Read the latest news about mortgages, foreclosures, servicers, loan modifications, HAMP, Dodd-Frank, Qualified Residential Mortgage (QRM), mortgage brokers and more.
- Debate over Mortgage Interest Deduction, Government Role in Housing
Mortgage News Daily 20 Sep 2013
At least one panel at a housing forum sponsored by the National Association of Home Builders saw sharp disagreement among participants regarding the balance between the private sector's role in mortgage financing and the level of federal support.
- Executives From Biggest Subprime Lenders Are Peddling Risky Mortgages Again
Huffington Post 20 Sep 2013
Five years after the financial crisis peaked, executives from the top 25 subprime lenders before the mortgage crisis are developing new products aimed at borrowers with low credit scores and small down payments.
- Calif. City Contemplates Using Eminent Domain to Solve Its Foreclosure Crisis
PBS 20 Sep 2013
In Richmond, Calif., officials are preparing to take unprecedented action to help underwater homeowners.
- Florida Program to Offer Mortgage Reductions
Sarasota Herald-Tribune 20 Sep 2013
The Florida Housing Finance Corp. has allocated $350 million to offer principal reductions to underwater borrowers in the state. The initiative is expected to help about 10,000 homeowners who are current on their payments but owe 125 percent more on their mortgage than what the property is worth.
- Senators Cite Importance of Maintaining Federal Backstop in Housing Finance Overhaul
North Dallas Gazette 19 Sep 2013
Senators Jon Tester (D-Mont.), Bob Corker (R-Tenn.), and Johnny Isakson (R-Ga.) recently pointed out that efforts to reform the U.S. tax code and housing finance should account for housing's important role in the economy.
- Black and Latino Wealth Plummets as Home Ownership Rate Drops to Record Lows
Business & Heritage Clarksville 19 Sep 2013
A new report from the National Association of Real Estate Brokers (NAREB) describes how the financial crisis has caused significant harm to African-American and Hispanic families, which now face major roadblocks in trying to obtain home financing.
- N.Y. Seeks Ban on Force-Placed Insurance Commissions to Banks
American Banker 19 Sep 2013
New York Gov. Andrew Cuomo on Thursday introduced a sweeping set of rules to overhaul the force-placed insurance industry, including forbidding New York insurers from paying commissions to banks or servicers to prevent them from issuing policies on properties serviced by affiliated companies.
- Fed Stays the Course on Easy Money
Wall Street Journal 19 Sep 2013
The Federal Reserve on Wednesday announced they have decided to keep their signature easy-money program in place for the time being, after spending months alerting the public that they might begin to pare their $85 billion-a-month bond-buying program at the September policy meeting.
- Housing Starts Rise 0.9 Percent to 891,000 Rate in August
MarketWatch 18 Sep 2013
Construction on new U.S. homes increased by 0.9 percent in August to a seasonally adjusted annual rate of 891,000, as starts for single-family homes rose, while volatile apartment starts dropped, the U.S. Department of Commerce estimated Wednesday.
- Housing Bust's Recovery Hampered by Tight Credit
USA Today 17 Sep 2013
Even if they dodged the housing bubble and the bust that followed, many of today's first-time home shoppers are finding themselves in a similar scenario as home buyers in the years before the...
- Consumer Watchdog Completes Work on Sweeping Mortgage Rules
The Hill 17 Sep 2013
Consumer Financial Protection Bureau (CFPB) Director Richard Cordray wrapped up work Friday on sweeping mortgage rules designed to ensure that borrowers can repay their loans.
- Judge Rejects Challenge to Richmond's Threat to Seize Mortgages
Los Angeles Times 17 Sep 2013
A federal judge in San Francisco says he will toss out a lawsuit challenging a plan by Richmond, Calif., to seize underwater mortgages and write down their balances.
- Homes-Sale Frenzy Eases
Wall Street Journal 17 Sep 2013
The U.S. housing market is showing signs of cooling after a year-long rally as higher prices and interest rates, a slowdown in investor purchases, and shortages of homes for sale weigh on one the sector.
- Cordray Says Lenders Ready for Compliance With Mortgage Rule
Bloomberg 17 Sep 2013
Cordray Says Lenders Ready for Compliance With Mortgage Rule
- Deceptive Practices in Foreclosures
New York Times 17 Sep 2013
This New York Times editorial notes that in early 2012, "when five big banks settled with state and federal officials over widespread foreclosure abuses, flagrant violations — including the seizure of homes without due process — were supposed to end." However, abuses keep coming to light.
- Mistakes Put Homes in Peril
Washington Post 17 Sep 2013
Tax officials in the District of Columbia punish homeowners who are delinquent on their property taxes by placing a lien against the houses and selling them at auction.
- Cordray Tries to Ease Industry Concerns on Mortgage Rules
Wall Street Journal 17 Sep 2013
Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), on Sept. 11 said his agency has strived to craft new mortgage rules that do not worsen today's tight lending environment.
- Regulators Warn Banks Not to Flout $25 Billion Foreclosure Deal
Bloomberg BusinessWeek 12 Sep 2013
Major U.S. banks that agreed to pay $25 billion last year to settle claims of abusive foreclosure practices pledged to stop seizing homes from borrowers who were pursuing mortgage modifications.
- Calif. City Eyes Eminent Domain to Help Homeowners
Washington Post 12 Sep 2013
After a dramatic meeting that stretched into the early morning hours, city councilors in Richmond, Calif., voted in favor of using eminent domain to seize underwater mortgages -- a plan the mayor supports. New investors would be assigned to purchase the loans, the terms of which would be adjusted to make them more affordable to borrowers.
- Invasive Tactic in Foreclosures Draws Scrutiny
New York Times 10 Sep 2013
Mortgage lenders including JPMorgan Chase, Bank of America, Citibank, and others that depend on property management firms to help them oversee foreclosed properties and preserve them until the homes can be resold are finding themselves in hot water due to questionable and even illegal tactics used by these firms.