Freddie Takes Steps to Ease Affordable Housing Crisis

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Steps being taken by Freddie Mac to address the affordable housing crisis include making more financing available for single-family homes, manufactured housing and rural properties.

The Federal Home Loan Mortgage Corp. announced Monday wide-ranging plans to “tackle the affordable housing crisis in the U.S.”

McLean, Virginia-based Freddie indicated that its plans include increased loan purchases in three underserved markets. Also included are new products.


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Mortgage Banking Exec Indicted for Warehouse Fraud

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An executive who handled warehouse advances for a mortgage banker in the Empire State has been indicted and arrested. The company collapsed amid warehouse-related litigation.

In an indictment that was unsealed on Thursday in a federal court in Manhattan, New York, the Department of Justice accuses John Reimer of defrauding warehouse lenders.

According to indictment, Reimer, 60, was employed as a vice president and comptroller of a Nassau County, New York-based mortgage-lending institution.


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Doubts about ‘value investing’ have returned to their pre-dotcom crash high

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… few months before the US sub-prime mortgage crisis sent global markets into …

Doubts about ‘value investing’ have returned to their pre-dotcom crash high

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Delingpole: ‘Bitcoin and Porn Cause Global Warming’, Environmentalists Warn

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… sprinkled with essence of Enron, Sub-Prime Mortgages and the South Sea Bubble …

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The GOP Tax Plan – Key Details Of The Final Bill.

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H.R.1 – Tax Cuts and Jobs Act

WASHINGTON D.C, USA, December 16, 2017 /EINPresswire.com/ — Washington, DC – December 16, 2017
Patrick Mansfield | U.S. Gov Connect

On Tuesday, December 19, the House Of Representatives will take a vote on the …

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The GOP Tax Plan – Key Details Of The Final Bill.

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Surge in GSE Refinances, HARP Down

Author:  //  Category: Mortgage

The monthly number of government-sponsored enterprise mortgages refinanced turned sharply higher even as government-supported refinances fell to a new low.

In October, primary mortgage originators refinanced 142,687 single-family loans that are backed or owned by Fannie Mae and Freddie Mac.

That was a significant increase from the 128,738 GSE loans refinanced during the previous month and the most refinances since March 2017, when there were 143,455.


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Major IRS Glitch Could Delay Closings by Months

Author:  //  Category: Mortgage

A change in the technology utilized by the Internal Revenue Service has created a glitch in a system used by home lenders that could end up delaying mortgage closings by months.

The Yves system is used by the mortgage industry to verify that tax returns supplied by an applicant for a residential loan are not fraudulent. A vast majority of the 6 million mortgages processed each year depend on the system due to investor and regulatory requirements.

But mortgage industry vendors are reporting that as of midday Thursday, they have been unable to retrieve tax transcripts from the IRS at the pace needed to handle the daily volume of loans.


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Upcoming Holidays Eat Into Weekly Mortgage Biz

Author:  //  Category: Mortgage

As the heart of the holiday season approaches, new mortgage business is beginning to erode. Government activity was most impacted by the deceleration.

In the seven-day period that ended on Dec. 15, the U.S. Mortgage Market Index from Mortgage Daily was 147, declining by 7 percent compared to the previous week.

The index is an indicator of upcoming loan originations based on average per-user rate locks by clients of OpenClose. No adjustments were made for seasonal factors.


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Mortgage Brokers Operated AMC to Influence Values

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The owners of a Chicago-area mortgage brokerage are accused of operating an appraisal management company in order to influence appraised values on fraudulent loans.

Schaumburg, Illinois-based American Financial Mortgage Services Inc. was founded in 1993 by Steven L. Garcia and his brother, Michael R. Garcia.

Aside from its main office, the company operates branch locations in Dallas and in the Phoenix suburb of Mesa, Arizona. It also makes loans in California and Florida.


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Investment Firm Taking Stake in Guaranteed Rate

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An investment firm with interests in firms like Black Knight Inc., ServiceLink Holdings LLC and Ten-X LLC is taking a stake in Guaranteed Rate Inc.

Chicago-based Guaranteed Rate announced Thursday that it has reached an agreement to sell a material interest in the company to a private-equity firm.

While some of the proceeds will be used to repurchase shares from existing shareholders, Guaranteed Rate plans to use the remainder for general corporate purposes.


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