Read the latest news about mortgages, foreclosures, servicers, loan modifications, HAMP, Dodd-Frank, Qualified Residential Mortgage (QRM), mortgage brokers and more.
- Big Banks Meet Aid Requirement, Monitor Reports
Washington Post 19 Mar 2014
The nation's largest banks have met the financial obligations of the $25 billion national mortgage accord, reports court-appointed settlement monitor Joseph A. Smith Jr.
- Adjustable-Rate Mortgages Make a Comeback
Wall Street Journal 17 Mar 2014
Adjustable-rate mortgages (ARMs) are riding a new wave of popularity. Some financial groups are even sweetening terms to attract more customers to these loans, whose rates can jump after a few years.
- Mortgage Servicer to Pay $268 Million to Californians
Los Angeles Times 17 Mar 2014
The California Department of Business Oversight has announced that state residents who fell victim to alleged foreclosure abuses are due to receive $268 million in relief from a $2.
- Wells Fargo's Foreclosure Process Draws New Fire
American Banker 17 Mar 2014
Wells Fargo is under the spotlight once again due to allegations that it developed a how-to manual for producing false documents to justify foreclosures.
- Church, Housing Groups Sue Gov. Brown Over Mortgage Settlement Money
Los Angeles Times 14 Mar 2014
Several religious groups and homeownership advocates are suing California Gov. Jerry Brown, demanding that he return about $350 million from California's share of the 2012 national mortgage ...
- DOJ Inspector General Says Department Is Not as Tough as It Claims on Mortgage Fraud
Washington Post 14 Mar 2014
Despite claims to the contrary, a new audit reveals that mortgage fraud has not been a big priority at the FBI.
- Are Post-Crisis Credit Requirements Holding Back 1.2M Mortgages?
Housing Wire 14 Mar 2014
More than 1.2 million mortgages could be made if credit conditions and requirements were at traditional, pre-crisis levels, according to a new paper from the Urban Institute.
- CFPB Takes Aim at 'Zombie' Foreclosures
American Banker 13 Mar 2014
The Consumer Financial Protection Bureau is looking into how bank "walkaways" from distressed homes are hurting borrowers and how to rectify the situation.
- With Clock Ticking on Mortgage Relief, Homeowners Wonder What's Ahead
Washington Post 11 Mar 2014
Five years after the federal government rescued more than 1 million distressed homeowners, many who received aid could still wind up in foreclosure.
- Speeding Up Vacant-Home Foreclosures Could Save Big: Fed Paper
American Banker 10 Mar 2014
A new study by the Federal Reserve Bank of Cleveland concludes that fast-tracking foreclosures in states that handle the process through the courts could lead to significant savings for all parties.
- Lenders Use Budget Data to Lobby FHA for Lower Premiums
American Banker 07 Mar 2014
President Obama's budget reveals that the FHA has the flexibility to lower premiums, according to the Community Home Lenders Association.
- New York Demands Data From Mortgage Firm Nationstar
New York Times 06 Mar 2014
New York State's top banking regulator, Benjamin M. Lawsky, is raising questions about the capabilities of Nationstar Mortgage Holdings.
- PNC Under Investigation for FHA, Fannie, Freddie Mortgages
Housing Wire 03 Mar 2014
The U.S. Attorney's Office for the Southern District of New York has subpoenaed PNC Bank in connection with allegations of faulty lending practices at National City Bank.
- Fair Housing Group Goes After Banks Failing to Maintain REO
American Banker 28 Feb 2014
The National Fair Housing Alliance has filed administrative complaints with HUD against Bank of America, U.S.
- New Home Loan Balances Overtake Foreclosures: Equifax
American Banker 28 Feb 2014
The volume of new mortgage debt is outpacing that of loans in foreclosure for the first time in more than three years, Equifax reports.
First mortgage balances grew to $7.
- The Homebuyer's Champion: A Nonprofit Lender Revives the Hopes of Subprime Borrowers
New York Times 26 Feb 2014
The Neighborhood Assistance Corporation of America (NACA) has $10 billion in funding from Bank of America to make loans on its own terms over the next decade.
- Complaint Alleges Deutsche Bank Discrimination
Memphis Daily News 25 Feb 2014
According to a complaint filed on Feb. 25 with the federal government, Deutsche Bank allegedly discriminated against minority neighborhoods in the Memphis area in the way that it treated bank-owned ...
- 1st Alliance Lending Turns Itself In to CFPB
Housing Wire 24 Feb 2014
The Consumer Financial Protection Bureau (CFPB) has ordered 1st Alliance Lending to pay a civil penalty of $83,000 for illegally splitting real estate settlement fees.
- Mortgage-Assistance Scam Lands Florida Men Seven Years in Prison
American Banker 24 Feb 2014
Christopher Godfrey and Dennis Fischer, both of Florida, have been sentenced to seven years in federal prison for cheating troubled borrowers out of more than $4 million.
- Mortgage Woes Approach Prerecession Levels
Wall Street Journal 21 Feb 2014
The number of troubled mortgages has declined to a level last seen since the early months of the recession. The delinquency rate fell to 6.