Read the latest news about mortgages, foreclosures, servicers, loan modifications, HAMP, Dodd-Frank, Qualified Residential Mortgage (QRM), mortgage brokers and more.
- Cordray Loses Cool After House GOP Attacks
American Banker 29 Jan 2014
As expected, a Jan. 28 House Financial Services Committee hearing starring Consumer Financial Protection Bureau director Richard Cordray covered a lot of ground, including the impact of the agency's ...
- 5 Years of Mortgage Help Drying Up for Many
USA Today 29 Jan 2014
Interest rates on home loans that were modified under the government's Home Affordable Modification Program (HAMP) are starting to reset higher, with more than 30,000 homeowners likely to be impacted ...
- Obama Speech Calls for U.S. Housing System Overhaul
Reuters 28 Jan 2014
Under a theme of economic growth that defined Tuesday night's State of the Union address, President Obama reiterated his commitment to re-inventing the nation's housing-finance system.
- Fannie Creates Appraiser Blacklist in Effort to Flag Problem Loans
American Banker 28 Jan 2014
As it continues to seek ways to identify bad loans before they default, Fannie Mae is essentially "blacklisting" appraisers with poor performance records.
- Lawmakers Urge FHFA to Revive Affordable Housing Funds
American Banker 27 Jan 2014
The Federal Housing Finance Agency should provide needed funding for affordable rental housing ahead of broader legislative efforts to reform the housing finance system, according to a group of 33 ...
- Mass. Senate OKs Bill to Overhaul Foreclosure Laws and Restore Titles of Foreclosed Properties
Associated Press 24 Jan 2014
The Massachusetts Senate has approved and forwarded to the lower chamber legislation that would restore the titles of foreclosed properties to homeowners affected by procedural errors or wrongful ...
- November Brought Fewer Loan Mods, Declining Foreclosures
Housing Wire 23 Jan 2014
New numbers from the HOPE NOW coalition of private mortgage servicers, insurers, and housing counselors show that loan modification volume contracted in November.
- Older Americans Are Delaying Retirement to Pay Off Mortgages
Reverse Mortgage Daily 23 Jan 2014
Older adults who are still carrying a balance on their mortgage are more likely to delay retirement, according to researchers from Boston College's Center for Retirement Research.
- New Loan Safeguards Leave Path for Higher-Risk Borrowers
Bloomberg 22 Jan 2014
As regulators tighten mortgage rules and big banks balk at lending to riskier middle-income Americans, state housing-finance agencies (HFAs) are stepping up to restore the fading dream of ...
- Opinion: NJ Court Resurrects American Dream From Foreclosure Nightmare
NJ Spotlight 21 Jan 2014
New Jersey Chancery Judge Peter Doyne ruled in December that Wells Fargo Bank committed “actionable fraud” and “predatory lending” when it persuaded Oscar Montesdeoca to ...
- Lenders to Follow Useful New Rule on Appraisals
Daily Herald 17 Jan 2014
U.S. lenders now have to tell mortgage applicants that they are entitled to a free copy of whatever appraisals, reviews, computer valuations, and other data were used to calculate the amount they are ...
- Lawmakers Urge FHFA to Eliminate FICO Requirement in Seller/Servicer Guidelines
BankCreditNews.com 17 Jan 2014
The Federal Housing Finance Agency is under pressure from legislators to strike a requirement from Fannie Mae and Freddie Mac's seller/servicer guidelines that underwriting be performed with a FICO ...
- Housing Bust Hurt Minority Home Values Most
USA Today 16 Jan 2014
The housing bubble hit home values in Hispanic communities the hardest, according to a new report from market researcher Zillow.
- Foreclosures Hit 6-Year Low in 2013
Associated Press 16 Jan 2014
According to RealtyTrac, lenders initiated foreclosure proceedings against 747,728 homes in 2013 -- the lowest yearly amount since 2006, before the housing meltdown.
- CFPB Nails Mortgage Lender for Illegal Referral Kickbacks
Reverse Mortgage Daily 16 Jan 2014
The Consumer Financial Protection Bureau (CFPB) has ordered Missouri-based Fidelity Mortgage Corp. and its president, Mark Figert, to pay more than $80,000 for delivering illegal kickbacks to a bank ...
- Mortgage Relief Firms Agree to Pay $3.6 Million for Alleged Scam
Los Angeles Times 14 Jan 2014
To resolve allegations that they scammed homeowners nationwide, a cabal of Florida-based firms and their operators have agreed to pay almost $3.6 million.
- Foster Introduces Legislation to Reduce Burden for Underwater Homeowners
Chicago Tribune 14 Jan 2014
U.S. Rep. Bill Foster (D-Ill.) has introduced legislation that would extend tax relief to underwater homeowners who have received loan workouts.
- Mortgage Delinquencies Reach 6-Year Low, Near Normal Levels
U.S. Finance Post 13 Jan 2014
CoreLogic reports that all of the typical measures of mortgage distress -- serious delinquencies, foreclosures in process, and completed foreclosures -- declined in November. The U.S.
- Richmond Seeks Partners for Plan to Seize Mortgages Using Eminent Domain
Modesto Bee (California) 13 Jan 2014
In California, Richmond City Council members have failed to garner the supermajority of votes needed to enact a controversial plan that would use eminent domain to seize underwater mortgages and reduce the amounts borrowers owe. Now, Richmond Mayor Gayle McLaughlin and council members who support the plan are trying a different tactic.
- In 15 States, Deeply Underwater Foreclosures Still Reign
Washington Post 13 Jan 2014
Although the residential real estate market is slowly improving, weak spots continue to linger. In 15 states, RealtyTrac reports that the share of "deeply underwater" foreclosures was greater than ...