Credit Outlook Strengthens

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Risk managers at U.S. financial institutions are optimistic about upcoming mortgage demand, according to a new survey. But a decline in subprime lending is expected by a big share. Most of the group are in agreement that mortgage delinquency rates are unlikely to increase.

While the overall supply of credit is expected to meet demand in a number of consumer lending categories, 45 percent of surveyed respondents expect residential mortgage demand to exceed supply.

The volume of subprime lending during 2012 is expected repeat last year’s activity, according to 44 percent of those who completed the survey. Nearly a third projected a decline of at least 10 percent and a quarter forecasted growth in subprime. Only 12 percent of the optimistic group saw strengthening subprime activity ahead.


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Credit Outlook Strengthens

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Foreclosures Back to 2007 Levels

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Bank repossessions of foreclosed homes have fallen back to pre-recession levels, the real estate analytical firm CoreLogic is reporting.

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Foreclosures Back to 2007 Levels

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New Record for CMBS Delinquency

Author:  //  Category: Mortgage

Past-due payments on the nation’s portfolio of securitized commercial real estate loans deteriorated, setting a new record in the process. Following a big jump in the rate of hotel delinquency, the category was the lone one to see improvement in the latest month.

July’s 30-day delinquency on commercial mortgage-backed securities was the highest it has ever been. Delinquency jumped a revised 18 basis points from June, when it was also at an all-time high, and has deteriorated each month since February.

Prior data indicates that the rate of CMBS late payments was 48 BPS better than the same month last year.


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New Record for CMBS Delinquency

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Tennessee State of the State Address 2008

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… our nation is experiencing with sub-prime mortgages are the popular explanation for …

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Tennessee State of the State Address 2008

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Foreclosure Inventory Could Bloat

Author:  //  Category: Mortgage

While there hasn’t been any increase in the volume of foreclosures completed during the past couple months, the sale of real estate owned has slowed — placing pressure on the foreclosure inventory. California, the state with the most repossessions, is home to three of the country’s worst major areas.

Mortgage servicers completed 60,000 U.S. foreclosures during June. That was the same number as in the previous month and brought the trailing 12-month total to 793,663 mortgages converted to REO status.

Finalized foreclosures fell, however, from June 2011 when foreclosures were completed on 80,000 mortgage loans.


Foreclosure Inventory Could Bloat

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Ally Hit With ResCap RMBS Suits

Author:  //  Category: Mortgage

The parent of bankrupt Residential Capital LLC is being sued because of alleged fraud by units of ResCap and other parties involved in the issuance of residential mortgage-backed securities from at least five years ago. Former ResCap executives were also named in the lawsuit.

John Hancock Life Insurance Co. filed a complaint in U.S. District Court for the District of Minnesota against Ally Financial Inc., major investment banks and other parties. The defendants are accused of “wholesale and systematic abandonment of underwriting guidelines” in the sale of 50 transactions issued between 2003 until 2007.

Four similar lawsuits have been filed in Minnesota against Detroit-based Ally over the ResCap business.


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Biz Brain: No need to worry about mortgage being sold

Author:  //  Category: Mortgage

… the whole subprime mortgage debacle, I want to make sure my mortgage doesn … RegentAtlantic Capital in Morristown. “The mortgage business is held in a … of the mortgage. There’s a good possibility your mortgage was bundled with many other mortgages and sold …

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Biz Brain: No need to worry about mortgage being sold

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Historic mortgage discrimination settlement: Wells Fargo to pay Black, Latino borrowers $175 million

Author:  //  Category: Mortgage

… a multi-million dollar settlement of mortgage discrimination complaints. According to the … claims against African-American and Latino mortgage borrowers from 2004 through 2009 … compensated for being steered into subprime loans with higher rates and …

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Historic mortgage discrimination settlement: Wells Fargo to pay Black, Latino borrowers $175 million

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Capital One Settles Servicemember Act Violations

Author:  //  Category: Mortgage

Alleged illegal foreclosures on loans to members of the military by Capital One Financial Corp. and its subsidiaries will cost the company millions. Impacted borrowers will each net more than a hundred thousand dollars.

Capital One will pay $12 million to servicemember borrowers who unlawfully lost their homes during foreclosure proceedings with Capital One or either of two acquired subsidiaries, ING Direct USA and HSBC Holdings. Violations of the violated the Servicemembers Civil Relief Act are alleged.

Servicemembers and families who lost their homes where an SCRA violation was involved will each receive $125,000 plus compensation for any lost equity plus interest.


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Mortgages Top List of Consumer Gripes

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Gripes about mortgages are the most common type of complaint received by the new Consumer Financial Protection Bureau (CFPB), but it appears that isn’t wholly the fault of lenders.

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Mortgages Top List of Consumer Gripes

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