This blog is about many things, there are a lot of other things about this blog that you might not have known about. Read around for more information.
During June, 116,365 consumer bankruptcies were filed, the American Bankruptcy Institute reported. Filings fell from 124,838 in May, the report indicated. More than 12,000 attorneys, judges, lenders and other bankruptcy professionals reportedly are members of ABI.
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Monthly BK Filings Down
The Illinois Department of Financial and Professional Regulation, Division of Banking seized five small financial institutions. Another Illinois institution was closed by the Office of the Comptroller of the Currency. The Texas Banking Commissioner closed down a Dallas bank. The Federal Deposit Insurance Corporation, which announced the failures, was named receiver of all the failed banks.
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7 Banks Seized
In February 2008, the U.S. Department of Labor announced a $5.6 million grant for the California Employment Development Department. The funds were targeted for career counseling, skills training and other employment and training assistance. The second of two installments has been released, according to a new announcement.
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Millions Released for Displaced CA Mortgage Workers
A report from the Commonwealth of Massachusetts Division of Banks indicated 7,747 loan originator licenses were received since the state began requiring the licenses. But tougher requirements by the state led nearly 2,000 of the applicants to either give up or be denied. The state has issued 377 formal and informal enforcement actions against licensed mortgage since 2006.
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Mass. Crackdown on Mortgage Licensees
Freddie Mac reported in its Primary Mortgage Market Survey for the week ended July 2 that the average 30-year fixed-rate mortgage dropped 0.10 percent from the prior week. A benchmark for fixed-mortgage rates is the yield on the 10-year Treasury bond. The 10-year saw its yield decline around 17 basis points from a week earlier.
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Big 10-Year Improvement
A coalition of four appraiser trade groups issued a letter to the secretary of the U.S. Department of Housing and Urban Development, according to a news release. The groups claim HUD is restricting fees that can be collected by appraisal management companies. The move conflicts with a the growing use of AMCs with the recent implementation of the Home Valuation Code of Conduct.
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Appraisers Ask HUD to Lift AMC Fee Restrictions
The Bureau of Labor Statistics reported that between April and May, the number of people employed in mortgage-related positions declined by 600. Compared to a year earlier, mortgage jobs were down 48,100. The month-to-month decline was attributable to a 3,500 reduction in the number of “mortgage and nonmortgage loan brokers.”
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Mortgage Broker Jobs Contract
During June, issuance of Fannie Mae mortgage-backed securities was up 176 percent from a year earlier, according to data reported by eMBS. Over at Freddie Mac, MBS issuance jumped 83 percent during the same period. Ginnie Mae issuance reached an all-time high in June.
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Agency MBS Volume Roaring
Beazer Homes USA Inc. has agreed to a settlement with the U.S. Department of Justice. Employees of Beazer Mortgage allegedly committed mortgage fraud on loans insured by the Federal Housing Administration. The loans were used to finance Beazer Homes purchases.
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Huge FHA Fraud Settlement