Mortgage Insurers Turn in Weak Performance

Author:  //  Category: Mortgage

The number of mortgage insurance policies issued during December declined 3 percent from November, the Mortgage Insurance Companies of America reported.

Full-year volume tumbled 24 percent from 2009.

Defaults, meanwhile, increased 4 percent from November.

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Mortgage Insurers Turn in Weak Performance

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Canada’s Economic Action Plan Continues to Create Jobs and Economic Growth

Author:  //  Category: Mortgage

VAUGHAN, Ontario, January 31, 2011 — The Harper Government today released the Seventh Report to Canadians on the Implementation of the Economic Action Plan.  The report was released by Jim Flaherty, Minister of Finance, who was joined by Julian Fantino, Minister of State (Seniors).
“The Economic Action Plan continues to create jobs and economic growth with more than 26,000 …

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Canada’s Economic Action Plan Continues to Create Jobs and Economic Growth

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Quicken Turns In Record Production

Author:  //  Category: Mortgage

Fourth-quarter 2010 originations at Quicken Loans Inc. were around 10 percent higher than during the third quarter.

Full-year production at the company was up 16 percent from 2009.

It was an all-time high, according to the announcement.

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Quicken Turns In Record Production

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Home Ownership Lowest in 13 Years

Author:  //  Category: Mortgage

U.S. homeownership rates have fallen to their lowest level in 13 years, following a significant drop in the fourth quarter of 2010 despite a foreclosure moratorium by several large lenders.

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Home Ownership Lowest in 13 Years

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Platform Promises Improved Results

Author:  //  Category: Mortgage

Bullseye has been launched as a front-end “loan-management system,” an announcment said.

The platform is connected to Fannie Mae’s Desktop Underwriter and Freddie Mac’s Loan Prospector.

The automated underwriting system is customizable based on business-specific needs and doesn’t require an expert to establish.

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Platform Promises Improved Results

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Lawyers Challenge OH Foreclosure Requirements

Author:  //  Category: Mortgage

Three Franklin County, Ohio, judges are requiring lawyers to verify that all of the documents in residential-foreclosure actions are valid.

Six lawyers affected by the order are fighting back.

They have asked the Ohio Supreme Court to prohibit the judges from requiring them to sign “certifications” on behalf of their clients.

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Lawyers Challenge OH Foreclosure Requirements

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Lenders Overruled in R.I.

Author:  //  Category: Mortgage

A U.S. Bankruptcy Court upheld a Rhode Island court’s right to establish a mediation program for borrowers facing foreclosure.

The judge implemented the program in November.

With the decision, he overruled objections to the program filed by PHH

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Another Costly Week for Bank Failures

Author:  //  Category: Mortgage

A total of four federally insured banks were seized last week.

Total related losses are expected to come in at more than $0.5 billion.

The costly week follows last week’s nearly $0.5 billion in projected losses from bank failures.

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Another Costly Week for Bank Failures

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$33 Billion in Junior Lien Downgrades

Author:  //  Category: Mortgage

Moody’s Investors Service downgraded tranches from junior-lien residential mortgage-backed securities that were issued from 1999 to 2007.

Moody’s said the ratings actions reflected its “updated loss expectations on second lien pools.”

The downgrades impacted $33.1 billion in securities.

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$33 Billion in Junior Lien Downgrades

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HAMP Servicers Blamed for Problems

Author:  //  Category: Mortgage

A federal overseer is urging the Treasury Department to get tough on mortgage servicers who drag their feet on HAMP loan modifications, with real penalties for those who violate program guidelines.

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HAMP Servicers Blamed for Problems

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