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Federal Financial Institutions Examination Council Announces Availability of 2012 Data on Mortgage Lending

WASHINGTON, D.C. - September 18, 2013 - (RealEstateRama) -- The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on mortgage lending transactions at 7,400 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. The HMDA data made available today cover 2012 lending activity — applications, originations, purchases and sales of loans, denials, and other actions related to applications

Former Alabama Real Estate Investor Pleads Guilty to Making False Statement in Connection with...

WASHINGTON, D.C. - September 17, 2013 - (RealEstateRama) -- A former investor in the Alabama real estate foreclosure auctions industry pleaded guilty today to one count of making false statements, the Department of Justice announced.

OBAMA ADMINISTRATION RELEASES AUGUST HOUSING SCORECARD

WASHINGTON - September 16, 2013 - (RealEstateRama) -- The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury today released the August edition of the Obama Administration's Housing Scorecard – a comprehensive report on the nation’s housing market. The latest data show important progress across many key indicators—as home prices, purchases of new homes, and sales of existing homes continue to show strong annual gains—although officials caution that the overall recovery remains fragile. The full Housing Scorecard is available online at www.hud.gov/scorecard.

CFPB Finalizes Modifications to Mortgage Rules

  • Outline procedures for obtaining follow-up information on loss-mitigation applications:WASHINGTON, D.C. - September 13, 2013 - (RealEstateRama) -- The new rule provides specific procedures for servicers to follow if they fail to identify and inform a borrower upon an initial review that certain information is missing from the borrower’s loss mitigation application
  • Senate Banking Committee Hearing Highlights Progress on Housing Finance Reform

    WASHINGTON, D.C. - September 13, 2013 - (RealEstateRama) -- Today’s hearing by the Senate Banking Committee demonstrated a growing consensus on the need to enact housing finance reform legislation. Jerome Lienhard, CEO of SunTrust Mortgage, and other witnesses including economist Mark Zandi, agreed on the need for housing finance reform that protects the taxpayer; allows originators of all sizes to participate; and creates a system with private capital that also ensures transparency and maintains investor confidence in the system. Witnesses agreed that the bipartisan legislation by Senators Bob Corker and Mark Warner is a positive place to start in developing comprehensive reform.

    Bankers Announce Availability of $1 Million in Grants for First-Time Homebuyers

    Martinsburg, W.Va., - September 5, 2013 - (RealEstateRama) -- Rep. Shelley Moore Capito (W.Va.-02) joined area bankers today as they explained how qualified first-time homebuyers in the Eastern Panhandle can obtain grants that make financing a home easier.

    HUD ANNOUNCES ADDITIONAL MEASURES TO MANAGE RISK IN FHA’s REVERSE MORTGAGE

    WASHINGTON - September 4, 2013 - (RealEstateRama) -- The U.S. Department of Housing and Urban Development (HUD) is today publishing new guidance to manage risk associated with the Federal Housing Administration’s (FHA) reverse mortgage or Home Equity Conversion Mortgage (HECM) Program. This is part of the Department’s continuing effort to reform, strengthen and protect FHA’s Mutual Mortgage Insurance (MMI) Fund. Read FHA’s mortgagee letters.

    FHFA Index Shows Mortgage Interest Rates Rose Sharply in July

    Washington, DC - August 29, 2013 - (RealEstateRama) -- National data show interest rates on mortgages continued their upward trend. Contract mortgage interest rates increased 0.45 percent from June to July, according to an index of new mortgage contracts

    New Fed Rule on Qualified Residential Mortgage: A Strong Step Forward

    WASHINGTON, D.C. - August 29, 2013 - (RealEstateRama) -- New mortgage lending rules proposed today by federal regulators take a big step forward in strengthening the U.S. housing market and economy

    New mortgage rule is a step forward for affordable housing

    WASHINGTON, DC - August 28, 2013 - (RealEstateRama) -- Regulators have proposed a new version of mortgage rules that will give more Americans access to mortgage credit while helping to keep the mortgage finance system safe and sound. The National Housing Conference (NHC) applauds the six regulatory agencies for responding to the widespread sentiment against onerous down payment requirements and in favor of aligning major mortgages rules.

    NCRC Efforts Result in Important Conditions on FDIC Approval of Renasant Bank Merger

    Washington, DC - August 27, 2013 - (RealEstateRama) -- Today, the National Community Reinvestment Coalition reacted to the Federal Deposit Insurance Corporation (FDIC) issuing a conditional approval of a merger between the holding companies for Renasant Bank and M&F Bank. As a condition of the merger, the newly merged Renasant Bank must conduct additional marketing to small businesses and qualified home loan borrowers, partner with community organizations to advertise its products in underserved communities, expand its team of mortgage lenders, and set a goal of meeting the lending levels of its peers in home lending and small business lending.

    Over $50B in consumer mortgage relief announced

    WASHINGTON, D.C. - August 23, 2013 - (RealEstateRama) -- Earlier today Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement issued his fifth and final report detailing progress by the five participating servicers regarding their consumer relief obligations under the Settlement through June 30. The monitor has verified the data provided by one servicer (Ally/ResCap) as fulfilling settlement consumer relief obligations, and is evaluating two others (Bank of America and Chase) for completion.

    CFPB Examiners Find Mortgage Servicing Problems At Banks And Nonbanks

    WASHINGTON, D.C. - August 22, 2013 - (RealEstateRama) -- Today, the Consumer Financial Protection Bureau (CFPB) issued a report detailing mortgage servicing problems at banks and nonbanks. The report also found that many nonbanks lack robust systems for ensuring they are following federal laws

    Mortgage insurance: market structure, underwriting cycle and policy implications issued by the Joint Forum

    WASHINGTON, D.C. - August 20, 2013 - (RealEstateRama) -- The Joint Forum released today its final report on Mortgage insurance: market structure, underwriting cycle and policy implications.

    CFPB Releases Second Update Of Exam Procedures For Mortgage Rules

    WASHINGTON, D.C. - August 15, 2013 - (RealEstateRama) -- Today, the Consumer Financial Protection Bureau (CFPB) released a second update to its exam procedures in connection with the new mortgage regulations issued in January 2013. The interim exam procedures offer valuable guidance to financial institutions and mortgage companies on what the CFPB will be looking for as the rules become effective.

    HOPE NOW: 204K Loan Modifications for Homeowners During Q2 2013

    WASHINGTON, DC - August 14, 2013 - (RealEstateRama) -- HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors, released its Q2 2013 data, which shows that approximately 204,000 homeowners received permanent loan modifications from mortgage servicers from April through June of this year.

    President Signs Bill Protecting Financial Options for Senior

    WASHINGTON, D.C. - August 12, 2013 - (RealEstateRama) -- At a White House ceremony this afternoon, President Barack Obama signed the Reverse Mortgage Stability Act, bipartisan legislation “to authorize the Secretary of Housing and Urban Development to establish additional requirements to improve the fiscal safety and soundness of the Home Equity Conversion Mortgage insurance program.

    Department of Justice Sues Bank of America for Defrauding Investors in Connection with Sale...

    WASHINGTON, D.C. - August 7, 2013 - (RealEstateRama) -- Attorney General Eric Holder and U.S. Attorney for the Western District of North Carolina Anne M. Tompkins announced today that the United States has filed a civil lawsuit against Bank of America Corporation and certain of its affiliates, including Merrill Lynch, Pierce, Fenner & Smith f/k/a/ Banc of America Securities, LLC, Bank of America, N.A., and Banc of America Mortgages Securities, Inc. (collectively “Bank of America”). The complaint alleges that Bank of America lied to investors about the relative riskiness of the mortgage loans backing the residential mortgage-backed securities (RMBS), made false statements after intentionally not performing proper due diligence and filled the securitization with a disproportionate amount of risky mortgages originated through third party mortgage brokers

    Independent Foreclosure Review Payments Surpass $2.6 Billion

    WASHINGTON, DC - August 2, 2013 - (RealEstateRama) -- Almost 3 million people have cashed or deposited more than $2.6 billion in checks related to the Independent Foreclosure Review (IFR) Payment Agreement through August 1, 2013.

    Financial Services, Oversight Looking at CFPB Employees Profiting from Mortgage Rules

    Washington, DC - August 1, 2013 - (RealEstateRama) -- House Financial Services Chairman Jeb Henserling, R-Texas and House Oversight and Government Reform Committee Chairman Darrell Issa, R-Calif., sent a letter to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray about concerns that senior employees have left CFPB in order to profit from the very rules they helped create.

    Business Real Estate Press Releases

    Support Ukrainian Refugees

    GFP Real Estate and Its Tenants Raise More Than $200,000 to...

    GFP Real Estate is pleased to announce that its "Support Ukraine in Crisis" campaign raised more than $200,000 to support humanitarian relief efforts on the ground in Ukraine.

    Recent Gov & Nonprofit Real Estate Press Releases