Mortgage

Alexandria, VA - November 4, 2010 - (RealEstateRama) -- Examine the lessons learned in both business and consumer bankruptcy cases over the past year and take a look at what trends may lie ahead in 2010 at the American Bankruptcy Institute’s (ABI) 16th Annual Rocky Mountain Bankruptcy Conference, set to take place on Jan. 27-28, 2011, at the Westin Tabor Center in Denver. The Conference will feature 14 panel sessions, including four as part of a separate workshop geared toward consumer practitioners. Attendees at the Rocky Mountain Bankruptcy Conference have the opportunity to earn 10.75/12.5 hours of CLE/CPE credit and 3/3.5 hours of ethics

CHICAGO, IL - November 4, 2010 - (RealEstateRama) -- The office of Congressman Bobby L. Rush (D-IL) released the following statement regarding today's Sun-Times article on an alleged lawsuit filed by New City Bank. This amended statement, though given to the reporter after being reached for comment after 8 PM Wednesday, read in part

McLean, VA - November 4, 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 rate rose slightly for the third consecutive week. The 15-year fixed-rate mortgage rate eased back down a little while the 5-year and 1-year ARMs set another low.

WASHINGTON, D.C. - November 4, 2010 - (RealEstateRama) -- Third quarter 2010 commercial and multifamily mortgage loan originations were 32 percent higher than during the same period last year and 15 percent higher than during the second quarter, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.

WASHINGTON, D.C. - November 3, 2010 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 29, 2010. The Market Composite Index, a measure of mortgage loan application volume, decreased 5.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 5.3 percent compared with the previous week.The Refinance Index decreased 6.4 percent from the previous week. This is the third straight week the Refinance Index has decreased. The seasonally adjusted Purchase Index increased 1.4 percent from one week earlier. The unadjusted Purchase Index increased 0.2 percent compared with the previous week and was 28.0 percent lower than the same week one year ago.

WASHINGTON, D.C. - November 3, 2010 - (RealEstateRama) -- John A. Courson, President and CEO of the Mortgage Bankers Association (MBA), today announced the appointment of Richard (Rick) J. Hill as Associate Vice President of Industry Technology. In this role, Rick is responsible for MBA's industry technology efforts, including supporting MBA’s oversight of its subsidiary, the Mortgage Industry Standards Maintenance Organization Inc. (MISMO®), as well as the technology content of MBA conferences. Hill also will work directly with MBA’s commercial and residential technology committees and the research and government affairs staff on technology and data quality issues impacting the real estate finance industry.

McLean, VA - November 3, 2010 - (RealEstateRama) -- Freddie Mac (OTC:FMCC) today reported a net loss of $2.5 billion for the quarter ended September 30, 2010, compared to a net loss of $4.7 billion for the quarter ended June 30, 2010. After the dividend payment of $1.6 billion on its senior preferred stock to the U.S. Department of the Treasury (Treasury), Freddie Mac reported a net loss attributable to common stockholders of $4.1 billion, or $1.25 per diluted common share, for the third quarter of 2010, compared to a net loss attributable to common stockholders of $6.0 billion, or $1.85 per diluted common share, for the second quarter of 2010.

November 2, 2010 - (RealEstateRama) -- The Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) announce the election of Donald DeBastiani as the chairman of the Multi-State Mortgage Committee (MMC). Charlie Fields has been elected as the vice chairman of the MMC

November 2, 2010 - (RealEstateRama) -- The Conference of State Bank Supervisors (CSBS) today announced the launch of functionality that enables an individual to authorize a credit report through the Nationwide Mortgage Licensing System and Registry (NMLS). Beginning today, all licensed residential mortgage loan originators participating in NMLS will be required to complete the credit authorization process, regardless of any prior state requirements

November 2, 2010 - (RealEstateRama) -- Three of 10 defendants charged in a mortgage fraud case were sentenced yesterday in Boise by U.S. District Judge Edward J. Lodge, the U.S. Attorney's Office announced. Michael J. Hymas, 59, formerly of Boise, Idaho, was sentenced to 21 months in prison, three years of supervised release, 80 hours of community service, and $544,647 in restitution for wire fraud. Hymas pled guilty to the charge in March 2010. Shauntee K. Ferguson, 33, of Boise, Idaho, was sentenced to five years of supervised release, 80 hours of community service, and $365,829.69 in restitution for making a false atatement to a financial institution.

WASHINGTON, DC - November 2, 2010 - (RealEstateRama) -- HOPE NOW, the private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors released its September 2010 survey data today, which estimates the industry completed close to 150,000 permanent loan modifications for the month.

VIENNA, VA - November 1, 2010 - (RealEstateRama) -- The Financial Crimes Enforcement Network (FinCEN), today released its 2009 Mortgage Loan Fraud (MLF) study which found the number of mortgage fraud suspicious activity reports (SARs) filed in 2009 grew 4 percent compared with the number of mortgage fraud SARs filed in 2008. FinCEN also reported today that just looking at the fourth quarter of 2009, mortgage fraud SAR filings increased 6 percent over the same period in 2008.

WASHINGTON, DC - November 1, 2010 - (RealEstateRama) -- Nathan A. Peake, a sports manager, and Gregory L. McCormick, an accountant, both residents of Silver Spring, Maryland, have been indicted by a federal grand jury in a multi-count indictment accusing them of tax evasion and other charges

DENVER, CO - October 29, 2010 - (RealEstateRama) -- ICBA Mortgage Solutions, a provider of comprehensive mortgage services to help Independent Community Bankers of America (ICBA) members originate, process, close, fund and sell residential loans, has named Scott Hall, president, and Elizabeth Deal, executive vice president of marketing. Together, Hall and Deal will guide ICBA Mortgage Solutions in helping community banks better manage the mortgage process.

October 28, 2010 - (RealEstateRama) -- The Conference of State Bank Supervisors (CSBS) called for broader exemptions from rules under Regulation Z for those institutions which hold the credit risk for residential mortgage loans. The CSBS comment letter was in response to the Federal Reserve Board’s (FRB) Proposed Rule on Regulation Z.

October 28, 2010 - (RealEstateRama) -- Missouri Housing Development Commission (MHDC) for more than 30 years has provided low-interest, fixed-rate mortgage options to under-served Missouri households. The agency recently marked a significant milestone in its history, having provided a total of $5 billion in mortgages to more than 82,000 first-time homebuyers.

McLean, VA - October 28, 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 rate rose slightly for the second consecutive time in six weeks. The 15-year fixed-rate mortgage rate also rose slightly while the 5-year ARM set another low, and the 1-year ARM tied last week’s low.

McLean, VA - October 28, 2010 - (RealEstateRama) -- Freddie Mac (FMCC.OB) today announced it has hired REO Training Solutions, Inc. to instruct new listing brokers and other vendors on HomeSteps'® policies, procedures, business guidelines, and best practices. HomeSteps is the real estate sales unit of Freddie Mac and markets a nationwide selection of Freddie Mac-owned homes

McLean, VA - October 28, 2010 - (RealEstateRama) -- Freddie Mac (OTC: FMCC) released the results of its third quarter cash-out refinance analysis.

Washington, DC - October 28, 2010 - (RealEstateRama) -- The Federal Housing Finance Agency today reported that the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders, used as an index in some ARM contracts, was 4.55 percent based on loans closed in September. This is a decrease of 0.10 percent from the previous month.

CLEVELAND, OH - October 27, 2010 - (RealEstateRama) -- County Prosecutor Bill Mason and the Cuyahoga County Mortgage Fraud Task Force operating under authorization of Ohio Attorney General Richard Cordray and Ohio's Organized Crime Investigations Commission announced Fred Loewinger pleaded guilty to 25 felony mortgage fraud related offenses on October 27, 2010 for his participation in financing the purchase of 20 houses with $1.4 million in fraudulent loans. Loewinger, 62, of Strongsville, owned Fast Mortgage Services, Inc. and conducted his fraudulent activities as a licensed mortgage broker and loan officer. This case was investigated by the Cleveland office of the FBI in connection with their participation in the Mortgage Fraud Task Force

MADISON, WI - October 27, 2010 - (RealEstateRama) -- John W. Vaudreuil, United States Attorney for the Western District of Wisconsin, announced that Carlos R. Solis and Marty G. Mendez were sentenced yesterday by U.S. District Judge William M. Conley in prosecutions stemming from a federal mortgage fraud and tax fraud investigation.

October 27, 2010 - (RealEstateRama) -- Ms. Caldwell, you and the Department of Treasury deserve substantial credit for pushing an industry towards mortgage modifications and preventing avoidable foreclosures when that industry failed to appropriately act. In this way, Treasury’s HAMP program has shown great potential. Thanks to your work, we have a new industry standard that has kept more people in their homes than otherwise would have been able – certainly more than HAMP’s monthly reports demonstrate on their own.

October 27, 2010 - (RealEstateRama) -- A 46-year-old Golden Valley man pled guilty earlier today in federal court in Minneapolis to orchestrating a mortgage fraud scheme that resulted in the theft of more than $2.5 million from lenders nationally. The scheme centered on obtaining fraudulent loans for the purchase of 24 homes in the Twin Cities. Appearing before United States District Court Judge Joan N. Ericksen, Zack Zafer Dyab pled guilty to one count of conspiracy to commit wire fraud and one count of money laundering in connection to the crime. Dyab was indicted along with Julia Alexander Rozhansky, age 46, of Minnetonka, on December 8, 2009

WASHINGTON, D.C. - October 27, 2010 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 22, 2010. The Market Composite Index, a measure of mortgage loan application volume, increased 3.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 3.1 percent compared with the previous week.The Refinance Index increased 3.0 percent from the previous week. The seasonally adjusted Purchase Index increased 3.9 percent from one week earlier. The unadjusted Purchase Index increased 3.5 percent compared with the previous week and was 30.3 percent lower than the same week one year ago

Reston, VA - October 27, 2010 - (RealEstateRama) -- Mortgage Fraud Examiners, the investigative firm who warned the public about the “criminal loan modification trap” and “useless” software audits, is now warning the public of this latest scam—“The Administrative Process”

Reston, VA - October 27, 2010 - (RealEstateRama) -- Mortgage Fraud Examiners, the investigative firm who warned the public about loan modification scams, the "criminal loan modification trap" and the Mortgage Elimination scam is now warning the public of this latest scam.

October 26, 2010 - (RealEstateRama) -- Stories about a “freeze” or “moratorium” on mortgage foreclosures are in the headlines, so it’s no surprise if you’ve heard that some mortgage lenders are stopping foreclosures while their paperwork is investigated to be sure it’s in order. But no matter what you hear on the news, a notice from your bank, mortgage servicer, or the sheriff requires your immediate attention.

MEDFORD TWP., N.J. - October 26, 2010 - (RealEstateRama) -- Representatives from the New Jersey Housing and Mortgage Finance Agency (HMFA) today joined local officials to celebrate the completion of 36-unit affordable senior apartments. Medford Senior Housing is a housing development located at 8 Jones Road in Medford Township. The HMFA, an affiliate of the Department of Community Affairs, provided the mortgage and tax credit funding for the project.

BOISE, ID - October 26, 2010 - (RealEstateRama) -- Idaho Housing and Finance Association today announced a 30-year fixed interest rate of 3.75%, the lowest rate in IHFA’s history. This low rate provides opportunity for qualified homebuyers who can choose from FHA, VA, and RD loan products that best meet their needs. Potential homeowners can visit www.IdaMortgage.com, our homeownership resource center, to check their eligibility for a loan.