Read the latest news about mortgages, foreclosures, servicers, loan modifications, HAMP, Dodd-Frank, Qualified Residential Mortgage (QRM), mortgage brokers and more.
- Natural Hazards Increase Propensity of Mortgage Default
Housing Wire 15 Aug 2013
Little is known about the level to which mortgage portfolios are exposed to natural hazard risk from tornados, wildfires, flooding, earthquakes, sink holes, and other events. CoreLogic economists recently studied the theory that natural hazard risks actually raise the odds of mortgage default.
- A New Wave of Fair-Lending Activism
American Banker 14 Aug 2013
The community reinvestment movement, born 40 years ago, saw successes such as the 1968 Fair Housing Act and subsequent amendments, the Equal Credit Opportunity Act, and the Community Reinvestment Act. Initiatives by government agencies, however, are generally recognized as insufficient to address all the challenges posed by the financial crisis.
- Softer U.S. Mortgage Rule Said to Be Proposed at End of August
Bloomberg 14 Aug 2013
Inside sources say financial regulators at the end of this month will introduce a rewritten rule governing so-called qualified residential mortgages and securitization.
- AG, Law Firm Reach Settlement Over Mortgage Help Radio Ad
Albuquerque Business First 13 Aug 2013
The office of New Mexico Attorney General Gary King has reached a settlement with California-based Granite Law over allegedly deceptive advertising.
- Many US Workers Still Struggling to Afford Housing in Metro Areas
LoanSafe.org 13 Aug 2013
In the Center for Housing Policy's latest Paycheck to Paycheck study, researchers drew on first-quarter 2013 data to reveal the gap between wages and the costs of housing in more than 200 U.S. metro areas for workers in occupations central to the vacation industry.
- Malloy Praises Foreclosure Legislation
Greenwich Time (CT) 13 Aug 2013
During a ceremonial bill signing, Connecticut Gov. Dannel P. Malloy praised new legislation passed to protect homeowners threatened with foreclosure. He had already conducted an official signing of An Act Concerning Homeowner Protection Rights, which took effect July 15. The law expands Connecticut's foreclosure mediation program, adds new protections for homeowners during the process, and accelerates foreclosure proceedings for vacant and abandoned properties.
- 'Sand State' Foreclosures Are Receding Fast
USA Today 13 Aug 2013
The four states hit hardest by the housing bust -- Arizona, California, Nevada, and Florida -- used to see loans sour as much as eight times the national average. An analysis released last week by Fannie Mae, however, shows strong improvement in those states, with the exception of Florida.
- PNC Fends Off US Mortgage Bias Class Action
MoneyNews.com 12 Aug 2013
The Third U.S. Circuit Court of Appeals ruled that a lending bias lawsuit against PNC Financial Services Group Inc. cannot proceed as a class action -- a decision that may make it more difficult for borrowers to pursue private litigation as a group in the future.
- July Housing Scorecard Continues to Mark Housing Recovery Progress
Reverse Mortgage Daily 11 Aug 2013
The Obama Administration's Housing Scorecard for July offers additional proof of a sustained housing turnaround. Produced by HUD and the Treasury, the monthly summary measures improvement in key housing indicators.
- AG: Lawyer E-Mails Indicate Collusion to Control Foreclosure Billing
Denver Post 10 Aug 2013
The office of Colorado Attorney General John Suthers has accused the state's two biggest foreclosure law firms, Castle Law Group and Aronowitz & Mecklenburg, of colluding to make millions of dollars at the expense of homeowners and taxpayers.
- PNC Discloses Mortgage-Loan Probes
Wall Street Journal 09 Aug 2013
PNC Financial Services Group Inc. on Thursday said it was the target of multiple mortgage-related probes, the third large bank in the past week to disclose new investigations.
- Obama Fraud Task Force Takes on the Big Banks
Bloomberg 09 Aug 2013
The Residential Mortgage Backed Securities Working Group, which was set up to investigate causes of the financial crisis, has gained traction as the U.S. Justice Department recently announced a criminal investigation into JPMorgan Chase & Co.'s mortgage-backed securities practice.
- Borrowers Can Sue Wells Fargo Over Mortgage Modifications
Reuters 09 Aug 2013
Homeowners are claiming that Wells Fargo, the largest U.S. mortgage lender, refused to offer them permanent loan workouts for which they were qualified, the 9th U.S. Circuit Court of Appeals has ruled.
- Closing Fannie, Freddie Could Up Mortgage Rates
Associated Press 08 Aug 2013
If Congress shuts down Fannie Mae and Freddie Mac, borrowers likely will end up paying slightly higher mortgage rates. Proposed House and Senate bills would wind down the two firms over five years and scale back the government intervention in guaranteeing mortgage securities.
- Mortgage Delinquencies Fall to 5-Year Low
Washington Business Journal 08 Aug 2013
Data compiled by the Mortgage Bankers Association shows that the share of home loans at least 90 days past due or in the foreclosure process declined to 5.88 percent in the second quarter, down from 7.31 percent a year earlier.
- US Regulator Joins 'Eminent Domain' Mortgage Fight
Financial Times 08 Aug 2013
The Federal Housing Finance Agency (FHFA) has threatened to restrict or even halt lending in cities that use eminent domain to slash borrowers' mortgage debt. The FHFA has warned that it could pull out of those markets that use the controversial tactic to seize home loans from distressed homeowners and replace them with more affordable financing.
- Harvard Law’s Legal Service Center to Help Stop Foreclosure Crisis in Mattapan
Bay State Banner 07 Aug 2013
Many residents of communities targeted in the foreclosure crisis are still fighting to hold on to their homes, or get them back. The Legal Services Center of Harvard Law School recently launched the Mattapan Initiative, a new anti-foreclosure and eviction-defense program that provides free legal services to homeowners and renters in the Boston neighborhood of Mattapan.
- Study: Women More Likely Than Men to Delay Homeownership Because of Student Debt
NerdWallet 06 Aug 2013
A recent NerdWallet survey of 2,616 people found that a borrower's gender has a fairly significant impact on attitudes toward home loans and student debt load. Researchers determined that with every additional $200 in monthly student loan obligations, a woman is 4.0 percent more likely to put off buying a home.
- Late-Payment Rate on Mortgages Falls
Associated Press 06 Aug 2013
Late-pays on home loans were down substantially in the second quarter from the same time last year, according to TransUnion, which reported a more than 25-percent slide in the share of borrowers two months or more in the red.
- Mortgage Closing Costs Up 6 Percent This Year
CNNMoney 06 Aug 2013
Although the past year's historically low mortgage rates have saved home buyers money, a Bankrate.com survey shows they paid more at the settlement table.