Archives

WASHINGTON, D.C. - March 24, 2014 - (RealEstateRama) -- The new Senate proposal to reform the housing finance system would needlessly make mortgages more expensive and less available, announced civil rights groups today. The goal of housing finance reform is to create a safe housing finance system that provides affordable mortgages to all creditworthy borrowers, including people of color and families with modest incomes and lower wealth. We have serious concerns that the legislation proposed this week does not achieve that goal, the groups said, and we look forward to working with the co-sponsors to improve the bill.

WASHINGTON, D.C. - March 19, 2014 - (RealEstateRama) -- NeighborWorks America today announced that $63.1 million has been awarded to 29 state housing finance agencies (HFAs), 18 HUD-approved housing counseling intermediaries, and 67 community-based NeighborWorks organizations to provide counseling to families and individuals facing the threat of foreclosure. Although the number of new households facing foreclosure is below the peak seen just a few years ago, many hundreds of thousands of homeowners will still face trouble with their mortgages this year. The foreclosure prevention work done by housing counselors funded by the NFMC program will significantly help these families. It is estimated that more than 167,800 families facing the threat of foreclosure will be directly assisted with this eighth round of NFMC funding

ST. LOUIS - March 11, 2014 - (RealEstateRama) -- Mortgage delinquencies continued to decline across the Eighth District during the fourth quarter of 2013, while housing prices were mixed, according to the St. Louis Fed’s latest Housing Market Conditions report.

WASHINGTON (February 26, 2014) – The following is a statement by National Association of Realtors® President Steve Brown: NAR supports reforms that promote economic growth, but we strongly oppose severely altering the rules that govern ownership and investment in real estate. Real estate powers almost one-fifth of the U.S. economy, employs more than 17 million Americans, and contributes a quarter of all federal and state tax revenue and as much as 70 percent of local taxes

WASHINGTON, D.C. - February 28, 2014 - (RealEstateRama) -- Industry groups and energy efficiency advocates applaud the inclusion of the Sensible Accounting to Value Energy (SAVE) Act in yesterday’s reintroduction of the Energy Savings and Industrial Competitiveness Act (Shaheen-Portman), S.2074. As the provision will be the largest generator of energy savings among the new additions to Shaheen-Portman, the SAVE Act will help households reap the benefits of investing in energy-efficient homes. The bill’s co-sponsors, Senators Isakson (R-GA) and Bennet (D-CO) have championed the SAVE Act since its introduction in 2011. The coalition would also like to thank additional co-sponsors Boxer (D-CA), Toomey (R-PA), Udall (D-CO), and Begich (D-AK) for their support. The bill’s diverse coalition of supporters includes over 45 organizations, including the U.S. Chamber of Commerce and the Natural Resources Defense Council (NRDC).

BOCA RATON, Fla. - February 27, 2014 - (RealEstateRama) -- With a growing emphasis on commercial real estate, the evolving real estate industry and luxury real estate, the National Association of Real Estate Editors (NAREE) offers 25 categories to recognize excellence in the extremely broad field of real estate journalism which runs the gamut from residential, commercial and mortgage finance to public policy, sustainable urban and home design, among others.

WASHINGTON, D.C. - February 20, 2014 - (RealEstateRama) -- By way of background, I am a career bank regulator. I cut my teeth during the end of the S&L Crisis as an entry level bank examiner 24 years ago. I later served for seven years as the Massachusetts Commissioner of Banks. Under this purview, I had a mandate to ensure compliance with safety and soundness, consumer protection, community reinvestment, and fair lending laws and regulations. Moreover, I have supervised banks, credit unions, and nonbanks throughout my career

WASHINGTON, D.C. - February 10, 2014 - (RealEstateRama) -- Today, the Consumer Financial Protection Bureau (CFPB) is taking steps to improve information reported about the residential mortgage market to help better understand borrowers’ access to credit. As a first step in the rulemaking process, the CFPB is convening a panel of small businesses to provide feedback on potential changes to mortgage information reported under the Home Mortgage Disclosure Act (HMDA). Today the Bureau is also unveiling a new online tool that makes it easier to navigate the publicly available HMDA data

WASHINGTON, D.C. - February 10, 2014 - (RealEstateRama) -- Thank you for joining us. Today we are taking important steps to improve information about the residential mortgage market. As Congress required in the Dodd-Frank Act, we are considering proposing rules that would make changes in how financial institutions report their mortgage activity. One of the main purposes of this effort is to gain greater insight into issues about access to credit. We are also releasing an important new tool today so the public can better use the mortgage loan data that is already available.

WASHINGTON, D.C. - February 10, 2014 - (RealEstateRama) -- The Federal Housing Finance Agency (FHFA), as conservator of Fannie Mae and Freddie Mac, today announced it has reached a settlement with Morgan Stanley, related companies and specifically named individuals for $1.25 billion. The settlement resolves claims in the lawsuit FHFA v. Morgan Stanley, et al. in the U.S. District Court of the Southern District of New York. The settlement addresses claims alleging violations of federal and state securities laws and common law fraud in connection with private-label mortgage-backed securities (PLS) purchased by Fannie Mae and Freddie Mac between 2005 and 2007.

Reston, Virginia, - February 4, 2014 - (RealEstateRama) -- MERSCORP Holdings, Inc. today announced the Seventh Circuit of Appeals rendered a favorable decision in the Macon County recording fee case and affirmed the dismissal of the lawsuit by the district court

WASHINGTON, D.C. - February 4, 2014 - (RealEstateRama) -- The Department of Justice today announced that JPMorgan Chase (JPMC) will pay $614 million for violating the False Claims Act by knowingly originating and underwriting non-compliant mortgage loans submitted for insurance coverage and guarantees by the Department of Housing and Urban Development’s (HUD) Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA). JPMC is a bank and financial services company headquartered in New York

WASHINGTON, D.C. - January 30, 2014 - (RealEstateRama) -- The Consumer Financial Protection Bureau (CFPB) today issued a report highlighting problems like unfair and deceptive practices in the mortgage servicing market uncovered through the Bureau’s supervision program in 2013. The report also notes that, between July and October 2013, consumers received $2.6 million as result of overall non-public supervisory activities at the banks and nonbanks the CFPB oversees

WASHINGTON, D.C. - January 29, 2014 - (RealEstateRama) -- Today, the Consumer Financial Protection Bureau (CFPB) initiated an administrative proceeding against PHH Corporation and its affiliates (PHH), alleging PHH harmed consumers through a mortgage insurance kickback scheme that started as early as 1995. The CFPB is seeking a civil fine, a permanent injunction to prevent future violations, and victim restitution.

Reston, Virginia - January 24, 2014 - (RealEstateRama) -- Below is a monthly summary of major legal decisions involving either the use of the MERS® System or Mortgage Electronic Registration Systems, Inc. (MERS) and its role in the mortgage process. Please contact the MERS Newsroom

WASHINGTON, D.C. - January 24, 2014 - (RealEstateRama) -- Boston Community Capital's (BCC) SUN Initiative has prevented the eviction of over 450 families facing foreclosure across Massachusetts and Maryland. BCC also advocates for policies that benefit low-income homeowners who are impacted by predatory lending and foreclosure

WASHINGTON, D.C. - January 23, 2014 - (RealEstateRama) -- The housing market was at the heart of the 2008 recession, and now a new era is being ushered in to remediate the risks. In the recovery period, there has been a focus on protecting homebuyers as well as minimizing the existence of risky loans

WASHINGTON, D.C. - January 22, 2014 - (RealEstateRama) -- Thanks to the Structured Finance Industry Group for giving me this opportunity to discuss the Administration's housing priorities for short-term action and comprehensive housing finance reform.

WASHINGTON, D.C. - January 22, 2014 - (RealEstateRama) -- Thank you for inviting me to come speak with you once again. When I was here in 2012, the Consumer Financial Protection Bureau had just opened its doors. Today, I come to you after more than two years of concrete accomplishments. We have helped solve tens of thousands of individual consumer problems. We are returning over three billion dollars to consumers so far, and we have gone after those who try to take advantage of them. And we have put in place new rules that bring historic changes to make the multi-trillion dollar mortgage market work better for consumers and help see to it that the terrible collapse we went through just five years ago will never happen again.

WASHINGTON, D.C. - January 17, 2013 - (RealEstateRama) -- Today the Consumer Financial Protection Bureau ordered a Missouri mortgage lender, Fidelity Mortgage Corporation, and its former owner and current president, Mark Figert, to pay $81,076 for funneling illegal kickbacks to a bank in exchange for real estate referrals