Read the latest news about mortgages, foreclosures, servicers, loan modifications, HAMP, Dodd-Frank, Qualified Residential Mortgage (QRM), mortgage brokers and more.
- U.S. Probes Possible Overcharging by Banks on Foreclosure Fees
Reuters 29 May 2014
U.S. Attorney Preet Bharara's office in Manhattan is investigating PNC Financial Services, PHH Corp., MetLife, Santander Holdings, and Citizens Financial over whether they overcharged the government ...
- Wells Fargo Can't Shake L.A. Lawsuit Over Predatory Loans
Bloomberg Businessweek 28 May 2014
A Los Angeles judge has rejected Wells Fargo's request to dismiss litigation lodged against it by the city of Los Angeles over widespread foreclosures during the housing slump.
- Mortgage Probes Shift to Smaller Banks
Wall Street Journal 27 May 2014
After reaching billion-dollar settlements with large banks such as JPMorgan Chase and Bank of America, U.S. housing officials are focusing on smaller lenders and servicers.
- Consumers Are Back to Paying Mortgages Ahead of Credit Cards
Wall Street Journal 27 May 2014
Research from TransUnion shows that at the end of 2013, after about two years of home appreciation, borrowers resumed their normal pattern of paying the mortgage before credit cards.
- Dispute Over Banking Group's Analysis of Mortgage Denials to Blacks
New York Times 24 May 2014
The Mortgage Bankers Association (MBA) recently reported that 56 percent of blacks who applied for a common type of mortgage were denied.
- 4 Housing Bills That Could Make Mortgage Lending Much Easier
Housing Wire 22 May 2014
Action on Capitol Hill May 22 saw the passage of three pieces of legislation that supporters in the finance industry say will facilitate mortgage lending.
- Hopes Fade for Bill to End Fannie, Freddie
Washington Post 16 May 2014
The Senate Banking Committee on May 15 passed a bill that would dissolve Fannie Mae and Freddie Mac.
However, the measure did not attract a large enough majority and is unlikely to reach ...
- CFPB Warns U.S. Banks: Expand 'Fair Lending' or Else
Investor's Business Daily 12 May 2014
In its new "Fair Lending Report," the Consumer Financial Protection Bureau reminds U.S. banks that they could face discrimination charges if they fail to write enough prime loans to low-income ...
- New Report Shows Hardest Hit Communities Still Reeling From Housing Crisis
RISMedia 08 May 2014
Despite a recent trend toward home price appreciation, a new report reveals that nearly 10 million U.S. families are still "underwater" on their mortgages.
- More Seniors Going Into Retirement Shouldering Mortgages, Feds Say
Dallas Morning News 07 May 2014
The percentage of homeowners aged 65 or older who are carrying mortgage debt spiked from 22 percent in 2001 to 30 percent in 2011, according to a new report from the U.S.
- House Committee Approves Mortgage Choice Act
Housing Wire 07 May 2014
The House Financial Services Committee has given the nod to the proposed Mortgage Choice Act, which can now move to the floor of the U.S. House of Representatives for consideration.
- Foreclosures Slide to Lowest Level Since 2006, Only 10 Percent of Borrowers Underwater
US Finance Post 05 May 2014
Soft housing demand and tepid recovery remain concerns, but the industry outlook is improving a little.
- Report Blasts Foreclosure Practices
Boston Globe 01 May 2014
The federal Office of the Comptroller of the Currency has released its analysis of the Independent Foreclosure Review, a short-lived process that sought to quantify wrongful foreclosures at the peak ...
- CFPB's 'Minor' Changes to Mortgage Rules May Have Major Impact
American Banker 01 May 2014
The Consumer Financial Protection Bureau (CFPB) confirmed that it is tweaking its home lending rules so that more loans meet the definition of "qualified mortgage.
- CoreLogic: Foreclosed Homes Cut by More Than One Third
Housing Wire 29 Apr 2014
The latest statistics from CoreLogic reflect modest improvement in foreclosure activity.
According to the numbers, 48,000 foreclosures were completed in this country last month -- down ...
- U.S. Report Sees Deeper Bank Flaws on Loans
New York Times 29 Apr 2014
Foreclosure mistakes made by banks might have been significantly higher than previously believed when regulators abruptly ended a national review of their mortgage servicing operations, suggests a ...
- Lenders Put a Postcrisis Twist on the Adjustable-Rate Mortgage
American Banker 29 Apr 2014
Adjustable-rate mortgages, with their lower initial rates, are resurfacing as interest drifts higher.
Although it is not unusual for ARM volume to rise when fixed rates go up, today's ...
- Mortgage-Loan Limits Hit Buyers in High-Cost Housing Markets
Wall Street Journal 28 Apr 2014
The ceiling on conventional mortgages penalizes home buyers in expensive housing markets, according to Trulia.
The company conducted a city-by-city comparison of the 100 biggest U.S.
- Wells Fargo Settles Remaining 'Robo-Signing' Mortgage Litigation
Los Angeles Times 24 Apr 2014
Wells Fargo has agreed to spend $67 million on mortgage-related issues to settle remaining civil litigation stemming from the "robo-signing" debacle.
- Lenders Ease Mortgage Rules in Hunt for Business
Wall Street Journal 20 Apr 2014
Private-sector mortgage lenders are warming to lower credit scores and down payments, although the underwriting bar remains high by historical norms.