COFI Improves

Author:  //  Category: Mortgage

The Federal Home Loan Bank of San Francisco reported that the Cost of Funds Index declined 3 basis points between April and May.

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Fannie Updates Appraisal Requirements

Author:  //  Category: Mortgage

Fannie Mae has outlined a number of changes to its appraisal policies.

Interior photographs will now be required for the kitchen, all bathrooms and the main living area.

New policies have been created for when a lender reduces a market value based on underwriter judgment, automated valuation models or other methodologies.

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Fannie Updates Appraisal Requirements

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Well-Heeled Borrowers More Likely to Opt for Strategical Default

Author:  //  Category: Mortgage

It may seem strange, but borrowers with outstanding credit and expensive homes are more likely than other homeowners to strategically default on their mortgages after falling behind on their payments.

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Countrywide Sued Over Discriminatory Pricing, Predatory Lending

Author:  //  Category: Mortgage

The Illinois Attorney General announced a lawsuit filed against several Countrywide Financial Corp. entities.

The state claims that Countrywide steered black and Hispanic borrowers into subprime mortgages even though they qualified for prime mortgages.

In addition, Countrywide allegedly charged blacks and minorities less than similarly situated whites.

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Countrywide Sued Over Discriminatory Pricing, Predatory Lending

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CanEquity Announces Independence

Author:  //  Category: Mortgage

CALGARY, Alberta, June 30, 2010 — While nearly 95 per cent of all mortgage brokerages across Canada remain partnered with a lending network or institution, CanEquity has chosen to break from the mold and stand independent, in action to maintain its ability to offer superior service to the Canadian clientele.
Attaching to an affiliate network has become an attractive stratagem for …

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CanEquity Announces Independence

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Refinance Applications Climb as Rates Drop

Author:  //  Category: Mortgage

Mortgage refinance applications hit their highest level in over a year last week, as interest rates on fixed-rate loans fell to record- or near-record lows, according to figures released today by the Mortgage Bankers Association (MBA).

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Refinance Applications Climb as Rates Drop

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$10 mil Subprime Bet Worth $3 Billion

Author:  //  Category: Mortgage

In an interview with McClatchy Newspapers, a senior Goldman Sachs executive has disclosed that “bilateral” wagers were made on subprime mortgages through American International Group.

The wagers were part of a package of deals that had a face value of $3 billion.

Goldman is thought to have paid less than $10 million for the wagers.

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$10 mil Subprime Bet Worth $3 Billion

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Foreclosure Firms Face Civil, Criminal Actions

Author:  //  Category: Mortgage

Ohio Attorney General Richard Cordray announced a lawsuit filed against JLS & Associates Financial Services LLC in Lucas County Common Pleas Court.

An $11.4 million contempt order was issued against Bryan D’Antonio and his three companies, The Rodis Law Group Inc., America’s Law Group Inc. and The Financial Group Inc., the Federal Trade Commission said.

The U.S. Department of Justice announced this week that Gennaro Rauso was charged with several mortgage fraud related offenses tied to his promises to help more than 200 delinquent borrowers avoid foreclosure.

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Foreclosure Firms Face Civil, Criminal Actions

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Fannie Business Better, Lates Lower

Author:  //  Category: Mortgage

Business acquisitions edged up 1 percent in May at Fannie Mae, according to monthly operational data.

Volume was up 19 percent from a year earlier.

Residential delinquency, meanwhile, declined 17 basis points between March and April.

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Fannie Business Better, Lates Lower

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Governor Carney appointed Chairman of the Committee on the Global Financial System

Author:  //  Category: Mortgage

BASEL, Switzerland, June 29, 2010 — Governor Mark Carney has been named Chairman of the Committee on the Global Financial System (CGFS), a forum for central banks to discuss policy issues related to financial markets and systems.
The appointment, effective 1 July 2010 for a term of three years, was made in Basel by the central bank governors of the Global Economy Meeting (GEM), 1 which …

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Governor Carney appointed Chairman of the Committee on the Global Financial System

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