Archives

WASHINGTON, D.C. - January 14, 2015 - (RealEstateRama) -- A new report from the Center for Responsible Lending (CRL) titled "Reckless Driving: The Implications of Recent Subprime Auto Finance Growth" highlights trends in the $870 billion auto lending sector, particularly loans to consumers with below prime credit. Growth in the market raises concerns that subprime auto lending practices are leading to conditions that risk causing serious problems in the larger auto market. The report also questions whether auto loans really are performing better than mortgages did in the period before the mortgage meltdown, as the auto lending industry suggests, or whether increases in delinquency and default rates signal larger problems in the market

Washington, DC - January 12, 2014 - (RealEstateRama) -- Today, in reaction to President Obama’s announcement that the Federal Housing Administration (FHA) will lower mortgage insurance premiums by 0.5 percentage points for FHA loans, NCRC President and CEO John Taylor made the following statemen

WASHINGTON, D.C. - January 08, 2014 - (RealEstateRama) -- House Financial Services Committee Chairman Jeb Hensarling (R-TX) issued the following statement regarding reports that President Obama on Thursday will announce executive action to lower Federal Housing Administration (FHA) mortgage insurance premiums

WASHINGTON, D.C. - December 25, 2014 - (RealEstateRama) -- A Northern California real estate investor pleaded guilty for his role in bid rigging and fraud at public real estate foreclosure auctions in Northern California, the Department of Justice announced.

Reston, Virginia,- December 23, 2014 - (RealEstateRama) -- MERSCORP Holdings, Inc. today announced that the U.S. Court of Appeals for the Eighth Circuit affirmed the ruling by the District Court of Minnesota that there is no mandatory recording requirement under Minnesota law and the dismissal of the Complaint. The Eighth Circuit also declined to certify a question to the Minnesota Supreme Court as requested by the Counties because the Minnesota courts have interpreted the Act in numerous instances, and the issue before the Court only requires a straightforward application of this case law

Reston, Virginia, - December 23, 2014 - (RealEstateRama) -- MERSCORP Holdings, Inc. today announced that the U.S. Court of Appeals for the Eighth Circuit issued a favorable ruling in an Iowa recording fee case.

SAYREVILLE, NJ - December 18, 2014 - (RealEstateRama) -- A day after the United States Senate approved a one-year extension of a series of tax breaks, Senators Robert Menendez and Cory Booker today met with Sayreville homeowners to discuss the important of extension of mortgage debt reduction tax relief, especially for Sandy victims still struggling to recover. They also announced more than $3 million in federal funding to continue the acquisition and demolition of 196 flood prone properties in Sayreville.

Reston, Virginia, - December 17, 2014 - (RealEstateRama) -- MERSCORP Holdings, Inc. today announced that the Rhode Island Supreme Court ruled, consistent with prior cases, that language in the mortgage explicitly grants the power of sale to MERS and its successors and assigns.

WASHINGTON, D.C. - December 16, 2014 - (RealEstateRama) -- A Florida-based scammer will be banned from the mortgage modification business as part of a settlement resolving Federal Trade Commission charges that he tricked financially strapped consumers into paying for mortgage-relief services that he never provided

WASHINGTON, D.C. - December 12, 2014 - (RealEstateRama) -- The Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) announced today that the Tennessee Department of Financial Institutions (the Department) has received certificates of accreditation, confirming that the Department maintains the highest standards and practices in state banking supervision, as set forth by the CSBS Bank Accreditation Program, and mortgage supervision, as set forth by the AARMR/CSBS Mortgage Accreditation Program.

WASHINGTON, D.C. - December 12, 2014 - (RealEstateRama) -- A federal court has entered orders against 22 defendants who offered financially strapped consumers fake home-loan modification services that the FTC claims violated the FTC Act and the Mortgage Assistance Relief Services (MARS) Rule. The MARS Rule bans mortgage foreclosure rescue and loan modification services from collecting fees until homeowners have a written offer from their lender or servicer that they deem acceptable

TALLAHASSEE, Fla. - December 11, 2014 - (RealEstateRama) -- Attorney General Pam Bondi announced today that more than 14,000 Floridians will receive checks totaling more than $16 million this week as a result of the national Ocwen mortgage settlement. The checks, in the amount of approximately $1,150 per claim, are being distributed to eligible consumers who lost their homes to foreclosure between 2009 and 2012. Attorney General Bondi’s office played a leading role on the executive committee that helped negotiate the $125 million settlement between Ocwen and the attorneys general of 49 states, state banking regulators and the federal Consumer Financial Protection Bureau.

WASHINGTON - December 8, 2014 - (RealEstateRama) -- The Federal Housing Administration (FHA) today announced the agency's news schedule of loan limits for 2015. These loan limits are effective for case numbers assigned on or after January 1, 2015, and will remain in effect through the end of the year. Read FHA's mortgagee letter detailing the agency's new loan limits

WASHINGTON, D.C. - November 24, 2014 - (RealEstateRama) -- A federal jury convicted three Miami real estate developers today for their roles in a $20 million mortgage fraud scheme involving the sale of condominium units in the Miami area.

WASHINGTON, D.C. - October 31, 2014 - (RealEstateRama) -- Today, the National Community Reinvestment Coalition (NCRC) and other consumer advocacy organizations submitted a joint comment letter to the Consumer Financial Protection Bureau (CFPB) regarding the proposed modifications to Regulation C, which will implement changes to the Home Mortgage Disclosure Act (HMDA). The letter applauds the expanded collection of data elements and urges the public release of the new data elements, particularly those that do not pose privacy risks, without delay

WASHINGTON, D.C. - October 30, 2014 - (RealEstateRama) -- The Conference of State Bank Supervisors (CSBS) submitted a comment letter Wednesday to the Consumer Financial Protection Bureau (the Bureau) concerning the Bureau’s proposed amendments to Regulation C, or the Home Mortgage Disclosure Act (HMDA)

WASHINGTON - October 28, 2014 - (RealEstateRama) -- The Department of Veterans Affairs (VA) announced this month that it has guaranteed 21 million home loans since the Home Loan Guaranty program was established in 1944 as part of the original Servicemen’s Readjustment Act of 1944, better known as the “GI Bill.” This achievement comes during the year-long commemoration of 70 years of the “GI Bill,” which established a wide range of benefits for Veterans returning from World War II, including low-cost home loans, education and vocational training.

Washington, D.C. - October 28, 2014 - (RealEstateRama) -- The Conference of State Bank Supervisors (CSBS) announced today that the Connecticut Department of Banking and the Oklahoma Department of Consumer Credit began using the National SAFE Mortgage Loan Originator (MLO) Test with Uniform State Content on October 1, 2014. This brings the total number of state agencies using the test to 45

WASHINGTON, D.C. - October 27, 2014 - (RealEstateRama) -- The nation's mortgage giants, Fannie Mae and Freddie Mac will offer home mortgages to consumers with as little as 3% down payments, close to what the federally backed mortgage insurance giants offered before the financial collapse, according to a new report by MortgageRatesFast.com.

WASHINGTON, D.C. - October 27, 2014 - (RealEstateRama) -- The Federal Housing Finance Agency (FHFA) announces plans to expand home buyers' access to mortgages by loosening up lending standards. FHFA said it will release guidelines by the end of November to allow increased lending to borrowers with down payments as low as 3 percent.