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More than 100 loan modification scams that targeted financially distressed homeowners through online advertisements have been shut down over the past week at the request of federal investigators.
Read More at MortgageLoan.com
Source:
Fraudulent Loan Mod Ads Shut Down
The 30-year fixed rate has fallen each of the past eight weeks, according to the U.S. Mortgage Market Index from Mortech Inc. and MortgageDaily.com.
Last week’s 30-year rate was the lowest this year.
The launch of a new consumer mortgage news publication will help current and prospective borrowers take advantage of these low rates while giving them an improved understanding of available options and the mortgage process.
Originally posted here:
Consumer News Publication Launches Amid Plunging Mortgage Rates
The federal financial regulatory agencies issued final guidance for Interagency Appraisal and Evaluation Guidelines.
A December statement from Fannie Mae indicated that four providers of broker price opinions were added to the secondary lender’s approved list.
Four appraisal trade groups were behind a letter to the Federal Reserve asking that AMCs be required to disclose their fees to borrowers.
Read more:
Appraisal Rulebook Revisions
A memorandum of understanding was announced between the Conference of State Bank Supervisors and the Consumer Financial Protection Bureau.
The partnership seeks to “establish a foundation of state and federal coordination and cooperation for supervision of providers of consumer financial products and services.”
Federal and state regulators will work to maintain consistent examination procedures.
Read the rest here:
State & Federal Regulators Agree to Consistency
A former contract programmer for Fannie Mae was sentenced to 41 months in prison.
The programmer was fired in 2008 after he caused a serious and costly scripting error.
A senior engineer discovered a malicious script embedded in a routine program on his computer that was transmitted in the day he was fired and intended to do serious damage.
Read the original post:
3-Year Sentence For Fired Fannie Contractor
The Nevada Attorney General’s office sued Bank of America Friday morning for allegedly deceiving homeowners through its residential loan modification and foreclosure practices.
The lawsuit was triggered by consumer complaints.
Also on Friday, Arizona’s attorney general announced a similar lawsuit against the company.
Go here to read the rest:
BofA Fighting States Over Modifications
In 2008, mortgage-backed securities investors sued Countrywide Financial Corp. over who should pay for loan modifications.
This month the bank has issued a statement indicating that it might be willing to negotiate.
Now, Arizona’s attorney general has filed a complaint against the company over its loan modification practices.
Read the original post:
BofA Juggles Modification Litigation
Recent downgrades to Alt-A residential mortgage-backed securities by Moody’s Investors Service impacted $86 billion in securities.
Impacted MBS were issued in 2005, 2006 and 2007.
The ratings agency attributed many of the negative ratings actions to “deterioration in Alt-A pools in conjunction with home price and unemployment conditions that remain under duress.”
Here is the original:
Alt-A Actions Accelerate
Since September, a dozen lawsuits have been filed in Texas against Metro Buys Homes and its owner.
According to the suits, the defendant promised investors quick, high returns and first lien mortgages on the properties.
One of the cases alleges that Metro Buys Homes pledged properties multiple times to different creditors.
Read more:
Secondary Investors Defrauded
A class-action lawsuit filed on behalf of investors who purchased common stock of Lender Processing Service Inc. alleges violations of the Securities Exchange Act of 1934.
A federal jury has awarded a group of investors a judgment against BankAtlantic Bancorp Inc., according to a news release.
Investors of Green Bankshares Inc. filed a class-action lawsuit in federal court, according to a statement from the plaintiffs’ law firm.
See the original post:
Inside Investor Litigation