Mortgage

WASHINGTON, D.C. - June 21, 2010 - (RealEstateRama) -- Some relief is coming for those with Chinese drywall in their homes, U.S. Sen. Bill Nelson says. The defective drywall has been linked to possible health problems and causes corrosion of electrical wiring, appliances and air conditioning units.

June 21, 2010 - (RealEstateRama) -- At its meeting in conjunction with its Washington Policy Conference last week, the Board of Directors of the National Reverse Mortgage Lenders Association unanimously elected Cheryl MacNally of Wells Fargo Home Mortgage and John Nixon of Bank of America as its new Co-chairs.

McLean, VA - June 21, 2010 - (RealEstateRama) -- Freddie Mac today announced that servicers may grant forbearances on a case-by-case basis to borrowers with Freddie Mac-owned mortgages secured by single family homes that contain problem drywall. Freddie Mac is one of the nation’s largest investors in residential mortgages.

Washington, DC - June 21, 2010 - (RealEstateRama) -- Chairman Frank, on behalf of the House conferees, released the House offer on the titles listed below. The issues will be subject to debate when the House-Senate Conference Committee convenes in room SD-106, Dirksen Senate Office Building, at 12:00 p.m. tomorrow

WASHINGTON, D.C. - June 21, 2010 - (RealEstateRama) -- The Environmental Protection Agency (EPA) decision to delay enforcement of the new Lead: Renovation, Repair and Painting rule will provide much-needed time to get more remodelers and other contractors trained – and for EPA to get the word out to consumers about the importance of hiring a certified remodeler, according to the National Association of Home Builders (NAHB).“EPA listened to our concerns and did the right thing,” said NAHB Chairman Bob Jones, a builder and developer in Bloomfield Hills, Mich.

Washington, D.C. - June 21, 2010 - (RealEstateRama) -- NeighborWorks America salutes the efforts to stamp out mortgage fraud undertaken by Operation Stolen Dreams. As reported by the U.S. Department of Justice, the task force has gone after more than 1,200 criminal defendants who are responsible for more than $2.3 billion in losses, and made 485 arrests.

Washington, D.C. - June 21, 2010 - (RealEstateRama) -- The Securities and Exchange Commission today charged a New York-based investment adviser and three of his affiliated firms with fraudulently managing investment products tied to the mortgage markets as they came under pressure in 2007

PHILADELPHIA, PA - June 17, 2010 - (RealEstateRama) -- Following an announcement today by Attorney General Eric Holder in Washington, D.C., representatives of the Financial Fraud Enforcement Task Force in Philadelphia, including the U.S. Attorney’s Office, Housing and Urban Development,

PROVIDENCE, RI - June 18, 2010 - (RealEstateRama) -- A federal grand jury Thursday indicted a North Providence, Rhode Island real estate attorney on charges he falsified bank and federal tax documents, and lied about his income and assets, in obtaining more than $1.5 million in mortgages.

New York, NY - June 17, 2010 - (RealEstateRama) -- PREET BHARARA, the United States Attorney for the Southern District of New York, GEORGE VENIZELOS, the Acting Assistant Director-in-Charge of the New York Field Division of the Federal Bureau of Investigation ("FBI"), NEIL BAROFSKY, the Special Inspector General of the Troubled Asset Relief Program ("SIGTARP"), RICHARD H. NEIMAN,

ANNAPOLIS, MD - June 18, 2010 - (RealEstateRama) -- Governor Martin O’Malley, joined by Lt. Governor Anthony Brown, state and local officials and community leaders, officially launched the process to move the Department of Housing and Community Development (DHCD) into Prince George’s County. Relocating the 330+ employee agency to Prince George’s County serves as a milestone in the Governor’s transit-oriented development vision for state agencies. Further, the move brings an agency dedicated to neighborhood revitalization closer to one of the population centers it serves most, while promoting smart growth and sustainable communities. To date in FY 2010, DHCD invested the largest amount of mortgage financing in Prince George's County.

WASHINGTON, D.C. - June 18, 2010 - (RealEstateRama) -- U.S. Senator Barbara A. Mikulski (D-Md.) today issued the following statement on “Operation Stolen Dreams,” a three-and-a-half month operation led by the Federal Bureau of Investigation (FBI) to target mortgage fraud.

June 18, 2010 - (RealEstateRama) -- A consortium of mortgage lenders, community group leaders, and state and federal government officials are moving forward on initiatives that would make the mortgage modification process easier for homeowners, and likely allow more families to stay in their homes as they solve their potential foreclosure problems.Since February, a group that includes community groups like the Brockton Interfaith Community (BIC), the Patrick-Murray Administration's Office of Consumer Affairs and Business Regulation, the Federal Reserve Bank of Boston, the U.S. Treasury, and 10 banks, has been regularly meeting - including summit meetings on Feb. 19 and April 12 - discussing ways to make the loan modification process work better for homeowners. The group is focusing on three areas

McLean, VA - June 18, 2010 - (RealEstateRama) -- Freddie Mac today announced that servicers may grant relief to Gulf Coast borrowers unable to pay their loans because of the current oil spill’s impact on their incomes. Freddie Mac is one of the nation’s largest investors in residential mortgages.

Atlanta, GA - June 17, 2010 - (RealEstateRama) -- On June 15, 2010, an Order to Cease and Desist issued by the Georgia Department of Banking and Finance (“Department”) to INQB8, LLC dba Discount Mortgage Relief dba www.discountmortgagerelief.com located in Phoenix, Arizona became final.

McLean, VA - June 17, 2010 - (RealEstateRama) -- Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.75 percent with an average 0.7 point for the week ending June 17, 2010, up from last week when it averaged 4.72 percent. Last year at this time, the 30-year FRM averaged 5.38 percent.

WASHINGTON, D.C. - June 17, 2010 - (RealEstateRama) -- The Federal Reserve Board on Thursday announced the discussion topics for its upcoming public hearings on potential revisions to Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). Members of the Board's Consumer Advisory Council (CAC), who represent consumer and community organizations, the financial services industry, academic institutions, and state agencies, will join Board officials in presiding at the hearings.

WASHINGTON, D.C. - June 17, 2010 - (RealEstateRama) -- As part of the agency’s continuing crackdown on scams that prey on financially distressed homeowners, the Federal Trade Commission announced legal actions against more than a dozen marketers accused of pitching bogus mortgage modification or foreclosure relief services.

WASHINGTON, D.C. - June 17, 2010 - (RealEstateRama) -- As part of the agency’s continuing crackdown on scams that prey on financially distressed homeowners, the Federal Trade Commission announced legal actions against more than a dozen marketers accused of pitching bogus mortgage modification or foreclosure relief services.

TRENTON, NJ - June 16, 2010 - (RealEstateRama) -- Attorney General Paula T. Dow and Criminal Justice Director Stephen J. Taylor today announced charges against a Kearny woman who allegedly orchestrated a scheme to steal millions of dollars by obtaining mortgage loans using false identities and counterfeit documents.

Washington, DC - June 16, 2010 - (RealEstateRama) -- Nevada Senator Harry Reid today received another update on the progress Bank of America has made on CEO Brian Moynihan’s commitment to improve the bank’s service to Nevada homeowners.

McLean, VA - June 16, 2010 - (RealEstateRama) -- Freddie Mac (NYSE: FRE) today announced that the company has notified the New York Stock Exchange (NYSE) of its intent to delist its common stock and the 20 listed classes of its preferred stock. This notice was made pursuant to a directive by the Federal Housing Finance Agency (FHFA), Freddie Mac's conservator, requiring Freddie Mac to delist its common and preferred securities from the NYSE. According to a press release by FHFA, the Acting Director of FHFA issued similar directives to both Freddie Mac and Fannie Mae.

WASHINGTON, D.C. - June 16, 2010 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending June 11, 2010. The Market Composite Index, a measure of mortgage loan application volume, increased 17.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 29.7 percent compared with the previous week, which was a shortened week due to the Memorial Day holiday

Washington, DC - June 16, 2010 - (RealEstateRama) -- Delinquency rates continued to increase in the first quarter for all commercial/multifamily mortgage investor groups, according to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report.

Washington, D.C. - June 16, 2010 - (RealEstateRama) -- The Securities and Exchange Commission today charged the former chairman and majority owner of what was once the nation's largest non-depository mortgage lender with orchestrating a large-scale securities fraud scheme and attempting to scam the U.S. Treasury's Troubled Asset Relief Program (TARP).

Washington, DC - June 15, 2010 - (RealEstateRama) -- Today, President Obama announced a plan to provide $1.5 billion in Troubled Asset Relief Program (TARP) funds to five state Housing Finance Agencies (HFAs) to help them stem home foreclosures with programs they design to modify negative equity mortgages and provide emergency homeowner loans, among other strategies. The Administration is expected to allocate the funds to Arizona, California, Florida, Michigan, and Nevada, which have been especially hard hit by home price declines and unemployment

McLean, VA - June 15, 2010 - (RealEstateRama) --– HomeSteps®, Freddie Mac's (NYSE:FRE) real estate sales unit, was honored as the nation's top non-bank REO sales organization at the real estate industry's first annual Pinnacle Awards in Dallas on June 6

WASHINGTON, D.C. - June 15, 2010 - (RealEstateRama) -- Robert E. Story, Jr., CMB, Chairman of the Mortgage Bankers Association (MBA), today applauded the National Association of Insurance Commissioner’s (NAIC) for greatly reducing the proposed dramatic increase in risk-based capital (RBC) for life companies.

More than 320 events celebrated local communities and informed consumers June 5-12, 2010. Washington, DC - June 15, 2010 - (RealEstateRama) -- NeighborWorks America announced that during the 2010 NeighborWorks Week (June 5-12) NeighborWorks America and local NeighborWorks organizations held more than 320 community revitalization and 150 loan modification scam awareness events nationwide.

McLean, VA - June 14, 2010 - (RealEstateRama) -- Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.72 percent with an average 0.7 point for the week ending June 10, 2010, down from last week when it averaged 4.79 percent. Last year at this time, the 30-year FRM averaged 5.59 percent.