Read the latest news about mortgages, foreclosures, servicers, loan modifications, HAMP, Dodd-Frank, Qualified Residential Mortgage (QRM), mortgage brokers and more.
- A New Effort in Albany to Put Lenders in Charge of Abandoned Properties
The New York Times 10 Feb 2014
Thousands of zombie homes (about 15,000) across New York State sit abandoned by their owners, leaving the low-value properties to fall apart or burn down as lenders take years to wrap up foreclosure ...
- Repaying Home Equity Loans
New York Times 09 Feb 2014
Borrowers who took out home equity lines of credit (Helocs) between 2004 and 2007 -- the top of the housing bubble -- can expect to see their monthly payments swell over the next few years.
- Seniors Overspend on Mortgage, Credit Cards
USA Today 08 Feb 2014
Older Americans are spending too much on mortgage debt and credit cards, according to a new report from the nonprofit National Center for Policy Analysis (NCPA). In 2012, interest payments made up 4.
- U.S. Consumer Officials Seek Input on Improving Mortgage Data
Reuters 07 Feb 2014
The Consumer Financial Protection Bureau (CFPB) wants feedback from small businesses on how to improve the public data that is used to identify mortgage abuses such as discriminatory lending.
- CFPB Unveils New Consumer-Friendly HMDA Tool
National Mortgage Professional Magazine 07 Feb 2014
To help better understand borrowers' access to credit, the Consumer Financial Protection Bureau (CFPB) is taking steps to improve information reported about the residential mortgage market.
- Delinquencies Nearing Pre-Housing Crisis Levels
National Mortgage Professional Magazine 03 Feb 2014
The U.S. inventory of delinquent mortgages has registered significant improvement for the fourth consecutive year, according to the year-end Mortgage Monitor Report from Black Knight Financial ...
- Calif. Lawmaker Reconsiders Reverse Mortgage Protection Bill
Reverse Mortgage Daily 02 Feb 2014
In California, reverse mortgage legislation that failed to win approval last year could get another chance in 2014.
- CFPB Says 'Yes' to HUD's E-Signed Mortgage Loans
Reverse Mortgage Daily 02 Feb 2014
The Consumer Financial Protection Bureau (CFPB) is applauding HUD's move to let lenders accept electronic signatures on FHA mortgages.
- Race Gap on Conventional Loans
New York Times 02 Feb 2014
Many African-American and Hispanic borrowers have been kept out of the conventional mortgage market, according to Zillow and the National Urban League.
- Do Not Weaken CFPB Consumer Watchdog
Consumer Reports 01 Feb 2014
Consumers Union, the policy and advocacy arm of Consumer Reports, writes that the Consumer Financial Protection Bureau -- created after the financial crisis -- has done a good job of protecting ...
- Banks Loosening Credit Standards: OCC Report
American Banker 31 Jan 2014
Banks are relaxing their underwriting criteria for most types of loans, with the exception of home equity lines, the Office of the Comptroller of the Currency reports.
- CFPB: Servicers Still Engaged in Unfair or Deceptive Practices
Housing Wire 30 Jan 2014
Servicing issues with loan modifications, foreclosures, and payment processing have persisted even after new standards were put in place last year, says the Consumer Financial Protection Bureau.
- 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 ...
- Subprime Called Safer, Makes Comeback as "Nonprime"
Bloomberg 29 Jan 2014
More executives are working to revive the subprime lending market, though the loans now are called "nonprime" and require as much as 30 percent down.
- 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 ...
- 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 ...
- 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.