Mortgage

WORCESTER, MA - November 17, 2010 - (RealEstateRama) -- An Oxford man has been sentenced to State Prison after pleading guilty in Worcester Superior Court for his role in a complex scheme in which fraudulent documents were used to defraud homeowners and mortgage lenders in numerous real estate transactions involving distressed properties in the Worcester County area, Attorney General Martha Coakley’s Office announced today.

WASHINGTON, D.C. - November 17, 2010 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending November 12, 2010. The Market Composite Index, a measure of mortgage loan application volume, decreased 14.4 percent on a seasonally adjusted basis from one week earlier. The results do not include an adjustment for Veterans Day. On an unadjusted basis, the Index decreased 15.0 percent compared with the previous week.

WASHINGTON, DC - November 17, 2010 - (RealEstateRama) -- Today Senate Banking Committee Chairman Chris Dodd (D-CT) held an oversight hearing investigating problems in the mortgage servicing industry. The Committee heard testimony from state officials, industry executives, and experts in law and consumer protection, and explored how mortgage servicing practices may have prevented modifications and even resulted in unjustifiable foreclosures.

LUBBOC, TX - November 16, 2010 - (RealEstateRama) -- Texas Attorney General Greg Abbott is charging two Lubbock mortgage companies and their owners with orchestrating a complex scheme to defraud Texas property owners. The State’s enforcement action names Enhance Mortgage Corp. and Templeton Mortgage Co. Inc. as defendants and charges both with violating the Texas Deceptive Trade Practices Act.

LITTLE ROCK, AR - November 16, 2010 - (RealEstateRama) -- Attorney General Dustin McDaniel today announced that he has joined a multistate review into possibly improper practices within the mortgage service industry.

WASHINGTON, D.C. - November 16, 2010 - (RealEstateRama) -- Conducted quarterly since 1972, MBA's National Delinquency Survey covers more than 40 million loans on one-to-four-unit residential properties, representing more than 80 percent of all first-lien residential mortgage loans outstanding in the United States.

November 16, 2010 - (RealEstateRama) -- Mortgage Cadence, LLC, a leading provider of Enterprise Lending Solutions (ELS), Loss Mitigation Technology and Document Services for the financial services industry, announces the direct integration with EarlyCheck in support of Fannie Mae’s Loan Quality Initiative (LQI). EarlyCheck provides users with access to Fannie Mae’s data checks at any point in the lender’s business process. Validating critical data prior to delivering a loan to Fannie Mae provides increased certainty for the lender and ultimately reduces funding and pooling delays after submission

WASHINGTON, D.C. - November 16, 2010 - (RealEstateRama) -- The Congressional Oversight Panel today released its November oversight report, "Examining the Consequences of Mortgage Irregularities for Financial Stability and Foreclosure Mitigation." The Panel reviewed allegations that companies servicing $6.4 trillion in American mortgages may in some cases have bypassed legally required steps to foreclose on a home. The implications of these irregularities remain unclear, but it is possible that "robo-signing" may have concealed deeper problems in the mortgage market that could potentially threaten financial stability and undermine foreclosure prevention efforts

WASHINGTON, DC - November 16, 2010 - (RealEstateRama) -- The Federal Housing Administration (FHA) today released its annual report to Congress on the financial status of its Mutual Mortgage Insurance (MMI) Fund, FHA’s principal insurance account that includes all single-family and reverse mortgage activity. FHA’s study finds that since last year, the capital reserve ratio held steady, insurance claims declined significantly, and the economic value of FHA’s single-family insurance program grew by more than $1 billion, from $3.6 billion in 2009 to $4.7 billion in 2010

WASHINGTON, DC - November 15, 2010 - (RealEstateRama) -- Today, the Government Accountability Office (GAO) released a report requested by U.S. Senator Sherrod Brown, Chairman of the Economic Policy Subcommittee of the Senate Committee on Banking, Housing, and Urban Affairs, on the practice of "abandoned foreclosures," also commonly referred to as "bank walkaways." This is the practice whereby banks decline to take possession of properties after initiating the foreclosure process, most often because the costs — from legal fees to maintenance — exceed the value of the real estate

Detroit, MI - November 15, 2010 - (RealEstateRama) -- Quicken Loans Inc., the nation’s largest online lender and top-five retail mortgage lender, and Quizzle LLC, a free online tool that helps consumers better manage their home, money and credit, today announced they ranked #1 in the Detroit Free Press’ Top Workplaces in Michigan 2010 list

McLean, VA - November 15, 2010 - (RealEstateRama) -- Freddie Mac (OTC:FMCC) announced the results of its quarterly Product Transition Report today

Las Vegas, NV - November 11, 2010 - (RealEstateRama) -- There are many Realtors in Las Vegas trying to do short sales; however, how many have successfully closed hundreds of short sale transactions? The Myers Team is the #1 Short Sale Team in the state of Nevada. A recent report provided by IMS Advanced Realty Date Services, shows The Myers Team have closed more short sale listings than any Realtor or Broker in Nevada in the past 12 months

COLUMBUS, OH - November 11, 2010 - (RealEstateRama) -- Todd M. Gongwer, of Columbus, Ohio, was sentenced today to two years in prison for conspiring with convicted Columbus area home builder Thomas Parenteau to commit a mortgage fraud scheme in which the pair defrauded banks into lending more than $10 million to Gongwer, his nominees and unqualified borrowers, the Justice Department announced today. Gongwer was also sentenced for committing tax evasion by using bank accounts of others to hide the income that he earned from ReMax Affiliates from 2000 through 2005

November 11, 2010 - (RealEstateRama) -- Richard S. Hartunian, United States Attorney for the Northern District of New York; Rene Febles, Special Agent in Charge of the Office of Inspector General, U.S. Department of Housing and Urban Development in New York; John F. Pikus, Special Agent in Charge of the Albany Division of the Federal Bureau of Investigation; and Lt. John D. Durling, of the New York State Police Special Investigations Unit, announced that Elmer J. "Joe" McIndoo was sentenced today by United States District Judge Thomas J. McAvoy in Albany to six months of home detention and five years of supervised release for his role in a local mortgage fraud scheme. McIndoo also was ordered to make full restitution in the amount of $135,148.45, due jointly and severally with the other defendants convicted in the case, and he was required to surrender his New York state real property appraiser's license as a result of his conviction.

WASHINGTON, D.C. - November 11, 2010 - (RealEstateRama) -- Michael D. Berman, CMB, Chairman of the Mortgage Bankers Association, today issued the following statement reacting to options contained within a draft proposal from the co-chairs of the National Commission on Fiscal Responsibility and Reform."Given the fragile state of the nation's housing market, now is not the time to be scaling back incentives for homeownership. The mortgage interest deduction is one of the pillars of our national housing policy, and limiting its use will have negative repercussions for consumers and home values up and down the housing chain.

McLean, VA - November 11, 2010 - (RealEstateRama) -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), which found that the 30-year fixed-rate mortgage (FRM) and the 15-year (FRM) set new records for all-time lows. The 5-year ARM also reached another new low in the survey while the 1-year ARM remained at its nadir

WASHINGTON, DC - November 10, 2010 - (RealEstateRama) -- Fannie Mae (FNMA/OTC) today announced the opening of a new mortgage help center in Culver City to provide counseling and other services for struggling homeowners in the greater metro area with loans owned by Fannie Mae. The Greater Los Angeles Mortgage Help Center is the fourth facility in a series of nationwide mortgage help centers. Fannie Mae is partnering on this initiative with West Angeles Community Development Corporation, major mortgage servicers, and civic and community leaders from across the region

November 10, 2010 - (RealEstateRama) -- On Tuesday, November 9, 2010, The Mortgage Bankers Association (MBA) sent the attached letter to federal financial regulators outlining MBA’s perspectives for the federal agencies to consider when establishing the “Qualified Residential Mortgage” (QRM) exemption from risk retention requirements required under Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA).

WASHINGTON, D.C. - November 10, 2010 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending November 5, 2010. The Market Composite Index, a measure of mortgage loan application volume, increased 5.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 5.4 percent compared with the previous week

Las Vegas, NV - November 9, 2010 - (RealEstateRama) -- International Fraud Awareness Week is November 7 – November 13. This weeklong campaign encourages business leaders and employees to proactively take steps to minimize the impact of fraud by promoting anti-fraud awareness and education. To support this important campaign, the Fight Fraud Taskforce is issuing an advisory every weekday to inform consumers of the Top 5 Scams happening right now in our community….and how consumers can protect themselves.

November 9, 2010 - (RealEstateRama) -- Earlier today, the last two of five defendants connected to a $20 million mortgage fraud scheme appeared in federal court in Minneapolis to plead guilty to charges in connection to that crime.

Detroit, MI - November 9, 2010 - (RealEstateRama) -- Quicken Loans Inc., the nation’s largest online lender, and a top-five retail mortgage lender, today announced it recently closed its 1 millionth home loan. This milestone comes in the same year the company is celebrating its 25th anniversary.

McLean, VA - November 9, 2010 - (RealEstateRama) -- Freddie Mac (OTC: FMCC) announces a new offering of Structured Pass-Through Certificates ("K Certificates"), multifamily mortgage-backed securities. The company expects to offer approximately $1.1 billion in K Certificates ("K-009 Certificates"), which are expected to price on or about November 16, 2010, and settle on or about November 23, 2010

MILFORD, CT - November 9, 2010 - (RealEstateRama) -- Total Mortgage Services, LLC, a leading national mortgage lender and broker that offers some of the lowest mortgage rates available, announced today that it has received its state of New York Mortgage Banker License from the State of New York Banking Department.

November 8, 2010 - (RealEstateRama) -- The Federal Reserve Bank of New York today released its Quarterly Report on Household Debt and Credit for the third quarter of 2010, which shows that consumer debt continues its downward trend of the previous seven quarters, though the pace of decline has slowed recently. Since its peak in the third quarter of 2008, nearly $1 trillion has been shaved from outstanding consumer debts

AUSTIN, TX - November 5, 2010 - (RealEstateRama) -- The Texas Department of Housing and Community Affairs (TDHCA) today announced that it has reduced interest rates on mortgage loans offered through its Texas First Time Homebuyer Program to historically low levels, further opening the door to safe and responsible homeownership for qualifying low to moderate income Texans.Interest rates on these 30-year, fixed rate mortgage loans have been set at either 4.20 percent or 4.95 percent, depending on which of two types of loans the borrower selects. Rates had previously been set at 4.99 percent or 5.74 percent, respectively. The assisted rate of 4.95 percent is available with funds for down payment and closing cost assistance, helping families overcome what are often the biggest obstacles to buying a home.

OLYMPIA, WA - November 5, 2010 - (RealEstateRama) -- The Washington Supreme Court issued a decision today in which justices unanimously agreed with the Washington Attorney General’s Office that the financial privacy provisions of the federal Gramm-Leach-Bliley Act (GLBA) don’t preempt the state Public Records Act. The ruling also clarified that information about individual mortgage borrowers is still protected as intended under federal law due to exemptions set forth under state law.

WASHINGTON, DC - November 5, 2010 - (RealEstateRama) -- Especially in today’s housing market, the prospect of buying a home can seem overwhelming for many Americans who may not be aware of how to begin the process of shopping for a home or even a mortgage. To help consumers navigate this process, the U.S. Department of Housing and Urban Development (HUD) and the National Association of Realtors® (NAR) today unveiled three how-to videos to help prospective homeowners find a home they can afford, shop for a mortgage they can sustain, and what to expect when they go to closing.

Alexandria, VA - November 4, 2010 - (RealEstateRama) -- The latest American Bankruptcy Institute podcast features a conversation between ABI Resident Scholar Prof. Laura Bartell and bankruptcy attorney and Clean Slate blog author Andy Winchell discussing the recent mortgage foreclosure documentation crisis. In addition to his own involvement in consumer cases with poor mortgage documentation, Winchell examines issues related to the large-scale mortgage foreclosure documentation problems recently admitted by Bank of America, JP Morgan Chase and Ally Financial