Foreclosures, Delinquencies Fall

Author:  //  Category: Mortgage

Mortgage servicers completed more than three times as many loan modifications and other home retention actions as they did foreclosures and other home forfeitures in the fourth quarter of 2010, according to new government figures released today.

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Foreclosures, Delinquencies Fall

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Brokers Lose Lawsuit

Author:  //  Category: Mortgage

Earlier this month, the National Association of Mortgage Brokers filed a lawsuit in U.S. District Court for the District of Columbia against the Federal Reserve Board.

The trade group sought to delay the Federal Reserve’s Loan Officer Compensation rule that goes into effect on April 1.

But on Wednesday, NAMB said that the judge ruled against the trade group.

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Brokers Lose Lawsuit

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Record Low MI Applications

Author:  //  Category: Mortgage

The Mortgage Insurance Companies of America reported that the volume of policies fell to 15,079 in February from 21,896 a month earlier.

February saw just 17,972 new applications for mortgage insurance, down from January’s 25,789.

In fact, an analysis by MortgageDaily.com of MICA data back to 2000 — the oldest data available — indicated that February was the lowest month on record.

Record Low MI Applications

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Interest Rates Stabilize

Author:  //  Category: Mortgage

Freddie Mac reported in its survey for the week ended March 31 a 5-basis-point weekly rise in the average 30-year fixed-rate mortgage.

The increase could have been worse if it were not for benign inflation reports, according to Freddie’s chief economist, Frank Nothaft.

The yield on the 10-year Treasury was also moderately over the past week, suggesting mortgage rates could be not much different in next week’s reports.

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Interest Rates Stabilize

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Courts Face Mortgage Modification Mess

Author:  //  Category: Mortgage

Chase Home Finance and its parent company, JPMorgan Chase & Co., are facing a class action lawsuit in federal court.

An executive for a Texas-based wholesale lender claims in a lawsuit that Aurora Loan Services Inc. violated the Real Estate Settlement Protection Act and Truth in Lending Act when it overcharged him $20,000 on his modified adjustable-rate mortgage.

US Bank and Bank of America are facing class action lawsuits in state court in Ohio over allegations of failing to fulfill HAMP obligations.

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Courts Face Mortgage Modification Mess

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House Votes to Kill HAMP

Author:  //  Category: Mortgage

The U.S. House of Representatives has voted to terminate the Obama administrations flagship anti-foreclosure initiative, the Home Affordable Modification Program (HAMP).

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Balloon Terms Expanded on CRE Refis through SBA 504

Author:  //  Category: Mortgage

Under the Small Business Jobs Act of 2010, Congress authorized a Small Business Administration program to finance commercial real estate purchases and refinance commercial mortgages.

The program made available up to $34 billion in total financing.

This week, the Obama administration announced that the maturity date of qualifying loans has been extended.

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Balloon Terms Expanded on CRE Refis through SBA 504

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Fed Rebuffs AIG Offer to Buy Back Bonds

Author:  //  Category: Mortgage

The Federal Reserve said in a statement that it has declined American International Group Inc.’s $16 billion offer to purchase all of the assets in Maiden Lane II LLC.

The LLC owns a pool of mortgage bonds turned over in 2008, amid the insurance giant’s meltdown during the financial crisis.

“After careful review, the Federal Reserve Bank of New York and the Board of Governors of the Federal Reserve System judged that the public interest in maximizing returns from any sale and promoting financial stability would be better served by an alternative approach to realizing value that is also more consistent with normal market practice,” the Fed said.

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Fed Rebuffs AIG Offer to Buy Back Bonds

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Fannie Business Sinks

Author:  //  Category: Mortgage

February new business acquisitions were $58 billion, operational data indicated.

Business sank from $74 billion a month earlier.

The 22 percent month-over-month decline contrasts a slight improvement reported by rival Freddie Mac.

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Fannie Business Sinks

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The Story of Fannie & Freddie

Author:  //  Category: Mortgage

The National Public Radio show Planet Money took a stab at explaining how Fannie Mae and Freddie Mac got to the point of costing U.S. taxpayers more than $150 billion.

The show discussed how an implicit government guarantee of mortgage-backed securities issued by the two companies helped employees and shareholders earn more.

It also looked at how extremely powerful lobbying teams kept regulators at bay.

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The Story of Fannie & Freddie

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