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Mortgage

Mortgage

Homeownership Tax Benefits Must Be Preserved, Say Realtors®

Washington, DC - July 29, 2011 - (RealEstateRama) -- Any changes to the mortgage interest deduction now or in the future could threaten recent progress toward stabilizing the housing market, critically erode home prices and values, destroy middle-class wealth accumulation and hurt economic growth.

MBA Statement on Debt Ceiling Negotiations

WASHINGTON, D.C. - July 28, 2011 - (RealEstateRama) -- David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA) issued the following statement today.

ABA SUBSIDIARY NAMES AKLERO EXCLUSIVE MORTGAGE QUALITY CONTROL SERVICE PROVIDER

WASHINGTON and FT. WASHINGTON, Pa. - July 28, 2011 - (RealEstateRama) -- Business Solutions, a subsidiary of the American Bankers Association, named Aklero Risk Analytics, a provider of automated data and document validity assurance for the mortgage industry, the exclusive provider of mortgage quality control services to its members.

Fannie Mae Provides Sustained Liquidity to the Multifamily Mortgage Market in the First Half...

WASHINGTON, DC - July 27, 2011 - (RealEstateRama) -- Fannie Mae (FNMA/OTC) today announced that in the first half of 2011, the company issued $10.3 billion in MBS backed by new multifamily acquisitions delivered by our lenders, and sold $5.3 billion in MBS pools and GeMSTM structured transactions, enhancing tradable float and supporting liquidity in the multifamily MBS market.

Federal Housing Finance Agency Reports Mortgage Interest Rates

Washington, DC - July 27, 2011 - (RealEstateRama) -- The Federal Housing Finance Agency today reported that the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders, used as an index in some ARM contracts, was 4.62 percent based on loans closed in June. This is a decrease of 0.12 percent from the previous month.

Mortgage Applications Decrease in Latest MBA Weekly Survey

WASHINGTON, D.C. - July 27, 2011 - (RealEstateRama) -- Mortgage applications decreased 5.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 22, 2011.

In Cleveland, Brown Joins Homeowner Advocates to Call for Crackdown on Fraudulent Foreclosures

CLEVELAND, OH - July 26, 2011 - (RealEstateRama) -- In the wake of reports that banks and mortgage processors have continued a practice known as “robo-signing”—forging signatures and submitting false affidavits—U.S. Sen. Sherrod Brown (D-OH)...

Mortgage Broker Charged in $20 Million Mortgage Fraud Scheme

MINNEAPOLIS, MN - July 26, 2011 - (RealEstateRama) -- This past Friday in federal court, an Edina mortgage broker was charged for his role in a $20 million mortgage fraud scheme that involved 57 properties. Derrick Ivan Lance, age 40, of Edina, was charged via an information with one count of conspiracy to commit wire fraud.

Department of Banking and Finance Enters into a Consent Order with Cornerstone Mortgage Company...

Atlanta, GA - July 26, 2011 - (RealEstateRama) -- On July 21, 2011, the Georgia Department of Banking and Finance (“Department”) entered into a Consent Order with Cornerstone Mortgage Company dba Brayden Capital Home Loans (“Cornerstone Mortga...

Northland Residential’sThe Villages at Brookside Sponsored CEU Class

Westborough, MA - July 26, 2011 - (RealEstateRama) -- The Villages at Brookside, located at 52 Brookside Road, sponsored two CEU classes taught by Anita Hill Training & Seminars and accredited by the Higgins Group License School on July 19th to support the continuing education of local real estate agents.

INLANTA MORTGAGE ADDS BUSINESS DEVELOPMENT MANAGER

Brookfield, WI - July 26, 2011 - (RealEstateRama) -- Inlanta Mortgage is pleased to announce the addition of Peter Salamone to its corporate staff. As Business Development Manager, Salamone will focus on recruiting Branch Partners to expand Inlanta’s Partner Branch network and increase corporate sales.

High Demand for New Construction in Boston Proper

Westborough, MA - July 26, 2011 - (RealEstateRama) -- Gordon's Woods Condominium's located at 990 VFW Parkway in West Roxbury reports an increase in demand for new construction within Boston Proper. In the past ten days, the complex reports five pending sales.

MBA Files Comment on Proposed Ability to Repay/Qualified Mortgage Rule

WASHINGTON, D.C. - July 26, 2011 - (RealEstateRama) -- On Friday, the Mortgage Bankers Association (MBA) filed a comment letter with the Federal Reserve on the Board’s proposed rule that would implement amendments to the Truth in Lending Act (TILA) under the Dodd-Frank Act to establish Ability to Repay/Qualified Mortgage requirements.In the letter, MBA’s President and CEO David H. Stevens reiterates MBA’s support for the establishment of an ability to repay requirement for mortgage loans and emphasizes the importance of a final rule that provides unambiguous definitions and means of compliance. According to MBA, clear “bright line” requirements will ensure the availability of sustainable mortgage credit to the widest array of qualified borrowers at affordable costs.

ABA OFFERS ALTERNATIVE TO STRENGTHEN “QUALIFIED MORTGAGE” SAFE HARBOR

WASHINGTON, DC - July 26, 2011 - (RealEstateRama) -- In a comment letter Friday, the American Bankers Association offered an alternative solution to strengthen the "qualified mortgage" option's safe-harbor protections in the Federal Reserve's proposed rule that would require creditors to determine a consumer's ability to repay a mortgage before making the loan.

Attorney Sentenced to Prison for Wire Fraud and Money Laundering in a Multi-Million-Dollar Mortgage...

HOUSTON, TX - July 25, 2011 - (RealEstateRama) -- Vincent Wallace Aldridge, a former fee attorney for First Southwestern Title Company, has been sentenced to 63 months’ imprisonment for wire fraud and money laundering arising from a scheme to defraud residential mortgage lenders of more than $3.7 million in loans in connection with home purchases in the Houston area, United States Attorney José Angel Moreno announced today, along with FBI Special Agent in Charge Stephen L. Morris and Internal Revenue Service-Criminal Investigations (IRS-CI) Special Agent in Charge Rodney E. Clark.

Federal Grand Jury Indicts Three Collin County Residents in Bank Fraud Conspiracy Involving Nearly...

DALLAS, TX - July 25, 2011 - (RealEstateRama) -- A federal grand jury in Dallas has returned a four-count indictment this week charging three individuals, Vathany Teng, Lina Ma and Jerry Goh each with one count of conspiracy to commit bank fraud and two substantive counts of bank fraud in relation to a loan fraud scheme they allegedly ran in the Dallas area from August 2007 to April 2008. In addition, defendant Jerry Goh, a lawyer, is also charged with one count of witness tampering. All three defendants are expected to surrender to federal authorities and appear tomorrow, July 22, 2011, at 2:00 p.m., before U.S. Magistrate Judge Irma C. Ramirez. Today’s announcement was made by U.S. Attorney James T. Jacks of the Northern District of Texas.

Total Mortgage Services To Hire 50 New Loan Officers To Expand Retail Channel

MILFORD, CT - July 25, 2011 - (RealEstateRama) -- Total Mortgage Services, LLC, a leading mortgage lender, announced today it is aggressively hiring 50 new retail loan officers to help expand its retail channel’s market position throughout the 23 states it is currently licensed in to originate residential mortgage loans. Total Mortgage is actively recruiting high quality mortgage production professionals, offering a highly competitive compensation package and access to some of the lowest mortgage rates and best in class operational support in the industry.

MBA Releases Free Home Loan Toolkit Mobile App for iPhone and Android

WASHINGTON, D.C. - July 22, 2011 - (RealEstateRama) -- The Mortgage Bankers Association released a new, free mobile application today for iPhone and Android devices designed to help perspective homebuyers better navigate the mortgage process.

Congresswoman Waters Leads Colleagues in Calling for Bank Accountability for Foreclosure Practices

Washington, DC - July 21, 2011 - (RealEstateRama) -- Congresswoman Waters (CA), Ranking Member on the Subcommittee on Capital Markets and Government Sponsored Enterprises, today led 11 of her colleagues in the House of Representatives urging U.S. bank regulators to publicly release information regarding the steps that mortgage servicers are taking to prevent illegal foreclosure practices. An identical letter was sent by U.S. Senator Robert Menendez (NJ), Chairman of the Senate Subcommittee on Housing, Transportation, and Community Development, and nine additional Senators.

Refinance Applications Surge in Latest MBA Weekly Survey

WASHINGTON, D.C. - July 21, 2011 - (RealEstateRama) -- Mortgage applications increased 15.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 15, 2011.

Recent NAR Press Releases

NAR

Existing-Home Sales Vaulted 9.5% in February, Largest Monthly Increase in a...

Existing-home sales climbed in February, according to the National Association of REALTORS®. Among the four major U.S. regions, sales jumped in the West, South and Midwest, and were

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