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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.

WASHINGTON, D.C. - July 31, 2013 - (RealEstateRama) -- Legislation needed to reduce financial risk for reverse mortgage borrowers has now been approved by both chambers of Congress.

Washington, D.C. - July 31, 2013 - (RealEstateRama) -- The Conference of State Bank Supervisors (CSBS) released today its 2013 first quarter reports on state-licensed and federally registered mortgage entities in NMLS

Reston, Virginia, - July 29, 2013 - (RealEstateRama) -- MERSCORP Holdings, Inc. today announced that Rhode Island Superior Court Associate Justice Allen P. Rubine rejected another claim of wrongful foreclosure against Mortgage Electronic Registration Systems, Inc. (MERS) and other co-defendants.

WASHINGTON, D.C. - July 29, 2013 - (RealEstateRama) -- The Federal Reserve Board on Friday released an amendment to the enforcement action against GMAC Mortgage requiring approximately $230 million in cash payments to mortgage borrowers

WASHINGTON, D.C. - July 24, 2013 - (RealEstateRama) -- The Consumer Financial Protection Bureau (CFPB) today filed a complaint in federal district court against a Utah-based mortgage company, Castle & Cooke Mortgage LLC, and two of its officers for illegally giving bonuses to loan officers who steered consumers into mortgages with higher interest rates. The Bureau is seeking an end to this unlawful practice, restitution for those consumers who were upcharged, and civil money penalties

Washington, DC - July 24, 2013 - (RealEstateRama) -- Three years after the Dodd-Frank Act failed to address the need for housing finance reform and end the record taxpayer-funded bailout of Fannie Mae and Freddie Mac, the Financial Services Committee today approved legislation to end their bailout and create a sustainable housing finance system for America

WASHINGTON, DC - July 22, 2013 - (RealEstateRama) -- The ongoing housing recovery coupled with improvement in both consumer confidence and the labor market are expected to boost economic growth in the second half of the year, according to Fannie Mae’s (FNMA/OTC) Economic & Strategic Research Group. The latest jobs report showed steady year-to-date job creation and measures of consumer confidence are at or near recovery highs. Furthermore, despite a sharp increase in mortgage rates during the past two months, home sales have held up and home prices have continued to post gains, helping to keep the economy on a positive—albeit modest—growth path in 2013.

WESTLAKE VILLAGE, CA - July 18, 2013 - (RealEstateRama) -- New business practices instituted in the wake of nationwide reforms appear to be contributing to the increase in overall customer satisfaction with primary mortgage servicers, according to the J.D. Power 2013 U.S. Primary Mortgage Servicer Satisfaction Study

WASHINGTON, D.C. - July 17, 2013 - (RealEstateRama) -- The Justice Department announced that seven defendants were arrested and arraigned today for their roles in a mortgage fraud conspiracy that operated in Detroit.

WASHINGTON, D.C. - July 17, 2013 - (RealEstateRama) -- Bank of America Corporation (NYSE: BAC) today reported that second-quarter 2013 net income rose 63 percent to $4.0 billion from $2.5 billion in the second quarter of 2012. Earnings per diluted share increased to $0.32 from $0.19 in the second quarter of 2012. Revenue, net of interest expense, on a fully taxable-equivalent (FTE)^A basis rose 3 percent to $22.9 billion from $22.2 billion a year ago.

WASHINGTON, D.C. - July 16, 2013 - (RealEstateRama) -- The Homeownership Preservation Foundation (HPF), an independent national nonprofit dedicated to helping distressed homeowners navigate financial challenges and avoid mortgage foreclosure through its HOPE™ Hotline at 888-995-HOPE™, announced today that the Bank of America Charitable Foundation awarded the organization a $250,000 grant.

Atlanta, Georgia - July 16, 2013 - (RealEstateRama) -- On July 15, 2013, an Order to Cease and Desist issued by the Georgia Department of Banking and Finance (“Department”) to Senior Reverse Mortgage Advisors, LLC dba reverserewards.com dba reversemortgagechoice.com, located at 2632 W 237th Street, Suite 201 Torrance, California 90505, became final

WASHINGTON, D.C. - July 15, 2013 - (RealEstateRama) -- Senators Bob Corker (R-TN) and Mark Warner (D-VA) introduced bipartisan legislation last month to address the nation’s troubled housing finance system. They will discuss the details of the proposal and prospects for housing finance reform at the Bipartisan Policy Center (BPC) this Wednesday, July 17, at 8:30AM.

Dover, DE - July 12, 2013 - (RealEstateRama) -- The Delaware State Housing Authority (DSHA) announced last month that it will be taking the lead in a new outreach project designed to expand the relief options available to homeowners who are struggling with their mortgages. The Making Home Affordable Outreach and Intake Project aims to help homeowners avoid mortgage default by seeking resolutions through the Making Home Affordable (MHA) Program, the cornerstone of President Obama’s plan to offer lasting relief to homeowners in financial distress.

WASHINGTON, D.C. - July 11, 2013 - (RealEstateRama) -- U.S. Representative Gary Peters today raised concerns over the Chairman of the U.S. House Financial Services Committee’s GSE reform proposal that would eliminate the 30-year fixed rate mortgage. Peters believes the plan, unveiled today, would make homeownership too expensive for many middle class families, potentially undermining our economic recovery.

WASHINGTON, D.C. - July 10, 2013 - (RealEstateRama) -- Today, the Consumer Financial Protection Bureau (CFPB) finalized corrections, clarifications, and amendments to its Ability-to-Repay and mortgage servicing rules. Today’s clarifications were first proposed in April 2013 and reflect the Bureau’s commitment to facilitating implementation in order to better protect consumers

WASHINGTON, D.C. - July 10, 2013 - (RealEstateRama) -- Six federal financial regulatory agencies today issued a proposed rule that would create exemptions from certain appraisal requirements for a subset of higher-priced mortgage loans. The proposed exemptions are intended to save borrowers time and money and to promote the safety and soundness of creditors. The appraisal requirements for higher-priced mortgages were imposed by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Under the Dodd-Frank Act, mortgage loans are considered to be higher-priced if they are secured by a consumer's home and have interest rates above a certain threshold.

IRVINE, CA - July 9, 2013 - (RealEstateRama) -- RealtyTrac (www.realtytrac.com) announced today that it has selected Laffey Fine Homes International, one of New York’s fastest growing real estate companiesas a member of the RealtyTrac Network (RTN), a licensed network available to leading independent and franchised brokerage companies across the nation.

HARRISBURG - July 9, 2013 - (RealEstateRama) -- The Pennsylvania Housing Finance Agency today launched its Mortgage Credit Certificate (MCC) Program, which provides a limited tax credit for eligible homebuyers. A mortgage credit certificate lets qualified homebuyers claim a tax credit that reduces, on a dollar-for-dollar basis, their federal income tax liability, if any, for the life of the loan. The mortgage credit certificate provides this benefit as long as the home remains the homeowners’ primary residence.