Read the latest news about mortgages, foreclosures, servicers, loan modifications, HAMP, Dodd-Frank, Qualified Residential Mortgage (QRM), mortgage brokers and more.
- New York Scrutinizes Online Lenders
Wall Street Journal 06 Aug 2013
Benjamin Lawsky, superintendent of the New York Department of Financial Services, has issued 35 cease-and-desist orders to online firms that he believes might be dodging state laws prohibiting lenders from charging egregious interest rates.
- Mass. Banks Accused of Violating Foreclosure Laws
Associated Press 05 Aug 2013
Many banks in Massachusetts continue to violate basic legal requirements during foreclosures, charge attorneys representing homeowners.
- LPS: Seasonal Bump Pushes Delinquencies Up in June
Banker & Tradesman 05 Aug 2013
After five months of falling numbers, mortgage delinquencies reversed course in June, reports Lender Processing Services. Its monthly tally reflects an estimated 700,000 new 30-day delinquent loans, amounting to a 10 percent rise in delinquencies from May.
- State Starts Do-Over on Foreclosure Mediation
Oregonian (OR) 04 Aug 2013
Oregon relaunched its foreclosure mediation program on Aug. 4. Last year's original program was intended to force lenders to meet with homeowners before foreclosing on a mortgage, but the rules did not include foreclosures that lenders filed in court.
- First-Year Oly Congressman Has Bill Passed in Senate
The Olympian (Olympia, Washington) 01 Aug 2013
In a unanimous decision, the U.S. Senate has approved reverse mortgage legislation sponsored by freshman Rep. Denny Heck (D-Wash.). The bill, the lawmaker's first, now advances to President Obama for signing. According to Heck, H.R. 2167 gives the Federal Housing Administration new tools for ensuring that loans serve the interest of senior homeowners who borrow against their equity.
- Bill Protecting Service Members From Foreclosure Gains Traction
Housing Wire 01 Aug 2013
The House Veterans Affairs Committee has approved legislation that shields members of the U.S. armed forces from wrongful foreclosure, clearing the way for a vote in the full chamber.
- Fannie Mae: Delinquencies on Single-Family Mortgages Down in June
Wall Street Journal 31 Jul 2013
Continuing recovery of the housing market helped reduce serious delinquencies on single-family Fannie Mae mortgages, the company confirmed.
- A City Invokes Seizure Laws to Save Homes
New York Times 30 Jul 2013
Richmond, Calif., is poised to become the first U.S. city to try eminent domain as a means of stopping foreclosures. The results will be closely watched by Wall Street banks as well as a host of other cities nationwide that are considering adopting the same approach.
- Fewer Americans Having Trouble Making Mortgage Payments
CBS42.com 29 Jul 2013
Data collected from May 2012 to May 2013 show that Americans increasingly are doing a better job of paying their mortgages. According to the analysis performed by CoreLogic...
- Oregon to Launch New Mortgage Aid Program
Oregon Live 29 Jul 2013
The Home Rescue Program, a revived mortgage assistance effort administered by the Oregon Homeownership Stabilization Initiative, will begin to accept applications from most counties this week. The program will cover up to one year of mortgage payments, capped at $20,000, and apply up to $10,000 toward bringing a delinquent mortgage back into good standing.
- U.S. Regulators Moving Cautiously on Mortgage Reforms
Reuters 29 Jul 2013
U.S. bank regulators are carefully crafting various rules to put a stop to reckless underwriting and other mortgage market abuses, claiming they are cognizant of arguments from an alliance of both banks and consumer groups that excessively strict regulations could hinder credit availability.
- R.I. Judge Rejects Claim of Wrongful Foreclosure Against Mortgage Registry
Legal Newsline 29 Jul 2013
In Rhode Island, Providence County Superior Court Justice Allen Rubine has rejected a claim of wrongful foreclosure against MERS -- a national mortgage registry. MERSCORP and Mortgage Electronic Registration Systems Inc. were established in 1995 to aid the home-finance market by tracking servicing rights and ownership of U.S. mortgages.
- New Group Being Formed to Advocate for Homeowners' Interests
Los Angeles Times 28 Jul 2013
A group of experts representing the mortgage and real estate sectors, fair housing and consumer interests, and the national community development movement are building a new organization to advocate on behalf of the country's 75 million homeowners.
- Merkley Introduces Bills to Help Middle Class Families With New Home Refinancing Options
Politicalnews.me 26 Jul 2013
Sen. Jeff Merkley (D-Ore.) has introduced the Rebuilding American Homeownership Act, which aims to provide new home refinancing options to put more money back in the pockets of middle-class households.
- FHA Seeks Tighter Reverse Mortgage Rules
Chicago Tribune 26 Jul 2013
While reverse mortgages work best as lines of credit that enable senior citizens to meet such immediate needs as home repairs, many such borrowers have used them as a lifeline to deal with more urgent financial needs like avoiding foreclosure. As a result, the FHA is looking to tighten its requirements for seniors who apply for a home equity conversion mortgage (HECM), its version of a reverse mortgage.
- GMAC Mortgage to Pay Out $230 Million to Borrowers
CNBC.com 26 Jul 2013
Residential Capital's GMAC Mortgage subsidiary has agreed to $230 million in cash compensation for more than 232,000 borrowers who were in the foreclosure process between 2009 and 2010.
- Judge Approves Suit Tying Morgan Stanley to Toxic Lending in Detroit
Reuters 26 Jul 2013
U.S. District judge Harold Baer in New York has approved a bias lawsuit that accuses Morgan Stanley of encouraging subprime mortgage lender New Century Mortgage Company to target black homeowners in Detroit.
- Mortgage Default Rate Spikes in June: LPS
The Street 25 Jul 2013
.S. mortgage delinquencies have ended a five-month downward streak, jumping to a pace of 6.7 percent in June, reports Lender Processing Services. Last month's delinquency rate, up 10 percent from May, is the highest it has been since February.
- Don't Swim With Loan Sharks
Cape Cod Times 25 Jul 2013
Federal regulators have been trying to strengthen consumer protection laws through the Dodd-Frank Act and the Consumer Financial Protection Bureau; but legal "loan sharks" are looking to get state governments to pass industry-friendly legislation, consumer watchdogs say.
- ‘Unbanked’ Minnesotans Hurt Most by Predatory Lending
MinnPost.com (MN) 24 Jul 2013
More than 360,000 Minnesota households that are “unbanked” or “underbanked” do not have access to reasonably priced, basic financial services, according to a 2011 survey by the Federal Deposit Insurance Corporation.