Read the latest news about mortgages, foreclosures, servicers, loan modifications, HAMP, Dodd-Frank, Qualified Residential Mortgage (QRM), mortgage brokers and more.
- MBA: Mortgage Credit Availability Declined 0.7 Percent in September
Banker & Tradesman 08 Oct 2013
Loan underwriting criteria are tightening, if the Mortgage Credit Availability Index (MCAI) is any indication.
- Delinquencies Fall at the GSEs
Housing Wire 07 Oct 2013
Preventative measures taken by Fannie Mae and Freddie Mac saved 117,000 homes from foreclosure in the second quarter of the year, the Federal Housing Finance Agency (FHFA) reports.
- Fannie Plans DU System Updates to Correctly Document Pre-Foreclosures
Housing Wire 04 Oct 2013
Fannie Mae is in the process of upgrading Desktop Underwriter (DU), its automated underwriting system, to ensure that lenders have sufficient flexibility during the underwriting process to approve borrowers who accidentally end up with a foreclosure on their credit report.
- Reverse-Mortgage Program Takes a Hit
Wall Street Journal 02 Oct 2013
A federal judge on Sept. 30 handed down a decision that could potentially increase losses under FHA's reverse mortgage program.
- U.S.: Bank Charged Minorities Higher Rate
Washington Post 02 Oct 2013
Capital One is the latest in a string of financial institutions to settle allegations of unfair lending, with a deal to pay $2.85 million in damages. Its 2009 acquisition of Chevy Chase Bank led to a review of financial records, which exposed the bias against black and Latino mortgage borrowers at Chevy Chase since 2006.
- Fla. Force-Placed Settlement Overcomes Challenge from Rival Calif. Plaintiffs
PropertyCasualty360 02 Oct 2013
U.S. District Court Chief Judge Frederico Moreno granted preliminary approval for a force-placed insurance (FPI) lawsuit against J.P. Morgan Chase, and set a final fairness hearing for February 2014. The deal could be worth $300 million to 1.3 million homeowners nationwide
- New York to Sue Wells Fargo Over Mortgage Settlement
New York Times DealBook Blog 02 Oct 2013
New York Attorney General Eric T. Schneiderman is preparing to take Wells Fargo to court for disregarding the terms of 2012's multibillion-dollar settlement to end foreclosure abuses.
- National Foreclosure Settlement Rules Tweaked Amid Complaints
Chicago Tribune 01 Oct 2013
A committee tasked with monitoring implementation of the $25 billion national foreclosure settlement on Oct. 1 announced updated procedures that will require the five participating banks to give homeowners 60 days, instead of 30, to submit additional documents that might help them obtain a modification before the home goes into foreclosure or moves toward a foreclosure-related sale.
- Foreclosure Prevention Fund Expand Its Reach
Winston-Salem Journal (NC) 01 Oct 2013
The North Carolina Housing Finance Agency recently announced that the North Carolina Foreclosure Prevention Fund has been expanded to assist veterans recently separated from service and military or civilian workers who are furloughed.
- Paperwork Hassles, Red Tape the Target of New Homeowner’s Bill of Rights
VEGAS INC 01 Oct 2013
A Nevada law, effective Oct. 1, could help state homeowners better deal with their bank and avoid foreclosure. State Senate Bill 321, also called the Homeowner’s Bill of Rights, requires lenders to have one point of contact that can help struggling borrowers on foreclosure issues. The law, supported by the Nevada Association of Realtors, also forbids bankers from trying to seize the home of a borrower who is in the process of pursuing a short sale and requires lenders to provide homeowners with information such as foreclosure prevention options before seizing a house.
- HUD Proposes Its Own QM Definition
American Banker 01 Oct 2013
HUD has issued its own proposed definition of a "qualified mortgage (QM)." In order to receive QM status under its parameters, a loan must require periodic payments; have terms that do not exceed 30 years; and restrict upfront points and fees to no more than 3 percent. Those requirements are consistent with the private sector and conventional mortgages guaranteed by Fannie Mae and Freddie Mac
- JPMorgan Urged to Pay More in Mortgage Deal
New York Times DealBook Blog 27 Sep 2013
As the Justice Department nears a multibillion-dollar settlement with JPMorgan Chase over the bank's sketchy mortgage practices, JPMorgan CEO Jamie Dimon met with Attorney General Eric Holder to discuss the deal. JPMorgan has offered to pay a fine of about $7 billion and provide $4 billion in relief for struggling homeowners, but the Justice Department would like the bank to pony up a greater amount in penalties.
- Wall Street Cash Is Still Pushing Ordinary Homebuyers to the Curb
Huffington Post 26 Sep 2013
All-cash deals accounted for 45 percent of home sales last month, up from 30 percent in August 2012, according to a new report from RealtyTrac. Some buyers are local flippers who are looking to make quick renovations and sell for a higher price, while others are institutional investors with Wall Street money who typically convert homes into rental units.
- FICO Labs Data Shows 17 Percent Rise in Debt Among Late-Paying U.S. Consumers Since 2007
SYS-CON Media 26 Sep 2013
The average amount of debt held by delinquent consumers increased by 17 percent between 2007 and 2012, according to data released by FICO. The mean total debt for consumers who were delinquent by at least 60 days on at least one account grew from $53,706 in October 2007 to $62,642 in October 2012, adjusted for inflation. The jump is primarily due to increases in student-loan and mortgage debt.
- Mortgage Debt a Threat for Near-Retirees
MarketWatch 25 Sep 2013
Economists AnnaMaria Lusardi of George Washington University and Olivia Mitchell of the University of Pennsylvania recently studied the debt load of the Baby Boomer generation and found that the changing dynamics of the housing market have put many of these near-retirees in a financial bind.
- Mortgage Relief Didn't Help Many Keep Their Homes, Critics Say
Los Angeles Times 25 Sep 2013
While the five big banks involved in 2012's nationwide mortgage aid settlement have kept their promise to deliver billions of relief to homeowners, consumer advocates are disappointed that most of the assistance has come in the form of short sales and forgiveness of second mortgages.
- Rates Are Up, But It's Easier to Get a Mortgage Now
Time 24 Sep 2013
Home prices are staging a modest recovery in many parts of the country, even though mortgage rates are up nearly an entire percentage point since spring. The rise in borrowing costs has put the brakes on refinancing, with the Mortgage Bankers Association reporting activity recently slumping to a four-year low.
- Banks Exceed Mortgage Aid Promised to Californians, Monitor Says
Los Angeles Times 24 Sep 2013
Bank of America, Wells Fargo, and JPMorgan Chase have provided more than $18.4 billion in relief to California homeowners.
- Homeowner Rights After Foreclosure Expanded
Arizona Daily Star 23 Sep 2013
Arizona's Court of Appeals, in a precedent-setting decision, has ruled that state residents who lose title to their homes in foreclosure actions are legally entitled to occupy the property during appeal.
- FHFA Launches Campaign to Boost HARP Participation Rates
MortgageOrb.com 23 Sep 2013
Hoping to spark borrower interest in the four-year-old Home Affordable Refinance Program (HARP), the Federal Housing Finance Agency (FHFA) has set up a new website at www.harp.gov.