MCLEAN, VA - February 12, 2013 - (RealEstateRama) -- In the fourth quarter of 2012, 27 percent of borrowers that refinanced an existing mortgage chose to shorten their loan term, based on the Freddie Mac (OTC: FMCC) Quarterly Product Transition Report released today. Further, refinancing borrowers clearly preferred fixed-rate loans, regardless of whether their original loan was an adjustable-rate mortgage (ARM) or a fixed-rate.
Consumer Financial Protection Bureau warns mortgage servicers about illegal protections for consumers when transferring...
WASHINGTON, D.C. - February 11, 2013 - (RealEstateRama) -- The Consumer Financial Protection Bureau (CFPB) today issued a bulletin advising mortgage companies about their legal obligations that protect consumers during loan transfers between mortgage servicers. When handing over the processing of loans, mortgage servicers should not lose paperwork, lose track of a homeowner’s loss mitigation plans, or hinder a consumer’s chances of saving their home from unnecessary foreclosure. The CFPB has a heightened concern about these practices given the large number and size of recent servicing transfers.
WASHINGTON, D.C. - February 7, 2013 - (RealEstateRama) -- The defendants behind an operation that allegedly preyed on vulnerable homeowners have agreed to settle Federal Trade Commission charges that they lured people into paying $1,995 or more by holding out bogus promises that they could help them avoid foreclosure and renegotiate their mortgages
Reston, Virginia - February 7, 2013 - (RealEstateRama) -- Below is a monthly summary of major legal decisions involving either the use of the MERS® System database or Mortgage Electronic Registration Systems, Inc. (MERS) and its role in the mortgage process. Please feel free to contact the Office of Communications at MERSCORP Holdings, Inc. with any questions and visit the MERS Newsroom for a full list of news releases.
MCLEAN, VA--(Marketwire - Feb 7, 2013) - Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey(R) (PMMS®), showing mortgage rates either unchanged or lower and should continue to aid in the ongoing housing recovery.
Chairman Hensarling: “Open Question Whether FHA Has Now Morphed into Countrywide. Arguably, the FHA...
WASHINGTON, DC - February 6, 2013 - (RealEstateRama) -- House Financial Services Committee Chairman Jeb Hensarling (R-TX) delivered the following opening statement at today’s hearing on the proper role of the Federal Housing Administration (FHA) in the nation's mortgage insurance market. Today's hearing is the first in a series of hearings the committee plans on the FHA.
WASHINGTON, D.C. - February 6, 2013 - (RealEstateRama) -- Mortgage applications increased 3.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 1, 2013. Last week’s results included an adjustment for the Martin Luther King holiday.
San Diego, CA - February 6, 2013 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today awarded Robert M. Stout, CRI, President and CEO of Q10 Capital, LLC, with the 2013 CREF Distinguished Service Award at the Association's 23rd annual Commercial Real Estate Finance(CREF)/Multifamily Housing Convention & Expo held in San Diego, CA. The award was given to Stout in recognition of his dedication and service to MBA and the real estate finance industry
San Diego, CA - February 6, 2013 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today presented Guy Johnson, President of Johnson Capital Group, Inc., with its first ever “Be A Leader” award at the Association's 23rd annual Commercial Real Estate Finance(CREF)/Multifamily Housing Convention & Expo held in San Diego, CA. Brian F. Stoffers, CMB, President, CBRE Debt & Equity Finance and Chair of MBA’s Commercial Real Estate/Multifamily Finance Board of Governors (COMBOG) presented the award to Johnson in recognition of his commitment to member outreach to the commercial/multifamily real estate finance industr
BOCA RATON, FL - February 6, 2013 - (RealEstateRama) -- The deadline is fast approaching for the National Association of Real Estate Editors' 63rd Annual NAREE Journalism Competition for real estate and home and design writers and editors.The entry deadline is March 1, 2013, for work published or aired in 2012.
WASHINGTON, D.C. - February 6, 2013 - (RealEstateRama) -- A Miami title agent and former mortgage broker was found guilty late yesterday, Feb. 4, 2013, for her role in a “reverse mortgage” fraud scheme in connection with a loan worth more than $400,000, announced Assistant Attorney General Lanny A. Breuer of the Justice Department’s Criminal Division and U.S. Attorney Wifredo A. Ferrer of the Southern District of Florida.
Washington, DC - February 5, 2013 - (RealEstateRama) -- Today, the National Community Reinvestment Coalition (NCRC) applauded the news that the U.S. Department of Justice has filed a civil fraud complaint against Standards and Poor’s Rating Services for inflating crediting ratings for residential mortgage backed securities and collateralized debt obligations in the years leading to the financial crisis.
WASHINGTON, D.C. - February 5, 2013 - (RealEstateRama) -- Good morning – and thank you all for being here. Today, I am joined by Acting Associate Attorney General Tony West; Principal Deputy Assistant Attorney General for the Civil Division Stuart Delery; United States Attorney Andre Birotté, Jr., for the Central District of California; and attorneys general from six states and the District of Columbia – in announcing the latest steps forward in our ongoing efforts to protect the American people from financial fraud, to hold accountable those who violate our laws and abuse the public trust, and to seek justice for all whose lives were devastated by the recent economic crisis
WASHINGTON, D.C. - February 5, 2013 - (RealEstateRama) -- Attorney General Eric Holder announced today that the Department of Justice has filed a civil lawsuit against the credit rating agency Standard & Poor’s Ratings Services alleging that S&P engaged in a scheme to defraud investors in structured financial products known as Residential Mortgage-Backed Securities (RMBS) and Collateralized Debt Obligations (CDOs). The lawsuit alleges that investors, many of them federally insured financial institutions, lost billions of dollars on CDOs for which S&P issued inflated ratings that misrepresented the securities’ true credit risks
MCLEAN, VA - February 5, 2013 - (RealEstateRama) -- Freddie Mac (OTC: FMCC) announces its highest-producing multifamily mortgage sellers of 2012. These are the lenders who transacted the most financing volume with Freddie Mac. Through these and other lenders, the company settled a record $28.8 billion in new multifamily volume last year, comprising 435,000 rental units, and resulting in over $21 billion in mortgage securitizations.