Mortgage News

Read the latest news about mortgages, foreclosures, servicers, loan modifications, HAMP, Dodd-Frank, Qualified Residential Mortgage (QRM), mortgage brokers and more.


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  • Richmond CA Pushes Forward With Eminent Domain Plan 
    San Francisco Chronicle 18 Dec 2013
    Teaming up with another city in a Joint Powers Authority would allow Richmond, Calif., to invoke eminent domain for underwater mortgages without obtaining approval from a supermajority of its city councilors.
  • CFPB Launches Nationwide Education Campaign About New Mortgage Rules 
    Huntington News 18 Dec 2013
    On Dec. 18, the Consumer Financial Protection Bureau (CFPB) launched a public education campaign about new protections under its mortgage rules that take effect Jan. 10, 2014. The agency is releasing educational materials ahead of the implementation date.
  • Expect Reverse Mortgages to Grow in Popularity 
    MarketWatch 17 Dec 2013
    More and more older homeowners are changing their views on reverse mortgages, which often have been perceived as a rescue product. As people live longer because of medical advances, however, a growing number of seniors may need to dig into their home equity to pay for healthcare costs and lifestyle expenses. Another factor is that many Americans nearing retirement age have a considerable amount of wealth in housing equity.
  • AG Files Lawsuit Alleging Mortgage Rescue Scam 12 Dec 2013
    Foreclosure consultant Bruce Bonson is under legal scrutiny in Indiana after his company, Liberty Credit Law, allegedly took advantage of mortgage borrowers who paid to have their loans modified. According to a lawsuit filed by state Attorney General Greg Zoeller, one homeowner in Lake County and another in Jasper County paid the firm thousands of dollars upfront but never received the promised services or refunds.
  • Foreclosures Drop to Lowest Level in 7 Years 
    CNN Money 12 Dec 2013
    New foreclosure filings slid 15 percent last month to 113,454 homes -- the lowest number in seven years. On an annual basis, RealtyTrac also reports that new default notices, auctions, and bank seizures were 37 percent lower in November than a year earlier. A recovering economy has enabled more owners to keep up with mortgage payments, according to the firm, while property appreciation has provided more of an incentive for them to hang onto their homes.
  • Fannie Mae Mortgage-Guarantee Fees Increased by U.S. Overseer 
    Bloomberg 10 Dec 2013
    Fannie Mae and Freddie Mac are set to raise the fees they charge lenders to insure loans as part of an effort to dial down their presence in the mortgage market, the Federal Housing Finance Agency (FHFA) announced.
  • New York Scrutinizes Title Insurers 
    Wall Street Journal 10 Dec 2013
    The New York Department of Financial Services has analyzed information obtained via subpoena from title insurance agents and information requests sent to insurers to determine whether homebuyers have paid for entertainment costs for real estate and mortgage brokers who directed them to a particular insurance firm. The inquiries have revealed expenditures by insurers and the agents for golf outings, sporting events, and other expenses.
  • HUD: New FHA Loan Limit Takes Effect Jan. 1 
    Housing Wire 06 Dec 2013
    The standard loan limit on Federal Housing Administration loans for high-cost areas will decline next year to $625,500, down from $729,750.
  • PHH Pays NJ $6.25M to Settle Mortgage Allegations 
    Philadelphia Business Journal 05 Dec 2013
    New Jersey-based PHH Corp. has reached a $6.25 million settlement with state authorities to resolve allegations that it deceived distressed homeowners who sought mortgage modifications in an effort to avoid delinquency or foreclosure.
  • Groups Sue Feds Over Foreclosure-Fighting Tactic 
    Associated Press  05 Dec 2013
    A group of nonprofits, including the American Civil Liberties Union (ACLU) and the Center for Popular Democracy, have filed a freedom of information lawsuit against the Federal Housing Finance Agency (FHFA). The ACLU has asked that government agency disclose efforts to prevent municipalities from using eminent domain to aid underwater homeowners and that it increase transparency in its dealings with the financial industry.
  • L.A. Sues Wells Fargo and Citigroup, Alleging Predatory Lending 
    Los Angeles Times  05 Dec 2013
    The city of Los Angeles has filed twin lawsuits in U.S. District Court against Wells Fargo and Citigroup. It is accusing the banking giants of a “continuous pattern and practice” of lending discrimination that contributed to foreclosures, lower property-tax revenue, and higher costs for municipal services.
  • CFPB Director Addresses QM Myths 
    Housing Wire  05 Dec 2013
    A key piece of the Consumer Financial Protection Bureau's new qualified mortgage (QM) standard is being widely misinterpreted, said director Richard Cordray. Addressing the Consumer Federation of America, he noted that claims circulating about the impact of the ability-to-repay rule are "wrong in three ways."
  • Economy Watch: GSE Delinquencies Continue to Drop 
    Multi-Housing News  03 Dec 2013
    The government-sponsored enterprises Fannie Mae and Freddie Mac recently reported declines in the serious delinquency rate for single-family mortgages. Fannie Mae's single-family serious delinquency rate fell to 2.48 percent in October, down from 2.55 percent in September and 3.35 percent in October 2012, marking its lowest level since December 2008.
  • Fair Housing Investigation Reveals Discrimination 
    Novato Advance 02 Dec 2013
    Fair Housing of Marin -- a California nonprofit -- has exposed alleged mortgage discrimination at multiple lending institutions in Marin, Sonoma, and Solano counties. Using trained testers of different racial and ethnic backgrounds, the organization found that the institutions extended more favorable loan terms and preferential treatment to white customers than to African-American and Hispanic loan applicants.
  • S&P: Principal Reductions Perform Better Than Rate Decreases 
    Housing Wire  25 Nov 2013
    A new study from Standard & Poor's indicates that the likelihood of a new default exceeds 50 percent for borrowers who receive interest rate reductions. However, homeowners who obtain the benefit of a write-down and equity gains generally have a better chance of staying current on their mortgages afterward, according to the report.
  • Fighting Back Against Foreclosure-Rescue Scam Artists 
    New York Post  24 Nov 2013
    MFY Legal Services has filed a groundbreaking lawsuit on behalf of Elva Brardo, a 60-year-old Queens homeowner who is currently in foreclosure. The complaint alleges that two affiliated firms -- American Hope Group and the Donado law firm -- and seven of their employees cheated Brardo out of $11,885 and violated the law. It reportedly is the first case in New York City filed under the distressed-property consultant law created in 2008 and last amended in 2010.
  • Americans Recover Home Equity at Record Pace 
    Bloomberg  21 Nov 2013
    Zillow reports that the number of Americans who owe more on their mortgages than their homes are worth fell at the fastest rate on record in the third quarter as prices continued to rise -- further proof that supply shortages may improve as more owners find themselves in a position to sell. The share of homes with mortgages that had negative equity fell from 23.8 percent in the second quarter to 21 percent as of Sept. 30,
  • Consumer Bureau Streamlines Home-Loan Forms 
    Wall Street Journal  20 Nov 2013
    New mortgage disclosure forms -- streamlined to help borrowers better understand loan terms and fees -- will take effect in August 2015, the Consumer Financial Protection Bureau (CFPB) said. The documents, which replace the "good faith estimate" now commonly used industrywide, aim to give home buyers a better understanding both when comparing loan products and when signing settlement paperwork.
  • HOPE NOW: Foreclosure Starts Down 42 Percent Compared to Last Year  19 Nov 2013
    Lenders initiated an estimated 290,000 foreclosure proceedings in the third quarter, reports mortgage industry alliance HOPE NOW. The number is down more than 10 percent from 323,000 foreclosure starts in the previous three-month period and down about 42 percent from 499,000 in the 2012 third quarter.
  • Democrats Call on Regulators to Report on Foreclosure Review 
    American Banker 19 Nov 2013
    Democratic legislators are prodding federal regulators to give details from an independent audit of millions of borrowers who faced foreclosure, even though the review process ended prematurely.
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