Read the latest news about mortgages, foreclosures, servicers, loan modifications, HAMP, Dodd-Frank, Qualified Residential Mortgage (QRM), mortgage brokers and more.
- 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.
- 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...
- Cordray Says Lenders Ready for Compliance With Mortgage Rule
Bloomberg 17 Sep 2013
Cordray Says Lenders Ready for Compliance With Mortgage Rule
- 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.
- 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.
- New Study Suggests Mortgage Fraud Levels Down
Banker & Tradesman 10 Sep 2013
Based on the findings of a LexisNexis study, reported incidences of fraud are on the decline. The Financial Crimes Enforcement Network fielded 25 percent fewer suspicious applications last year compared to 2011,
- 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.
- J.P. Morgan and Assurant Agree to Settle 'Forced' Insurance Suit
Wall Street Journal 10 Sep 2013
JPMorgan Chase and Assurant Inc. have reached a $300 million agreement to settle allegations that they overcharged borrowers for forced-place homeowners' insurance, which banks activate if consumers allow their own coverage to lapse
- Coakley Gets $36M From Barclays in Subprime Mortgage Sales Settlement
Boston Business Journal 09 Sep 2013
Massachusetts Attorney General Martha Coakley has reached a settlement with Barclays Bank, which has agreed to pay more than $36 million to resolve claims that it pooled and sold unsustainable subprime mortgages.
- Loan Size to Be Cut for Fannie, Freddie
Wall Street Journal 09 Sep 2013
The Federal Housing Finance Agency is preparing to lower the maximum size of mortgages eligible for backing by Fannie Mae and Freddie Mac, although it has not signaled how far it will drop the loan limits.
- Regulators Ramping Up Fair Lending Enforcement
Credit Union Times 09 Sep 2013
With the National Credit Union Administration and the Consumer Financial Protection Bureau (CFPB) zeroing in on Fair Lending laws and Home Mortgage Disclosure Act (HMDA) data collection this year, credit unions can expect to see additional rules and exams in 2014.
- About 2.5 Million Homes No Longer Underwater
MarketWatch 09 Sep 2013
Second-quarter residential appreciation gave back millions of U.S. homeowners some of their equity, CoreLogic reports. An estimated 2.5 millions properties were returned to positive equity, it says, reducing the share of "underwater" homes to 14.5 percent of all residences with a mortgage at the close of the second quarter from 19.7 percent three months earlier.
- Millions in U.S. No Longer Underwater
Stockton Record (CA) 05 Sep 2013
While more than 10 million Americans still owe at least 25 percent more on a home loan than the property is worth, residential appreciation has put 8.3 million others on track to sell without taking a loss by the end of next year.
- Hurt by Housing Bust, Black Homeowners Miss Out on the Recovery
Bloomberg BusinessWeek 05 Sep 2013
Black Americans are burdened with a new set of challenges as the housing market recovers.
- Nevada City Rejects Eminent Domain Plan for Mortgages
Reuters 04 Sep 2013
North Las Vegas officials have voted unanimously to scrap a proposal that would have allowed the city to purchase underwater mortgages and refinance them into better terms for the borrowers. The use of eminent domain -- which allows governments to seize private property for a public good -- was deemed unnecessary in light of growing appreciation in the North Las Vegas home market.
- MBA Submits Brief as Supreme Court Takes Up Disparate Impact
Housing Wire 04 Sep 2013
As the country's high court tackles the issue of disparate impact -- the idea that a policy or practice can have a discriminatory effect, even if there is no intent to create bias -- legal briefs both for and against the theory are likely to pour in.
- HUD Announces Major Changes to Reverse Mortgage Program
Reverse Mortgage Daily 03 Sep 2013
HUD is making revisions to its reverse mortgage product, with an eye toward ramping up protections for senior borrowers and helping manage risk to the FHA's insurance fund. The changes, which the agency posted on Sept. 3, include limits on how much borrowers may draw down at closing and during the first year after that.
- Rising Home Prices Lift Underwater Homeowners
USA Today 30 Aug 2013
As of June 30, an analysis by Zillow shows that 23.8 percent of U.S. homeowners with mortgages -- or about 12.2 million households -- still owe more than their residences are worth. A sizable increase in property values has pulled 3.2 million homeowners above water on their mortgages in just the last year.
- Regulators Back Away From Tougher Mortgage Rules
Wall Street Journal 29 Aug 2013
Federal regulators back-pedaled, to the approval of the real estate industry and consumer advocates, on a proposal to tighten rules governing the mortgage securities market. The initial plan drew criticism from those interests, which were concerned about the potential impact on mortgage credit availability.
- Battle Over Down Payment Requirements Still Looms in New QRM Plan
American Banker 29 Aug 2013
Banking regulators recently unveiled a new proposal on securitization standards, leaving out a controversial 20 percent minimum down payment requirement. The agencies have signaled, however, that the issue of down payments is still on the table.