Mortgage

LOS ANGELES, CA - October 26, 2010 - (RealEstateRama) -- A Downey man has agreed to plead guilty to federal fraud and money laundering charges, admitting that he ran two fraudulent operations—a Ponzi scheme that took in $30 million from more than 300 victims and a mortgage fraud scheme that preyed on homeowners by stealing the equity from their homes and secretly taking title to their properties

Atlanta, GA - October 26, 2010 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today awarded Habitat for Humanity with its annual Investing in Communities Award during MBA's 97th Annual Convention & Expo in Atlanta.

Atlanta, GA - October 26, 2010 - (RealEstateRama) -- The Mortgage Bankers Association expects to see mortgage originations fall from an estimated $1.4 trillion in 2010 to slightly under $1 trillion in 2011. The drop will be driven by a decline in refinance originations, but the industry will see an increase in purchase originations. The economy will grow at a slow pace but with no significant job growth until 2011. The increase in purchase originations will be driven by modest increases in home sales and stabilizing home prices. In contrast, MBA refinance originations are expected to fall steadily as mortgage rates gradually increase throughout 2011 and 2012

Atlanta, GA - October 26, 2010 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today awarded John Johnson, CMB, President & Chief Executive officer of MortgageAmerica, with the Andrew D. Woodward Distinguished Service Award at the Association's 97th Annual Convention and Expo held in Atlanta. The award was given to Johnson in recognition of his dedication and prominent service to MBA and the mortgage lending industry.

McLean, VA - October 26, 2010 - (RealEstateRama) -- Freddie Mac (OTC: FMCC) today issued the company's Monthly Volume Summary for September 2010. The summary, available on the company's Web site at www.FreddieMac.com/investors/volsum, provides information on Freddie Mac's mortgage-related portfolios, securities issuance, risk management and delinquencies, including data on seriously delinquent mortgage loans in related mortgage Participation Certificate (PC) pools.

Atlanta, GA - October 26, 2010 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today announced Henry V. (Hank) Cunningham, Jr., CMB, President of Cunningham & Company, Greensboro, NC, as Chairman of its Residential Board of Governors (RESBOG) and Garry Cipponeri, Senior Vice President of Chase in Iselin, NJ as Vice Chair of RESBOG at the association's 97th Annual Convention & Expo.

CLEVELAND, OH - October 25, 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 that Jeffrey St. Martin, 38, of Chicago, IL plead guilty to 21 felony mortgage fraud-related offenses on October 20, 2010, for his participation in the purchasing of 21 houses with 3.1 million dollars in fraudulent loans. St. Martin’s wife, Ayanna Israel, 34, of Chicago, IL, Israel’s mother, Sandra McRae, 57, of Chicago, IL, and Deborah Nunoo, 49, of Cleveland, also pleaded guilty for their participation as co-defendants in this criminal enterprise. The Housing of Urban Development and investigators of the County Prosecutor’s Office were the primary investigative agencies on the case.

SPRINGFIELD, IL - October 25, 2010 - (RealEstateRama) -- Record low mortgage interest rates and more affordable home prices benefited buyers in September, although the Illinois housing market remains subdued after the tax credit without stronger signals from the economy in the areas of jobs and improved consumer confidence. According to the Illinois Association of REALTORS® latest report, statewide total home sales (which include single-family and condominiums) in September 2010 totaled 8,024, down 4.7 percent from August’s 8,419 home sales; year-over-year home sales are down 23.4 percent compared to September 2009 sales of 10,470 homes. Year-to-date sales remain positive, up 4.9 percent January through September 2010 with 81,669 home sales compared to 77,860 home sales for the same period in 2009

New York, NY - October 25, 2010 - (RealEstateRama) -- Increased concern and scrutiny on mortgage foreclosure practices have created significant business and legal challenges that affect a broad range of institutions across the United States. As a result, international law firm Nixon Peabody LLP has expanded its Mortgage Finance and Foreclosure Team to offer additional resources to address clients’ growing needs during the mortgage foreclosure crisis. Nixon Peabody’s team includes attorneys from a variety of practices including banking and regulatory, securitization, finance, bankruptcy and restructuring, real estate, real estate litigation, class action litigation, and government investigations.

Atlanta, GA - October 25, 2010 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today elected its Board of Directors for the 2011 membership year at MBA's 97th Annual Convention & Expo in Atlanta. The Board of Directors will be chaired by Michael D. Berman, CMB, President and Chief Executive Officer of CWCapital, Needham, MA

October 25, 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.

Washington, DC - October 21, 2010 - (RealEstateRama) -- U.S. Senator Olympia J. Snowe (R-Maine) is urging Fannie Mae and Freddie Mac to reinforce their commitment to safeguarding the legal rights of borrowers in view of recent allegations of defective and flawed foreclosure documentation at several of the nation’s largest mortgage lenders. Senator Snowe’s comments were made following today’s announcement by the Federal Housing Finance Agency (FHFA) that Fannie Mae and Freddie Mac, government sponsored enterprises placed into conservatorship of the FHFA in 2008 and currently financed by taxpayers, would need as much as an additional $215 billion over the next three years to meet their financial obligations.

Washington, D.C. - October 21, 2010 - (RealEstateRama) -- The Independent Community Bankers of America (ICBA) and LenderLive Network, Inc. today announced the launch of ICBA Mortgage Solutions, an innovative, multi-functional suite of mortgage services designed to help ICBA member community banks continue to originate, process, close, fund and sell residential loans.

MILFORD, CT - October 21, 2010 - (RealEstateRama) -- Total Mortgage Services, LLC, a leading mortgage lender and broker that offers some of the lowest mortgage rates available, announced today the hiring of Michael Dimech as the Company’s new head of operations. Mr. Dimech brings to this new position over 15 years of operation management and underwriting experience within the mortgage industry. His initial focus will be centered around efficiency modeling, operational scalability and team building. Mr. Dimech will play an important role in the Company’s risk management efforts and will be based in Milford, Connecticut.

McLean, VA - October 21, 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 first time in five weeks. The 15-year fixed-rate mortgage rate also rose slightly while the 5-year ARM and 1-year ARM fell.

Washington, DC - October 21, 2010 - (RealEstateRama) -- The Federal Housing Finance Agency (FHFA) today released projections of the financial performance of Fannie Mae and Freddie Mac (the Enterprises) including potential draws under the Preferred Stock Purchase Agreements (PSPAs) with the U.S. Department of the Treasury. To date, the Enterprises have drawn $148 billion from the Treasury Department under the terms of the PSPAs. Under the three scenarios used in the projections, cumulative Enterprise draws range from $221 billion to $363 billion through 2013

New York, NY - October 21, 2010 - (RealEstateRama) — U.S. Rep. Carolyn Maloney (D-Manhattan, Queens) wrote to the Federal Housing Finance Agency (FHFA) expressing her strong opposition to a proposed guidance issued by FHFA that would have an enormously destructive impact on mortgage lending in New York City.  FHFA’s proposed [...]

WASHINGTON, DC - October 20, 2010 - (RealEstateRama) -- Sluggish job creation and modest consumer spending continue to spur slow economic growth according to the October 2010 Economic Outlook released today by Fannie Mae's (FNMA/OTC) Economics & Mortgage Market Analysis Group. The economy is expected to grow at a rate below two percent in the current quarter before picking up modestly in the first half of 2011 and strengthening in the second half of next year. The current outlook remains clouded with uncertainty and has not changed materially from the previous forecast, with 2.2 percent growth projected for all of 2010, followed by a 2.5 percent pace for 2011.

LINCOLN, NE - October 20, 2010 - (RealEstateRama) -- Attorney General Jon Bruning today announced that as part of a coordinated national effort, Nebraska will review the practice of so-called “robo-signing” within the mortgage servicing industry

McLean, VA - October 20, 2010 - (RealEstateRama) -- Freddie Mac (OTC: FMCC) announced today that it priced its new 0.375% $5 billion two-year USD Reference Notes® security due on November 30, 2012. The issue, CUSIP number 3137EACP2, was priced at 99.772 to yield 0.484%, or 12.5 basis points more than two-year U.S. Treasury Notes. The issue will settle on Friday, October 22, 2010.

Washington, DC - October 20, 2010 - (RealEstateRama) -- The National Association of Realtors® strongly supports the proposed guidance from the Federal Housing Finance Agency to prevent government-sponsored enterprises Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks from investing in mortgages encumbered by private transfer fee covenants

WASHINGTON, D.C. - October 20, 2010 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 15, 2010. The Market Composite Index, a measure of mortgage loan application volume, decreased 10.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index also decreased 10.5 percent compared with the previous week. This week’s results do not include an adjustment for the Columbus Day holiday.

TRENTON, NJ - October 20, 2010 - (RealEstateRama) -- Attorney General Paula T. Dow announced today that the owner of several New Jersey loan modification companies has agreed to pay the state $805,000 and stay out of the foreclosure rescue business to resolve allegations he defrauded struggling homeowners who sought help in staving off foreclosure.

AVONDALE, AZ - October 20, 2010 - (RealEstateRama) -- The National Association of Exclusive Buyer Agents supports efforts by the new Consumer Financial Protection Bureau (CFPB) to simplify the mortgage process for consumers. The CFPB is charged with combining and simplifying two disclosure forms, under the Truth in Lending Act of 1968 and the Real Estate Settlement Procedures Act of 1974. One form is required by the Department of Housing and Urban Development and the other by the Federal Reserve, and in some areas the forms overlap

AVONDALE, AZ - October 20, 2010 - (RealEstateRama) -- Real estate images can be misleading, warns the National Association of Exclusive Buyer Agents (NAEBA). Home staging has become a common practice in which experts make the property attractive to the highest number of potential homebuyers by enhancing its visual appeal. Taking that staging element to the dramatic editing of online photos is a relatively new tactic and can be misleading.

October 19, 2010 - (RealEstateRama) --Please note that the assistance described in this press release will be available statewide in December. If you are not in a pilot county and you have lost your job and are having problems paying your mortgage, the state’s Home Protection Program may be able to help you. Participating local agencies will help determine if you are eligible, help you apply, and can also help you choose the best course of action if you are not eligible.

Las Vegas, NV - October 19, 2010 - (RealEstateRama) -- The Division of Mortgage Lending continues to diligently enforce mortgage lending laws by disciplining 7 entities for various violations of those laws.

McLean, VA - October 19, 2010 - (RealEstateRama) --Freddie Mac (OTC: FMCC) announced today that it plans to issue a new two-year USD Reference Notes® security, CUSIP number 3137EACP2, due on November 30, 2012. The issue will be priced on Wednesday, October 20, 2010, and will settle on Friday, October, 22, 2010, at benchmark size.

Washington, D.C. - October 19, 2010 - (RealEstateRama) -- NeighborWorks America, the nation’s premier community development intermediary and Direct Lending Family, a technology company committed to simplifying the mortgage origination process for nonprofit organizations, have teamed up to create NeighborWorks Mortgage Source, an online mortgage origination and pricing platform.

New York, NY - October 19, 2010 - (RealEstateRama) -- Azure (www.azureny.com), the spacious 34-story luxury residential building at 333 East 91st Street at First Avenue on the Upper East Side, has arranged a new financing facility of $145.1 million from HSBC and its participating lenders.