for a San Francisco-based banking behemoth.
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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.
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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.
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First Impression is Lasting
Industry commentary by Dave Hershman -- Selling mortgages is not rocke
t science.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Countrywide Volume Declines
Countrywide reported funding numbers that were down last month -- even as the company was cited as an acquisition target.
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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?
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Rate Rally Short-Lived
The increase in employment signals pressure for mortgage rates to rise, but they will remain low during the next quarter.
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Flagstar Fundings Fall Further
Monthly and quarterly production fell, but year-to-date volume almost doubled for one of Michigan's largest banks.
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More Bad News From FHLB System
Atlanta, Pittsburgh districts report losses attributed to accounting for derivatives.
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Texas Investigating WaMu
Recurrent homeowner complaints have Washington Mutual Inc. under fire once again, and this time Texas seeks resolutions.
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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.
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NJ Predatory Law Will Increase RMBS Risk, Moody's Says
Recent RMBS ratings news.
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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.
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Mortgage Employment Sector Off
The number of people reported as employed in mortgage-related positions was down slightly in August.
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Falling Rates Finally Spark Uptick in Apps
Refinance loans took a leap, and for the fourth week in a row, rates lowered.
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WA, NJ Mortgage Firms Seek Bankruptcy Protection
Mortgage lenders on both U.S. coasts fell prey to economic hardships and announced filing for bankruptcy.
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WaMu Top Mortgage Exec Out
A top executive at Washington Mutual Inc. retired this week, and a successor for his duties is already named.
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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.
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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.
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New WMC CEO Draws Scrutiny
Three months after departing Wells Fargo Financial to spend more time with his family, Daniel W. Porter has reemerged as CEO of a California-based subprime lender.
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Servicing Problems Result in $40 Million Fairbanks Settlement
One of the nation's leading servicers of subprime mortgages, under intense regulatory pressure because of consumer complaints, has agreed to a $40 million settlement with the federal government.
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Fitch Says Bank of America Leading 'Alt-A' Player
Recent subprime RMBS ratings news
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Conseco Foreclosing on Former CEO
In April of 2000, Stephen Hilbert was forced out as CEO of manufactured housing lender Conseco Inc. after the company ran up staggering debts of $8.2 billion.
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Subprime Lender Thrives Even as Prior Execs of Former Parent May Face Jail
Getting spun off from scandal-plagued Tyco International Ltd. was probably the best thing that could have happened to CIT Group Inc.
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S&P Cuts Ratings on 2002 Mfg Housing Issues
Recent subprime mortgage RMBS ratings news.
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Subprime Segment Soars at Countrywide
Contrary to Countrywide's conventional mortgage production, rising rates did not hurt subprime lending.
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OCC Vs. States; Opponents of Federal Preemption Talk
While some say OCCs proposal needs clarification to avoid future problems, others say it just won't work and ask for withdrawal.
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Record $3.4 Billion New Century September Production
September set monthly and quarterly records for New Century Financial Corporation.
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Subprime Lender's Woes Hit FHLB System
The financial woes of Philadelphia subprime lender have had a ripple effect that are now causing problems for the Federal Home Loan Bank of New York.
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Reverse Mortgage Production Up at Financial Freedom
A subsidiary of Lehman Brothers Bank, FSB remains more than entrenched in the reverse mortgage industry.
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FHA Insurance Certificates Go Paperless
Mortgage originators, holders, and servicers participating in the FHA single-family mortgage insurance programs will no longer have to waste time finding or requesting paper Mortgage Insurance Certificates.
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Study Looks at Down Payment Assistance Used in Nonperforming FHA Loans
A HUD data revision pinpointed that "most non-performing FHA loans start with downpayment gift from relatives," a contradiction to the red flags HUD's Inspector General has raised over downpayment gifts by down payment assistance programs.
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Deutsche in Deal to Acquire GMAC Commercial
A global automaker may soon sell its multibillion-dollar commercial mortgage business unit to a German bank.
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Fitch Concerned With Self-Serving Special Servicers
Recent CMBS ratings news.
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Farmer Mac Business Up, Earnings Down
The national secondary market for agricultural real estate loans continued its upward trend in production, but its net income followed a different path, decreasing by more than half.
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Apartment Fundings Down for Dutch Bank's U.S. Subsidiary
September brought a decrease in commercial mortgage fundings for ABN AMRO Mortgage Group Inc.
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Way Down Yonder
Recent commercial mortgage transactions
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Record Production at Venture West
Venture West Funding Inc. announced record year-to-date production -- with the mortgage brokerage also reporting its best month ever.
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NorthMarq Says Acquisition Gives it Top-3 Spot
A transaction instantly earned a Minneapolis commercial mortgage banker a top spot in the industry, and -- just as quickly -- the seller's gain on the deal was lost in an unrelated lawsuit.
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Fitch Focusing on CMBS Operating Statements
Recent CMBS ratings news
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Cali Commercial Collateral
Recent commercial mortgage transactions.
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