Mortgage

March 9, 2011 - (RealEstateRama) -- Today, U.S. Senators Jim DeMint (R-South Carolina) and Bob Corker (R-Tennessee), both members of the Senate Banking Committee, and Tom Coburn, M.D. (R-Oklahoma), a member of the Senate Finance Committee, introduced legislation to end the Housing Affordable Modification Program (HAMP).The program was intended to help over 7 million homeowners modify their mortgages to avoid foreclosure. Instead, HAMP has only permanently modified just over half a million loans while leaving thousands Americans worse off. A record 2.9 million homes were foreclosed on in 2010 with a projected 20% increase expected in 2011. In contrast, the Financial Services Roundtable reports that the private sector has completed nearly 9.8 million mortgage modifications since 2007, and over 1.2 million in 2010 alone.

WASHINGTON, D.C. - March 9, 2011 - (RealEstateRama) -- Mortgage applications increased 15.5 percent from one week earlier, according to data from the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending March 4, 2011.

WASHINGTON, DC - March 8, 2011 - (RealEstateRama) -- U.S. Senator Ben Cardin (D-MD) has introduced legislation that would prohibit banks and other lenders from charging interest payments through the end of the month on loans that have been paid off earlier. Currently, Federal Housing Administration (FHA) regulations allow lenders to collect interest from homeowners through the end of the month, even if the homeowner has paid off the loan earlier in the month.

WASHINGTON, D.C. - March 8, 2011 - (RealEstateRama) -- Efforts to combat mortgage fraud against lenders have proliferated into a number of initiatives including state and federal legislation criminalizing mortgage fraud and increased synergy between law enforcement and lenders. Hear from industry experts as they review the current status of the industry, law enforcement and government’s efforts in combating mortgage fraud.

WASHINGTON, DC - March 8, 2011 - (RealEstateRama) -- Noah Black, 42, of Hyattsville, Md., pled guilty today to federal charges of wire fraud and aggravated identity theft in connection with a mortgage fraud scheme, announced U.S. Attorney Ronald C. Machen Jr., James W. McJunkin, Assistant Director in Charge of the FBI’s Washington Field Office, and David Beach, Special Agent in Charge, Washington Field Office, U.S. Secret Service.

Washington, DC - March 8, 2011 - (RealEstateRama) -- Congresswoman Maxine Waters (D-Calif.), a senior member of the Financial Services Committee, issued the following statement today after details of the proposed settlement between state attorneys general and mortgage servicers were revealed

PORTLAND, OR - March 7, 2011 - (RealEstateRama) -- Oregon’s Senator Jeff Merkley joined Senator Sheldon Whitehouse (D-RI) in an effort to strengthen mortgage protections for servicemembers once they return home from duty.

BOSTON, MA - March 7, 2011 - (RealEstateRama) -- A real estate investor has pled guilty in connection with participating in a complex scheme in which fraudulent documents were used to defraud homeowners and mortgage lenders in real estate transactions involving 26 distressed properties in the Greater Boston area, Attorney General Martha Coakley’s Office has announced.John Sweetland, age 29, of Yorba Linda, California, pled guilty in Suffolk Superior Court this week to charges of Larceny over $250 (33 Counts), Making or Publishing False or Exaggerated Statements (11 counts) and Attempt to Make or Publish a False or Exaggerated Statement (3 counts).

TUCSON, AZ - March 7, 2011 - (RealEstateRama) -- U.S. Rep. Gabrielle Giffords’ office worked with a homeowner to successfully communicate with a mortgage company to reduce home loan payments for the Tucson woman who was facing foreclosure and eviction.

SHELTON, CT - March 7, 2011 - (RealEstateRama) -- The New Homes Division of William Raveis Real Estate, Mortgage & Insurance has been selected as marketing and sales agent for Cranberry Hill Estates, Shelton’s newest family community

WASHINGTON, D.C. - March 7, 2011 - (RealEstateRama) -- As part of the Federal Trade Commission’s continuing crackdown on scams that target homeowners behind in their mortgage payments or facing foreclosure, the FTC has charged a national operation with marketing bogus loan modification services. The FTC seeks to stop the illegal practices and make the defendants pay refunds to consumers

WASHINGTON, D.C. - March 3, 2011 - (RealEstateRama) -- The National Association of Home Builders (NAHB) urges members of the House of Representatives to show their support for homeownership and the mortgage interest deduction by co-sponsoring H. Res. 25."This resolution acknowledges the importance of homeownership to individual households, the economy and the nation," said NAHB Chairman Bob Nielsen, a home builder from Reno, Nev. The resolution also states that the mortgage interest deduction "may well be the most important component of housing-related tax policy in America today" and should not be further restricted, he said

WASHINGTON, D.C. - March 3, 2011 - (RealEstateRama) -- During the fourth quarter of 2010, commercial and multifamily mortgage delinquency rates remained low for life insurance companies, Fannie Mae and Freddie Mac; fell for banks and thrifts for the first time since the 2006 and rose slightly for loans held in commercial mortgage backed securities (CMBS), according to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report.

Washington, DC - March 3, 2011 - (RealEstateRama) -- The total number of Fannie Mae and Freddie Mac completed foreclosure prevention actions in 2010 more than doubled from one year earlier, according to the FHFA’s Fourth Quarter 2010 Foreclosure Prevention & Refinance Report. Although loan modifications declined for the second consecutive quarter, refinancings through the Home

McLean, VA - March 3, 2011 - (RealEstateRama) -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey®(PMMS®), which shows a drop in long-term fixed rates for the third consecutive week.

Washington, DC - March 2, 2011 - (RealEstateRama) -- In response to the recent rise in home foreclosures, Congresswoman Susan Davis (D-San Diego) introduced legislation to give veterans access to mortgage refinancing opportunities. The Veterans Home Loan Refinance Opportunity Act (H.R. 834) will allow veterans in Alaska, Oregon, California, Wisconsin, and Texas to take advantage of low-interest home loan refinancing options available from the state. Currently, veterans in these states can use the home loans to purchase a primary residence -- but not to refinance.

WASHINGTON, D.C. - March 2, 2011 - (RealEstateRama) -- Mortgage applications decreased 6.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending February 25, 2011. The results do not include an adjustment for the Presidents’ Day holiday

Washington, DC - March 2, 2011 - (RealEstateRama) -- Throughout this month, consumers across the country can engage Realtors®, local officials, and their neighbors on an issue that literally hits close to home – home ownership – as the National Association of Realtors® kicks off a month-long Home Ownership Matters Bus Tour in cities across the nation.

WASHINGTON, DC - March 1, 2011 - (RealEstateRama) -- Rep. Scott Garrett (R-NJ), Chairman of the House Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, delivered the following opening statement today at a hearing to examine the Obama administration report on mortgage finance reform:

Washington, D.C. - March 1, 2011 - (RealEstateRama) -- The Independent Community Bankers of America (ICBA) told Congress today in a written statement that Main Street community banks need a financially strong, impartial secondary market that provides equitable access and pricing to all lenders regardless of size or volume. ICBA also outlined its own proposal for secondary mortgage market reform.

March 1, 2011 - (RealEstateRama) -- Attorney General Sam Olens applauded today’s action by the House Judiciary (Non-Civil) Committee to recommend “Do Pass” on HB 237. HB 237, introduced by Representative Rich Golick, would prohibit misstatements with the intent to defraud during the foreclosure process. The bill would also give law enforcement, including the Attorney General, sufficient authority to investigate and prosecute violations

McLean, VA - March 1, 2011 - (RealEstateRama) -- Freddie Mac (OTC:FMCC) announced today the results of its fourth quarter Conventional Mortgage Home Price Index (CMHPI).

McLean, VA - March 1, 2011 - (RealEstateRama) -- Freddie Mac (OTC: FMCC) today issued the company's Monthly Volume Summary for January 2011.

MILFORD, CT - March 1, 2011 - (RealEstateRama) -- Total Mortgage Services, LLC, a leading mortgage lender, announced today the promotion of Erik Martin as the company’s National Sales Manager of its retail channel. Mr. Martin brings to this newly-created position 15 years of production, underwriting and operational management experience within the mortgage industry.

WASHINGTON, DC - March 1, 2011 - (RealEstateRama) -- The U.S. Department of Housing and Urban Development today awarded $40.8 million to 108 fair housing organizations and non-profit agencies in 36 states and the District of Columbia to educate the public and combat housing and lending discrimination (see attached list of grantees). This year’s award represents a $13.2 million increase over last year’s award and includes $10 million to fund activities that address lending discrimination, including mortgage rescue scams

Las Vegas, NV - March 1, 2011 - (RealEstateRama) -- Toni Braxon’s Las Vegas home recently sold as a foreclosure, according to Clark County Records. Toni Braxton, a six-time Grammy winner and her husband Keirston Lewis purchased their Las Vegas home in Henderson, Nevada, for $2.6 million three years ago. Their home was recently foreclosed upon and sold as a bank owned property on September 17, 2010 for $1,060,000.

BEDFORD, N.H. - February 28, 2011 - (RealEstateRama) -- New Hampshire Housing Finance Authority recently named its “Top 10” participating lenders for 2010. Together, these lenders closed 81% of the loans extended to low- and moderate-income first-t...

February 28, 2011 - (RealEstateRama) -- An administrator working for the Federal Trade Commission is mailing 1,455 refund checks to consumers defrauded by a mortgage loan modification and foreclosure rescue scam. The FTC alleged, and the court found, that operators of the scam falsely told consumers they would prevent their homes from being foreclosed and negotiate lower mortgage interest rates, monthly payments, and principal balances. The court also found that homeowners got few, if any, loan modifications, and many people lost their homes to foreclosure after paying up to $5,500.

Los Angeles, CA - February 28, 2011 - (RealEstateRama) -- In the last two years, families in Los Angeles County lost their home to foreclosure every 15 to 18 minutes. Dataquick Information Systems reports 26,707 Los Angeles County families lost their home to foreclosure in 2010. In January 2011, 2,196 families lost their home to foreclosure1, indicating that not much has or will change in 2011. Exacerbating the issue is high unemployment and the low volume of permanent loan modifications being made available to families facing foreclosure.

Reston, Virginia - February 25, 2011 - (RealEstateRama) -- The Superior Court of New Hampshire in Cheshire County on February 14, 2011 affirmed the legality of MERS’ role as a nominee for lenders.