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Most mortgage rates fell to the lowest levels ever recorded, and it looks like they could hang near those lows through next week. The one exception is the one-year adjustable-rate mortgage.
The 30-year mortgage, 15-year mortgage and five-year, Treasury-indexed, hybrid adjustable-rate mortgage all fell to record lows.
This week’s Treasury Market data suggests rates are likely to be about the same in next week’s report.
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Record Low Rates Likely to Hold
BOK Financial Corp. has plans to expand its correspondent lending business.
The bank-holding company’s vice president of correspondent and private-label lending said in a statement that the company is widening its correspondent channel.
“Access, convenience and ease of use are key requirements for our lending partners to do business with us,” the BOK
When escrow charges increased on a mortgage to an Iowa couple in Chapter 13 bankruptcy, American Home Mortgage Servicing Inc. increased their monthly payment but neglected to notify the borrowers about the increase. The bankruptcy judge in the case said that American Home was out of line and ordered the company to pay $50,000 in damages to the couple.
As the servicer diverted monthly payments to make up the escrow payment deficiency, the loan became further past due.
So American Home asked the bankruptcy court to lift the stay on the loan so that it could foreclose.
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American Home Ordered to Pay Fine to Bankrupt Borrowers
Wells Fargo &
The average 30-year fixed-rate mortgage fell 4 basis points during the past week.
The downward movement landed the 30 year at its lowest level on record.
But an analysis of Treasury market activity has the 30-year mortgage rising around 3 BPS by next week’s report.
Read more:
Rates Hit Bottom, Could Bounce Up
The average 30-year fixed-rate mortgage was 4 basis points higher this week.
The 15-year mortgaegs was up 3 BPS.
But rates have some room to decline and could be down around 7 BPS by the next set of reports based on an analysis of Treasury market activity.
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Rates Rise But Could See Saw
A New York judge has fined HSBC Bank USA for frivolous conduct in pursuing a foreclosure with faulty paperwork.
The judge alleges that HSBC used robo-signers and false statements in the foreclosure of Ellen N. Taher’s property, and he dismissed the action in July.
But HSBC says it is only the trustee on the loan, which is serviced by Ocwen Loan Servicing.
The Federal Housing Finance Agency claims that states have no right to subpoena the Federal National Mortgage Association or the Federal Home Loan Mortgage Corp. But the state of California is challenging that notion in two lawsuits filed against the government-controlled enterprises.
The lawsuits seek to have answered 51 questions outlined in previous subpoenas to Fannie Mae and Freddie Mac that they have thus far refused to answer.
The FHFA asserts that states can’t subpoena the secondary lenders because Congress sought to pre-empt such actions through the Housing and Economic Recovery Act of 2008.
See the original post here:
CA v FNMA & FHMLC Challenges FHFA
American Equity Mortgage and its former front man, Ray Vinson, are well known to St. Louis residents. He claims in a new lawsuit that unsavory tactics were used in his divorce proceedings that would determine who got what share of the lender. It’s a tale of lies and deceit.
In 2006, Vinson’s ex-wife was awarded more than $60 million in their divorce. The judgment included all of American Equity.
Vinson, who was awarded less than half that amount, engaged in “less-than-perfect behavior” and embarrassed his ex-wife through infidelity, domestic violence and alcohol abuse, the judge wrote in the decree.
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Mortgage Firm’s Owner Sued by Ex
Legislation being proposed by state GOP