Dark Christmas Turns White for Calif Mortgage Company
While the Grinch may have tried to spoil Christmas for a group of abused children and the mortgage company whose employees had collected gifts for them, local media and the community enabled the story to have a happy ending.
Freddie's November Business Tumbles
Freddie Mac's November new business purchases plunged to the lowest point this year.
What a year for the mortgage industry. 2003 will be remembered as a year of record production and low interest rates, accounting scandals, and the passage of downpayment legislation. But it was the people of the industry that defined 2003. Here are MortgageDaily.com's five icons of the industry and what roles they played in this historic year.
Activity Eases as Rates Improve
Mortgage loan applications took a breather, as the country braces for the repercussions from a deadly disease that has reached U.S. shores.
Investors Duped With Mortgages in Las Vegas Case
The feds have cracked down on what they describe as a $48 million real estate Ponzi scheme operating out of Nevada.
Fed Study Says Fannie, Freddie Lower Consumer Mortgage Costs by Only 7 BPS
Although Freddie Mac and Fannie Mae were primarily created to provide liquidity to the national mortgage market and lower the costs of homeownership, a new study suggests their implicit federal subsidy scantly benefits homeowners, but largely prospers shareholders.
Single Call Can Improve Sales
Industry Commentary by Dave Hershman -- For our marketing to be consistent and successful we must combine pipeline management with our marketing activities.
Apps Ascend as Rates Relent
While inflation takes a vacation, long-term rates slipped for the second consecutive week and more people applied for home mortgages.
Industry, Bush Praise Passage of American Dream Act
President George W. Bush has signed legislation that provides $200 million to help as many as 40,000 low-income families with down payment and closing costs.
Fannie Business Volume Off by Nearly Half Since September
Fannie Mae's business volume sank further in November.
CSFB Mortgage Trading Exec Out After Huge Hedge Losses
The former head of Credit Suisse First Boston's mortgage-trading division left the company amid huge losses just two weeks after he was forced to relinquish some control in a power-sharing shakeup.
Alphonso Jackson HUD Secretary Nominee
President Bush's nominee to fill the vacant cabinet post at HUD has a heated history in Dallas.
Refis Tumble, 30-Year Under 6%
Amid uncertainty, rates fell below six percent again, while mortgage loan application activity declined for the second week in a row.
Prime, Subprime Delinquency Plunges
While the foreclosure inventory remained flat during the third quarter, more borrowers paid their mortgages on time -- resulting in the lowest delinquency rate in three years -- an industry report said.
Lenders Settle With HUD for Aiding in Fraud Scheme
Two Massachusetts-based lenders that lent money to developers accused of running a sham land scheme have reached settlements with the federal government that could save borrowers as much as $38 million.
Countrywide Production Continues 4-Month Decline
One of the nation's largest mortgage lenders reported loan production fell further in November.