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Latest Mortgage News Headlines |
| Last Updated Monday, October 06, 2008, 05:23 PM Texas Time |
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Mortgage Video News
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If Bank of America Corp.'s originations are any indication, the latest quarter was a disaster for U.S. mortgage lenders. (Oct. 6)
Five Southern California mortgage brokers have been charged by the Securities and Exchange Commission with allegedly placing borrowers in unaffordable subprime loans to finance unsuitable securities -- earning commissions every step of the way. (Oct. 6)
Popular Inc. continues to dismantle its U.S. mainland operations, with more than 160 servicing employees receiving pink slips. (Oct. 6)
Mortgage Lending has reached the pinnacle of pop culture. A skit on the latest Saturday Night Live provided a humorous but comprehensive overview of the mortgage crisis -- highlighting the roles of borrowers, Democrats and the former leaders of Golden West Financial Corp. The Sandler featured in this skit, however, was not Adam. (Oct. 6)
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Bank of America Corp. will spend mortgage than $8 billion to settle charges of predatory lending at Countrywide Financial Corp. (Oct. 6)
Employers slashed more than 9,000 mortgage jobs in the third quarter. (Oct. 6)
One new lead service delivers live telephone calls and only charges for the lead if the call lasts more than 30 seconds. Other advancements in mortgage lead generation include guaranteed mortgage leads and a letter campaign for self-generated leads. (Oct. 3)
Monthly bankruptcy filings by consumers fell. (Oct. 3)
Legislation authorizing the U.S. Treasury Department's purchase of $700 billion in mortgage assets has been signed into law by President Bush. (Oct. 3)
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Less than two months after doubling its adverse market delivery charges, Fannie Mae is reversing its decision. (Oct. 3)
An increase in the number of brokers wasn't enough to push overall mortgage employment higher in a monthly government report. (Oct. 3)
Wachovia Corp. has scrapped a deal to be acquired by Citigroup Inc. and will instead be acquired by Wells Fargo & Co. The W&W merger creates a formidable challenge to Bank of America Corp.'s potential standing as the No. 1 residential originator. (Oct. 3)
Guidelines have been issued for refinancing delinquent and current exotic loans using a government-insured program created under the recently passed housing legislation. Lenders that utilize the program will be held accountable for fraudulent appraisals. (Oct. 2)
Counselor fee payments have been prohibited and loan limits are increasing on reverse mortgages. (Oct. 2)
Subprime foreclosure sales fell in August, pushing overall foreclosure sales lower, according to a new report. Data indicate that subprime resets are not proving to be as big a problem as previously anticipated. (Oct. 2)
As the yield on the 1-year Treasury tumbled, the 6-month LIBOR yield soared. New 1003 activity deteriorated. (Oct. 2)
A new real estate investment trust is being launched, an order was issued against a bank officer accused of mortgage fraud and Fannie Mae and Freddie Mac faced grand jury subpoenas and securities regulatory inquiries. Meanwhile, dozens of other banks faced a host of regulatory orders and a growing number of institutions face mergers. (Oct. 2)
The U.S. Senate passed its own version of a $700 billion mortgage bailout package. (Oct. 1)
The timer on the home page of the Nehemiah Program's Web Site has expired -- indicating down payment assistance funded by home sellers is no longer available on loans insured by the Federal Housing Administration. But that isn't the only change on FHA loans effective Oct. 1. (Oct. 1)
Guidance on mark-to-market won't have much of a positive impact, according to one mortgage group. But bankers and mortgage bankers cheered the clarification. (Oct. 1)
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A front-running presidential contender has previously filed a class action lawsuit against a mortgage lender that allegedly discriminated against African Americans.
While an attorney with a Chicago law firm, Democratic candidate Barack Obama took on a national bank accused by his client of mortgage discrimination and redlining.
Attorneys on the other side of the case said it wasn't exactly a victory for the respected senator from Illinois. (Feb. 23, 2007)
After mistakenly foreclosing on the wrong Nevada property and disposing of all the personal belongings, the homeowners sued Countrywide Home Loans and were awarded $3 million. But the state's Supreme Court has reduced that judgment by more than half.
The Nevada Supreme Court cut in half an award for damages in a wrongful foreclosure case.
The court agreed with Countrywide's statutory interpretation arguments, and with its arguments against allowing plaintiffs to recover twice for a single wrong. (Sept. 29)
Guidance issued today on mark-to-market accounting was cheered by bankers. (Sept. 30)
The timer on the home page of the Nehemiah Program's Web Site has expired -- indicating down payment assistance funded by home sellers is no longer available on loans insured by the Federal Housing Administration. But that isn't the only change on FHA loans effective Oct. 1. (Oct. 1)
The federal government has stepped in to prevent a failure of Wachovia Bank. (Sept. 29)
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