Archives

WASHINGTON, D.C. - July 7, 2011 - (RealEstateRama) -- Congressman Rubén Hinojosa announces a new federal program, the Emergency Homeowners Loan Program (EHLP),that will directly help qualifying homeowners with their mortgage.

Washington, DC - July 7, 2011 - (RealEstateRama) -- The long-term viability of America’s housing finance market requires comprehensive reform of the secondary mortgage market. Toward that end, the National Association of Realtors® supports H.R. 2413, the “Secondary Market Facility for Residential Mortgage Act of 2011.”

WASHINGTON, D.C. - July 7, 2011 - (RealEstateRama) -- Mortgages servicers should be required to give every mortgage holder “a good-faith review of foreclosure alternatives” before taking steps to take his or her home, CRL president Michael Calhoun told Congress today.

WASHINGTON, D.C. - July 6, 2011 - (RealEstateRama) On Tuesday, July 5, 2011, the Mortgage Bankers Association (MBA) submitted the attached comment letter to Elizabeth Warren, Assistant to the President and Special Advisor to the Treasury Secretary urging the Bureau of Consumer Financial Protection to meet with key stakeholders as soon as possible on the second set of prototypes integrating Real Estate Settlement and Procedures Act (RESPA) and Truth in Lending Act (TILA) disclosures released by the Bureau of Consumer Financial Protection (Bureau) on June 27, 2011

WASHINGTON, D.C. - July 6, 2011 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) released its Commercial Real Estate/Multifamily Finance Quarterly Data Book for the first quarter of 2011. First quarter data on the commercial real estate markets show the natural effects of the turn of the real estate cycle. Broader economic indicators were positive in the first quarter, but provided less of a tail wind to commercial real estate markets than they might have. Despite this softness, real estate fundamentals have stabilized and are beginning to show signs of mending. Transaction volumes are picking up, and pricing and loan performance are showing initial signs – inconsistent though they are – of improvement. Any pick-up in economic growth will speed the healing; any slowdown will draw out the cycle

WASHINGTON, DC - July 6, 2011 - (RealEstateRama) -- The Justice Department announced today the unsealing of a criminal information earlier today, charging four defendants – Louis Gendason, 42, of Delray Beach, Fla.; Kimberly Mackey, 46, of Pittsburgh; John Incandela, 24, and Marcos Echevarria, 29, both of Palm Beach, Fla. – with conspiracy to commit wire fraud involving a nation-wide reverse mortgage scam that defrauded elderly borrowers, financial institutions and the Department of Housing and Urban Development (HUD).

HOUSTON, TX - July 6, 2011 - (RealEstateRama) -- Claymon “Butch” Trammell, along with his wife, Jeannettea Williams, and daughter, Michelle Trammell, have all pleaded guilty to conspiracy to commit wire fraud for their roles in a multi-million-dollar mortgage fraud scheme, United States Attorney José Angel Moreno announced today. The three residents of Houston entered their pleas yesterday in federal court before United States District Court Judge Vanessa Gilmore.

WASHINGTON, D.C. - July 6, 2011 - (RealEstateRama) -- Mortgage applications decreased 5.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 1, 2011

WASHINGTON, DC - July 5, 2011 - (RealEstateRama) -- The Justice Department announced today that it has sued the Mortgage Guaranty Insurance Corporation (MGIC), the nation’s largest mortgage insurance company, and two of its underwriters, Elgina Cunningham and Kelly Kane, for violating the Fair Housing Act by discriminating against women on paid maternity leave.

DENVER, CO - July 4, 2011 - (RealEstateRama) -- Denver resident David Joseph Lawless, age 30, was named in a sealed criminal complaint on Monday, June 27th, on charges of arson of a building and other real property and use of a destructive device durin...

SHELTON, CT - July 1, 2011 - (RealEstateRama) -- A one-of-a-kind mix of classic style, smart energy-efficient features and luxurious amenities have helped propel steady sales at Shelton’s new Cranberry Hill Estates as phase two of construction at the Armstrong Road community continues, reports John Tarducci, Senior Vice President of the New Homes Division at William Raveis Real Estate, Mortgage & Insurance.

WASHINGTON, DC - July 1, 2011 - (RealEstateRama) -- The Federal Housing Administration (FHA) today published updated condominium policy guidelines and instructions that clarify the approval and recertification process and policies for condo projects. FHA's mortgagee letter includes a Condominium Policy Guide and Implementation Schedule identifying timelines for lenders to comply with the guidelines

BURLINGTON, VA - June 30, 2011 - (RealEstateRama) -- More Vermonters will be able to purchase homes using Vermont Housing Finance Agency’s low-interest mortgages thanks to new income and purchase price limits put in place last Friday

Washington, D.C. - June 30, 2011 - (RealEstateRama) -- Jack Hartings, president and CEO of The Peoples Bank Co. in Coldwater, Ohio, and a member of the Independent Community Bankers of America (ICBA) Executive Committee, today told Congress that the secondary mortgage market must be impartial and provide equitable access and pricing to all lenders regardless of size or lending volume. He also stressed that all originators must have the option to retain servicing after the sale of a loan.

PHILADELPHIA, PA - June 30, 2011 - (RealEstateRama) -- Edward G. And Jacqueline McCusker, both 47, of New Hope, PA, were convicted today in connection with a $14.6 million mortgage fraud scheme that resulted in at least 35 fraudulent mortgage loans, announced United States Attorney Zane David Memeger. The couple was convicted of conspiracy to commit mail and wire fraud, conspiracy to commit money laundering, six counts of wire fraud and three counts of mail fraud. Edward McCusker was also convicted of an additional count of mail fraud. The McCuskers operated Axxium Mortgage, Inc., along with co-defendant John Bariana who pleaded guilty and is awaiting sentencing. Co-defendants Jeffrey A. Bennett and Stephen G. Doherty, owners of the Doylestown law firm Bennett & Doherty, P.C., also pleaded guilty and are awaiting sentencing

BIRMINGHAM, AL - June 29, 2011 - (RealEstateRama) -- Federal prosecutors on Monday charged a Birmingham man for running a mortgage fraud scheme in which he sold houses that he did not own, U.S. Attorney Joyce White Vance announced.

WASHINGTON, D.C. - June 29, 2011 - (RealEstateRama) -- CRL, the National Consumer Law Center and other groups yesterday filed a joint comment letter on why a new proposal by the Office of the Comptroller of the Currency makes no sense, will not stand up in court, and should be withdrawn. [Read the letter: http://www.responsiblelending.org/mortgage-lending/policy-legislation/regulators/comments-to-the-occ-we.html.]

Detroit, MI - June 29, 2011 - (RealEstateRama) -- Quicken Loans Inc., the nation’s largest online home lender, today became the first mortgage provider to offer a mobile app that enables clients to apply for a home loan from the palm of their hand with the launch of “MyQL Mobile.” The app, available for the iPhone, iPod touch and iPad, guides clients from their initial application to the closing table, all part of the company’s mission to provide a home loan experience that is “Engineered to Amaze.”

Westborough, MA - June 29, 2011 - (RealEstateRama) -- Northland Residential’s continued focus on developing relationships with the highest performing mortgage professionals and real estate agents continues to pay off for their four properties: The Woodlands at Belmont, The Residences at Black Rock, The Villages at Brookside, and The Village at Seven Springs.

WASHINGTON, D.C. - June 29, 2011 - (RealEstateRama) -- Mortgage applications decreased 2.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 24, 2011.