Mortgage

MISSION VIEJO, CA - January 20, 2011 - (RealEstateRama) -- Hammerhouse LLC, an expanding national recruiting and strategic growth firm for the financial service industry with mortgage sales and leadership placement at its core, today released Drew Waterhouse, Managing Director of Hammerhouse outlook on key hiring trends in the mortgage industry in 2011

Las Vegas, NV - January 20, 2011 - (RealEstateRama) -- Most homeowners in Las Vegas are so far “upside down” on their homes (owing significantly more than their home is worth) that they don't qualify for the government's $75 billion Home Affordable Mortgage Plan

CLEVELAND, OH - January 19, 2011 - (RealEstateRama) -- County Prosecutor Bill Mason and the Cuyahoga County Mortgage Fraud Task Force operating under authorization of Ohio Attorney General's Office and Ohio's Organized Crime Investigations Commission announced that Jeffrey St. Martin was sentenced to six years in prison. He was ordered to pay $3,089,750 in restitution and $30,000 in forfeiture

BOSTON, MA - January 19, 2011 - (RealEstateRama) -- During testimony in Brockton today, Patrick-Murray Administration Undersecretary for Consumer Affairs and Business Regulation Barbara Anthony outlined proposed regulations and legislation that would increase notification of mortgage ownership by lenders to homeowners and the Land Court.The testimony came at the first of three public hearings on regulations being drafted by the Division of Banks regarding foreclosure right-to-cure notices and reverse mortgages. The regulations are mandated as part of legislation signed by Governor Deval Patrick in August 2010 that increases consumer protection for homeowners facing foreclosure

WASHINGTON, D.C. - January 19, 2011 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending January 14, 2011. The Market Composite Index, a measure of mortgage loan application volume, increased 5.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 6.4 percent compared with the previous week

January 18, 2011 - (RealEstateRama) -- Yep - I said those words. No - Wait - I "EXCLAIMED" (which is a nice way to say I screamed it at the top of my lungs) those words. I remember it like it was yesterday. It was late 2007, we were just coming off our first year in real estate which included about $200,000 in personal commissions, An average commission check of $10,000, awards such as Rookies of the year and Top Agents in the Company, 7% listing contracts with sellers who had equity and wanted to sell, buyers with lender approval letters in hand that really meant something, and a complete blind eye as to how this would soon all shift to an entirely different business.

Las Vegas, NV - January 18, 2011 - (RealEstateRama) -- According to the Associated Press, the bleakest year in the foreclosure crisis has only just begun. Lenders are poised to take back more homes this year than any other since the U.S. housing meltdown began in 2006.

WASHINGTON, DC - January 18, 2011 - (RealEstateRama) -- Thanks to strengthening in consumer spending and growing policy clarity at the end of 2010, the economy is finally poised to accelerate and sustain above-par, less volatile growth, according to the January 2011 Economic Outlook released today by Fannie Mae's (FNMA/OTC) Economics & Mortgage Market Analysis Group. The economy is expected to grow by 3.6 percent in 2011, compared to an estimated 2.8 percent in 2010. The group expects some increase in housing activity during 2011, however, a growth-oriented view of housing is not expected until 2012.

McLean, VA - January 18, 2011 - (RealEstateRama) -- Freddie Mac (OTC: FMCC) today released the results of its 27th Annual Adjustable-Rate Mortgage (ARM) Survey of prime loan offerings, which was conducted January 3 to January 5 of this year

Washington, DC - January 18, 2011 - (RealEstateRama) -- The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to work on a joint initiative, in coordination with FHFA and the Department of Housing and Urban Development (HUD), to consider alternatives for future mortgage servicing structures and servicing compensation for their single-family mortgage loans.

NEW YORK, N.Y. - January 14, 2011 - (RealEstateRama) -- Mortgage rates were mostly lower this week, except for the benchmark conforming 30-year fixed mortgage rate, which held at 4.94 percent according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.38 discount and origination points.

BOSTON, MA - January 13, 2011 - (RealEstateRama) -- As the Patrick-Murray Administration's Division of Banks puts into place new rules regarding right-to-cure foreclosure notices and reverse mortgages, public informational hearings will be held to gather input on the regulations in late January.The upcoming regulations on the right-to-cure notices and reverse mortgages are part of legislation signed by Governor Deval Patrick in August 2010 as part of the Patrick-Murray Administration's response to the foreclosure crisis in Massachusetts.

McLean, VA - January 13, 2011 - (RealEstateRama) -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®). The survey results showed lower mortgage rates for both long- and short-term rates, with the 30-year reaching a four-week low

WASHINGTON, DC - January 13, 2011 - (RealEstateRama) -- The American Bankers Association sent a letter today to the heads of the eight regulatory agencies involved in writing new rules on risk retention for mortgage loans as required by the Dodd/Frank Act. ABA supports a broad safe harbor, known as the Qualified Residential Mortgage or QRM, which would not be subject to risk retention requirements.ABA said imposing too broad a risk retention requirement is likely to cause lenders to leave the marketplace, reduce the amount of credit available to eligible borrowers, and harm the fragile economic recovery.

New York, NY - January 12, 2011 - (RealEstateRama) -- PREET BHARARA, the United States Attorney for the Southern District of New York, announced that CHEDDI GOBERDHAN, a real estate attorney, pled guilty yesterday before U.S. District Judge SHIRA A. SCHEINDLIN in Manhattan federal court to a seven-count Indictment charging him with conspiracy to commit bank and wire fraud, and six counts of bank fraud, in connection with a scheme that defrauded banks out of more than $23 million in home mortgage loans. GOBERDHAN made hundreds of thousands of dollars in illicit profits from the scheme, in which he worked closely with corrupt loan officers of GuyAmerican Funding, a mortgage brokerage firm in Queens, New York. GOBERDAN is the ninth defendant convicted of participating in this mortgage fraud scheme

EMERYVILLE, CA - January 12, 2011 - (RealEstateRama) -- ZipRealty, Inc. (NASDAQ: ZIPR) announced today a series of changes to enhance the Company’s focus on core strengths in technology, online marketing and its most attractive local real estate markets. The restructuring and organizational changes are expected to position ZipRealty to achieve positive cash flow in 2011 and provide a solid platform for long-term growth.

McLean, VA - January 12, 2011 - (RealEstateRama) -- Freddie Mac (OTC: FMCC) today announced a new offering of Structured Pass-Through Certificates ("K Certificates"), multifamily mortgage-backed securities. The company expects to offer approximately $1 billion in K Certificates ("K-010 Certificates"), which are expected to price the week of January 17, 2011 and settle on or about February 10, 2011.

WASHINGTON, D.C. - January 12, 2011 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending January 7, 2011. The Market Composite Index, a measure of mortgage loan application volume, increased 2.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 47.5 percent compared with the previous week, which included the New Year’s holiday

WASHINGTON, D.C. - January 12, 2011 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today filed suit against the U.S. Department of Labor (DOL) in the United States District Court for the District of Columbia under the Administrative Procedure Act (APA).

Las Vegas, NV - January 11, 2011 - (RealEstateRama) -- A recent report released by IMS Advanced Realty Data Services on January 10, 2011 named The Myers Team the #1 Short Sale Real Estate Team in Nevada. Number one status was determined by actual short sale listings closed in 2010.

MILFORD, CT - January 11, 2011 - (RealEstateRama) -- Total Mortgage Services, LLC, a leading national mortgage lender featuring some of the lowest mortgage rates available, today highlighted five key trends likely to impact the mortgage industry and housing market in 2011.

COLUMBIA, MO - January 10, 2011 - (RealEstateRama) -- Smaller mortgage firms and independent brokers that work with military families are able to take advantage of a new program offered by nation’s leading dedicated VA lender for home purchases.

TALLAHASSEE, FL - January 10, 2011 - (RealEstateRama) -- Florida Chief Financial Officer Jeff Atwater today announced the arrest of mortgage fraud scammer Guillermo Fraginals Parra, 37, of Hialeah, on charges of first degree grand theft. Parra, the 18th individual arrested in this scam, was a real estate appraiser at the time the crimes occurred and was being paid on the side to inflate the value of various condominiums in the Brickell Bay Condo Community

Washington, DC - January 10, 2011 - (RealEstateRama) -- Congresswoman Maxine Waters (D-CA) responded to today’s ruling of the Massachusetts Supreme Court in the Ibanez case, in which the court ruled that US Bancorp and Wells Fargo did not have standing to foreclose on a borrower because they failed to follow proper legal procedure in the mortgage transfer and securitization process

FAIRFAX, VA - January 10, 2011 - (RealEstateRama) -- Credit Union Mortgage Association (CUMA) today announced an innovative residential mortgage product that allows the consumer to initiate the change in their interest rate mortgage

Las Vegas, NV - January 10, 2011 - (RealEstateRama) -- Nevada Real Estate Agents will soon notice major changes to the short sale approval letter issued by Bank of America. Bank of America has changed the verbiage of their standard short sale approval letter, deleting verbiage referring to the bank’s right to pursue a defiency judgement against a homeowner.

Washington, D.C. - January 7, 2011 - (RealEstateRama) -- The National Council on Aging (NCOA) is conducting a pilot project in collaboration with U.S. Department of Housing and Urban Development (HUD) and the National Reverse Mortgage Lenders Association (NRMLA) to help reverse mortgage borrowers who are struggling to pay property taxes and homeowners insurance

WASHINGTON, D.C. - January 7, 2011 - (RealEstateRama) WHAT: The Mortgage Bankers Association (MBA) Annual State of the Real Estate Finance Industry Media Conference Call.Among the issues MBA representatives will discuss are the state of the industry, MBA's legislative and regulatory agenda for 2011 (including Dodd-Frank Act Implementation, GSE/secondary market reform, tax reform and residential loan servicing) and MBA's new three-year macro-economic and mortgage finance/housing forecasts.

McLean, VA - January 7, 2011 - (RealEstateRama) -- Freddie Mac (OTC: FMCC) recently funded its first mortgage using the new mezzanine finance arrangement. Freddie Mac purchased a $47 million first mortgage from M&T Capital Realty Corp. for a property in the Washington, D.C., suburbs. The borrower, Metropolitan Apartments at Camp Springs L.L.C., secured a mezzanine loan for $6.75 million from Berkshire Properties

McLean, VA - January 6, 2011 - (RealEstateRama) -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey®(PMMS®). The survey results showed lower mortgage rates for both long- and short-term rates