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Latest Mortgage News Headlines |
| Last Updated Saturday, September 06, 2008, 06:07 PM Texas Time |
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Mortgage Video News
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On Friday, the Federal Deposit Insurance Corporation took control of the 11th bank this year. The son of presidential candidate Sen. John McCain recently resigned from the board of the failed institution. (Sept. 8)
A Florida-based reverse mortgage lender is boosting its warehouse lines, growing its originations and adding employees. An in-house mortgage lead generation system is credited with much of the firm's success. (Sept. 5)
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The chairman of the Federal Deposit Insurance Corporation warned that the market downturn is far from over, more banks will become troubled and more will fail. She also laid out a number of early signs of problem institutions. (Sept. 5)
As signs of improving subprime performance emerge, the business of foreclosure prevention goes on. New legislation in Illinois will require servicers to wait longer before evicting tenants of foreclosed properties, while a new North Carolina law adds at least 45 days to the foreclosure process. (Sept. 5)
Countrywide Financial Corp. is closing a center in Southern California and laying off some of the employees. (Sept. 5)
Quarterly delinquency rose while foreclosure activity reached a record. But delinquency on subprime and FHA mortgages improved. In addition, states with the highest levels of foreclosures were not among states with the worst delinquency -- suggesting the delinquency cycle may be starting to mature. (Sept. 5)
One of the largest community banks in the Northwest is shutting down its mortgage lending division. (Sept. 5)
Mortgage employment eased in July. People exiting the industry are finding it tougher to find jobs in other sectors as overall unemployment climbed. (Sept. 5)
Recently declining home values have pushed the risk of delinquency higher, and the risk is likely to continue growing until at least 2010. The riskiest markets continue to be concentrated in California. (Sept. 4)
The monthly Treasury average has fallen to its lowest level in 40 months. (Sept. 4)
The biggest U.S. commercial mortgage servicer saw its portfolio increase more than $25 billion during the past six months. (Sept. 4)
Long-term fixed rates have not risen for six consecutive weeks. Loan applications continued to rise, while FHA activity jumped. (Sept. 4)
A Texas woman has filed a lawsuit against a mortgage broker and loan servicer claiming she was targeted for nearly 10 percent in fees because she is black. She seeks to have the mortgage invalidated and her fees refunded. (Sept. 4)
New players have emerged to acquire mortgage loan portfolios -- many at significant discounts. (Sept. 4)
Nearly 2,200 classes from Alternative-A residential mortgage-backed securities issued from 2005 to 2007 were recently downgraded. Transactions backed by junior liens and subprime loans also saw negative activity, though ratings on commercial MBS continued to be mixed. (Sept. 3)
Consumer bankruptcies filed during August were at the highest level in three years. (Sept. 3)
An Oregon firm expects to more than double the nearly $700 million in loans it originated last year, while it plans to add 150 employees. A positive atmosphere is behind much of the success. (Sept. 3)
Residential Capital LLC will stop originating through its wholesale lending subsidiary, shut down 200 retail offices and lay off 5,000 employees in the process. (Sept. 3)
The business of mortgage branching has become a game of Monopoly, with some operations selling or shutting down as others continue to grow. (Sept. 3)
Loan originators recently stepped up the number of 1003s taken for loans insured by the Federal Housing Administration. The level of government activity is at its highest level in more than five years. (Sept. 3)
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The cost of funds for western banks continued to fall, dragging down a mortgage rate index with it.
The cost of funds index was 2.698% in July, the Federal Home Loan Bank of San Francisco reported today.
The index fell from 2.829% in June and 4.277% a year earlier. (Aug. 22)
Residential Capital LLC will stop originating through its wholesale lending subsidiary, shut down 200 retail offices and lay off 5,000 employees in the process.
The restructuring was approved Tuesday, parent GMAC Financial Services announced today.
The statement indicated that all 200 GMAC Mortgage retail offices will be closed. (Sept. 3)
Former executives of Carteret Mortgage Corp. met in December to discuss a strategy for survival. But the company's chief executive officer has decided to throw in the towel. While managers and originators are finding new homes, Carteret's CEO is done with the mortgage business. (Aug. 28)
An FHA mortgage lender based in New York has launched a wholesale lending division and is adding employees. (Aug. 29)
Residential loan production is expected fall by more than 20 percent during 2009. (Sept. 2)
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