Mortgage

McLean, VA - July 22, 2010 - (RealEstateRama) -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), with the 30-year and 15-year fixed-rate mortgages reaching record lows for this survey. (The 30-year fixed-rate survey began in 1971, and the 15-year began in 1991.)

WASHINGTON, D.C. - July 21, 2010 - (RealEstateRama) -- John A. Courson, President and CEO of the Mortgage Bankers Association (MBA), today announced the appointment of Kathy Marquardt as Associate Vice President of Commercial Servicing and Council Coordinator, effective August 9, 2010

WASHINGTON, D.C. - July 21, 2010 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 16, 2010. The Market Composite Index, a measure of mortgage loan application volume, increased 7.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 19.5 percent compared with the previous week, which included the Independence Day holiday.

CORSICANA, TX - July 21, 2010 - (RealEstateRama) -- The fourth member of a multi-county mortgage fraud scheme today pleaded guilty to a first-degree felony for his role in a multimillion dollar enterprise that defrauded government-backed mortgages.

ASHINGTON, DC - July 21, 2010 - (RealEstateRama) -- Concerns about the global economic recovery, including lingering worries regarding European sovereign debt, and increasing caution at home among private employers and consumers are evidence of the tenuous nature of the current economic recovery, according to the July 2010 Economic Outlook released today by Fannie Mae's (FNMA/OTC) Economics & Mortgage Market Analysis Group. The group has revised its projected growth for 2010 to 2.8 percent from 3.2 percent, and remains on guard for a setback amidst increased uncertainty and downside risks.

Fort Lauderdale, FL - July 21, 2010 - (RealEstateRama) -- Bank of America Home Loans has opened a new customer outreach center in Fort Lauderdale to serve customers in the South Florida area. Bank of America homeownership retention specialists will be meeting face to face with financially troubled mortgage customers who are having difficulty making their monthly payments. Dedicated associates are also available to help customers facing hardship with their auto loans, credit cards and personal loans

CALABASAS, CA - July 21, 2010 - (RealEstateRama) -- Through the first half of 2010, Bank of America has completed mortgage modifications providing homeownership retention solutions for about 160,000 homeowners who face difficulties in making their monthly payments due to economic conditions. That brings the bank’s total of modified home loans to 650,000 since January 2008.

WASHINGTON, DC - July 20, 2010 - (RealEstateRama) -- Independent mortgage bankers and subsidiaries made an average profit of $606 on each loan they originated in the first quarter of 2010, down from $890 per loan in the fourth quarter of 2009 and $1,088 in the first quarter of 2009, according to the Mortgage Bankers Association (MBA)’s 1st Quarter 2010 Mortgage Bankers Production Survey released today

TALLAHASSEE, FL - July 16, 2010 - (RealEstateRama) -- Florida CFO Alex Sink today announced the arrests of six criminals involved in a mortgage fraud scam that resulted in more than $2 million in fraudulent mortgages. The arrests are the result of a joint investigation by the Department of Financial Services’ Division of Insurance Fraud (DIF), the U.S. Immigration and Customs Enforcement (ICE), Homeland Security Investigations’ Miami Field Off

McLean, VA - July 16, 2010 - (RealEstateRama) -- Freddie Mac (OTC:FMCC), real estate auction specialist REDC, and New Vista today announced plans to auction 135 HomeSteps® REO homes to individual homebuyers at the Phoenix Convention Center on August 7, 2010. Almost a third of the homes are being set-aside for an auction to first-time borrowers participating in the federal Neighborhood Stabilization Program (NSP)

McLean, VA - July 16, 2010 - (RealEstateRama) -- Freddie Mac (OTC:FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®)

NEW YORK, NY - July 16, 2010 - (RealEstateRama) -- Bank of America Merrill Lynch today announced that Steven Kenny has been promoted to Commercial Real Estate Banking (CREB) region executive for the states of New York and New Jersey. In his new role, Kenny is responsible for leading a team of real estate professionals who deliver a full range of comprehensive financial solutions for a broad array of clients, including the real estate development and investment sector. His team operates out of offices in New York City and Cranford, New Jersey. Kenny will continue to be based in New York

Washington, D.C. - July 16, 2010 - (RealEstateRama) -- The Securities and Exchange Commission today announced that Goldman, Sachs & Co. will pay $550 million and reform its business practices to settle SEC charges that Goldman misled investors in a subprime mortgage product just as the U.S. housing market was starting to collapse

Expansion plans in place to originate loans in 35 states by the end of 2010. MILFORD, CT - July 14, 2010 - (RealEstateRama) -- Total Mortgage Services, LLC, a leading mortgage lender and broker, announced today that it has formally launched its wholesale residential mortgage lending platform, TMS Funding, in 17 states across the United States. TMS Funding, which will compliment Total Mortgage’s successful retail lending platform, will offer mortgage brokers greater choice, service, efficiency and some of the lowest mortgage rates available

Salem, OR - July 13, 2010 - (RealEstateRama) -- As part of the state‟s ongoing effort to protect Oregonians from mortgage fraud, the Department of Consumer and Business Services recently took action against three mortgage lending companies and their owners.

WASHINGTON, D.C. - July 14, 2010 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 9, 2010. The Market Composite Index, a measure of mortgage loan application volume, decreased 2.9 percent on a seasonally adjusted basis from one week earlier. This week’s results include an adjustment to account for the Independence Day holiday. On an unadjusted basis, the Index decreased 12.6 percent compared with the previous week

LAS VEGAS, NV - July 12, 2010 - (RealEstateRama) -- A former Las Vegas resident has pleaded guilty to conspiracy for his involvement in a Nevada mortgage fraud scheme involving straw buyers and falsified mortgage loan documents, announced Daniel G. Bogden, United States Attorney for the District of Nevada.

BROCKTON, MA - July 13, 2010 - (RealEstateRama) -- A Marshfield woman has been arraigned in connection with allegedly trying to delay or avoid foreclosure of a home mortgage by falsely reporting the death of a child to her mortgage company, and thereafter knowingly falsifying information in an affidavit filed in Brockton Superior Court, Attorney General Martha Coakley announced.Donna Larson, age 52, was arraigned today in Brockton Superior Court on charges of Attempted Larceny and Perjury. Larson pled not guilty before Judge Joseph M. Walker III and was released on personal recognizance.

DENVER, CO - July 12, 2010 - (RealEstateRama) -- Shawn R. Tieskotter, age 37, of Greenwood Village, Colorado, and Craig D. Patterson, age 30, of Littleton, Colorado, each pled guilty before U.S. District Court Judge Robert E. Blackburn Wednesday to one count of mail fraud related to a mortgage fraud scheme. Tieskotter and Patterson were indicted by a federal grand jury in Denver on March 10, 2010. On May 20, 2010, a superseding indictment was filed. Both defendants pled guilty on July 7, 2010, and are scheduled to be sentenced by Judge Blackburn on November 12, 2010

Washington, DC - July 9, 2010 - (RealEstateRama) -- Congressman David Scott invites you to attend the Help For Homeowners Community Event sponsored by the US Departments of Treasury and HUD.

MIAMI, FL - July 9, 2010 - (RealEstateRama) -- More than 700 Miami-Dade metro area mortgage borrowers seeking to avoid foreclosure have received assistance from the Fannie Mae Mortgage Help Center in the first three months of operation. The Mortgage Help Center is a partnership between Fannie Mae (FNMA/OTC) and Neighborhood Housing Services of South Florida (NHSSF), and offers free mortgage and financial counseling to homeowners who may be in default or struggling to make monthly payments

Washington, DC - July 9, 2010 - (RealEstateRama) -- The Federal Housing Finance Agency (FHFA) has found that the average total “g-fee” charged by Fannie Mae and Freddie Mac on single-family mortgages fell in 2009 relative to 2008, from 25 basis points to 22 basis points. The second annual report on Enterprise guarantee fees, Fannie Mae and Freddie Mac Single-Family Guarantee Fees in 2008 and 2009, concludes that the decline in the total guarantee fees charged by each Enterprise in 2009 resulted from significant improvement in the credit profile of the single-family mortgages they acquired relative to 2008

July 8, 2010 - (RealEstateRama) -- Dan Gilbert, Founder and Chairman of Quicken Loans Inc., today announced a growing business in his family of companies, In-House Realty LLC, will move from its suburban Livonia office to Detroit. In-House Realty will occupy space in the Compuware Building beginning this August, along with Quicken Loans, the nation’s largest online retail mortgage lender, and Fathead Inc., the leading brand in sports and entertainment graphic wall products, both of whom previously announced their move to downtown Detroit.

McLean, VA - July 8, 2010 - (RealEstateRama) -- Freddie Mac (OTC:FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.57 percent with an average 0.7 point for the week ending July 8, 2010, down from last week when it averaged 4.58 percent. Last year at this time, the 30-year FRM averaged 5.20 percent. This rate is yet another all-time low in Freddie Mac’s 39-year survey

MILFORD, CT - July 7, 2010 - (RealEstateRama) -- Total Mortgage Services, LLC, a leading mortgage lender and broker, announced today it is expanding its reverse mortgage lending operation, Total Mortgage Reverse Mortgage Program, to help more senior homeowners in need of accessing the equity available in their homes during this challenging economic environment. In conjunction with this expansion, Total Mortgage has hired Donna Marino as Reverse Mortgage Specialist to lead the dedicated reverse mortgage product business.

WASHINGTON, D.C. - July 7, 2010 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 2, 2010. The Market Composite Index, a measure of mortgage loan application volume, increased 6.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 6.5 percent compared with the previous week.The Refinance Index increased 9.2 percent from the previous week and is the highest Refinance Index observed in the survey since the week ending May 15, 2009. The seasonally adjusted Purchase Index decreased 2.0 percent from one week earlier. The Purchase Index has decreased eight of the last nine weeks. The unadjusted Purchase Index decreased 2.3 percent compared with the previous week and was 34.7 percent lower than the same week one year ago

WASHINGTON, D.C. - July 5, 2010 - (RealEstateRama) -- The Federal Trade Commission is distributing refund checks to borrowers lured by a firm charged with deceptively advertising that it offered 3.5 percent, fixed-payment, 30-year mortgage loans. According to the FTC’s federal court complaint filed in 2004, the firm allegedly duped consumers into signing up for adjustable rate mortgages in which the principal balance would increase if they made payments at the advertised rates

TALLAHASSEE, FL - July 2, 2010 - (RealEstateRama) -- Attorney General Bill McCollum and the Florida Department of Law Enforcement (FDLE) Commissioner Gerald Bailey today announce the arrest of 10 members of a criminal mortgage fraud and identity theft operation. The group is charged with defrauding numerous financial institutions out of more than $8 million, and using the identities of unsuspecting individuals as part of the conspiracy to obtain the mortgages and properties. The arrests are the result of a four-year investigation conducted by FDLE’s Miami Regional Operations Center and the Attorney General's Office of Statewide Prosecution. The individuals arrested face charges including racketeering, conspiracy to commit racketeering, grand theft, and title insurance fraud

ST. PAUL, MN - July 2, 2010 - (RealEstateRama) -- The Minnesota Department of Commerce has taken action against two out-of-state loan modification companies for operating in Minnesota without a license and allegedly engaging in deceptive practices. "These two cases are just further examples of why we encourage all consumers to exercise caution when making decisions related to their financial situations," says Manny Munson-Regala, Deputy Commissioner of Market Assurance. So far this year, the department has taken more than 50 enforcement actions against mortgage-related businesses, helping to ensure Minnesota consumers are protected from irresponsible and deceitful practices.

July 2, 2010 - (RealEstateRama) -- The National Reverse Mortgage Lenders Association is proud to announce the first class of members who have met all the qualifications and have received their Certified Reverse Mortgage Professional designations