Mortgage

WASHINGTON, D.C. - June 14, 2010 - (RealEstateRama) -- Robert E. Story, Jr., CMB, Chairman of the Mortgage Bankers Association (MBA), today applauded passage in the House of Representatives of H.R. 5072, the FHA Reform Act of 2010.

June 14, 2010 - (RealEstateRama) -- For another year, the nation’s mortgage foreclosure crisis continued to complicate U.S. cities’ efforts to manage and dispose of growing inventories of vacant and abandoned properties, according to the most recent survey of mayors conducted by The U.S. Conference of Mayors and released today during the organization’s annual meeting in Oklahoma City. Today’s report is the fourth in the Conference’s series on cities’ efforts to combat problems of vacant and abandoned property.

Washington, DC - June 14, 2010 - (RealEstateRama) -- The U.S. House of Representatives today passed legislation introduced by Congresswoman Maxine Waters (D-CA) to help families realize the dream of homeownership, protect Americans from mortgage fraud and save taxpayers money. The FHA Reform Act of 2010 (H.R. 5072) ensures that the Federal Housing Administration (FHA) remains viable and continues its mission of insuring mortgage loans. The bill passed overwhelmingly by a vote of 406-4.

FRANKFORT, KY - June 14, 2010 - (RealEstateRama) -- The Kentucky Department of Financial Institutions (DFI) today issued a cease and desist order against a mortgage company called Home Ownership Possibilities for Everyone LLC (HOPE) in Louisville, Ky.

BROOKLYN, NY - June 11, 2010 - (RealEstateRama) -- Today, Congressman Edolphus "Ed" Towns will be joined by more than 45 grateful low to moderate income families outside of the MeadowWood at Gateway complex who were in danger of losing Federal Housing Administration (FHA) loans to purchase their dream homes --but the much-need mortgage option was saved, thanks to the intervention of Rep.

Washington, D.C. - June 10, 2010 - (RealEstateRama) -- Today, Congressman Donald M. Payne voted to help families realize the dream of homeownership, save taxpayers money and protect Americans from mortgage fraud by instituting reforms to the Federal Housing Administration (FHA).

FRANKFORT, KY - June 11, 2010 - (RealEstateRama) -- The Kentucky Department of Financial Institutions (DFI) today issued a cease and desist order against a mortgage company called Home Ownership Possibilities for Everyone LLC (HOPE) in Louisville, Ky. The order prohibits HOPE from engaging in the mortgage business in Kentucky. The order states the company operated as a mortgage loan broker, but was not licensed or exempt from licensure; charged illegal upfront fees; and made misrepresentations, concealed facts or engaged in business that has tended to work as a fraud.

Austin, TX - June 11, 2010 - (RealEstateRama) -- The Texas State Affordable Housing Corporation (TSAHC) honors National Homeownership Month by announcing a rate reduction for our First-time Homebuyer Programs which help families achieve their dream of homeownership

WASHINGTON, DC - June 10, 2010 - (RealEstateRama) -- Rep. Carolyn Maloney (D-NY) today voted in favor of reforms to the Federal Housing Administration (FHA) which will protect homeowners from mortgage fraud and save tax dollars.

WASHINGTON, D.C. - June 9, 2010 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending June 4, 2010. The Market Composite Index, a measure of mortgage loan application volume, decreased 12.2 percent on a seasonally adjusted basis from one week earlier. This week's results include an adjustment to account for the Memorial Day holiday. On an unadjusted basis, the Index decreased 21.1 percent compared with the previous week

Silver Spring, MD - June 8, 2010 - (RealEstateRama) -- If one were to rely solely on the headlines, he or she might be tempted to think that all mortgage-holders whose home loans were underwater were walking away from their mortgages and allowing the property to go into foreclosure. Admittedly, some do intentionally plan a strategic default, the term that refers to consumers who can afford to make their mortgage payment, but choose not to since the value of their home has decreased.

BOISE, ID - June 7, 2010 - (RealEstateRama) -- Idaho Housing and Finance Association (IHFA) continues to make homeownership a real possibility for Idahoans with the launch of a new product for creditworthy homebuyers through its IdaMortgage program. The new Affordable Advantage Loan offers a down payment as low as $1,000, and has no mortgage insurance requirement, saving qualified borrowers money on their mortgage payment every month.

June 7, 2010 - (RealEstateRama) -- Two Countrywide mortgage servicing companies will pay $108 million to settle Federal Trade Commission charges that they collected excessive fees from cash-strapped borrowers who were struggling to keep their homes. The $108 million represents one of the largest judgments imposed in an FTC case, and the largest mortgage servicing case. It will be used to reimburse overcharged homeowners whose loans were serviced by Countrywide before it was acquired by Bank of America in July 2008.

McLean, VA - June 7, 2010 - (RealEstateRama) -- Freddie Mac (NYSE: FRE) today announced a new offering of Structured Pass-Through Certificates (“K Certificates”), multifamily mortgage-backed securities that help provide liquidity, stability and affordability to the nation’s multifamily housing market. The company expects to offer approximately $1 billion in K Certificates (“K-007 Certificates”), which are expected to price on or about June 11, 2010, and settle on or about June 24, 2010.

Wallingford, CT - June 7, 2010 - (RealEstateRama) -- Thanks to robust sales of single family homes at The Willows and despite tough economic conditions, VW Homes has announced the opening of Phase 3, the final phase of construction at this community. This announcement comes months ahead of schedule. The final twenty-two homes are slated to be completed by the spring of 2011

ALEXANDRIA, VA - June 4, 2010 - (RealEstateRama) -- Ahmad Z. Abbasi, 36, of Woodbridge, Va., was sentenced today to 46 months in prison, followed by three years of supervised release, and ordered to pay $1,637,412 in restitution.

LOS ANGELES, CA - June 4, 2010 - (RealEstateRama) -- The California Senate this morning approved SB 1178 (D-Corbett) by a 30 to 4 vote, extending anti-deficiency protection for consumers who have refinanced their original mortgage loans and now are facing foreclosure. The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) is the sponsor of the consumer protection legislation.

WASHINGTON, D.C. - June 4, 2010 - (RealEstateRama) -- The Federal Trade Commission will host a press conference in Washington, DC, on Monday, June 7, 2010, at 11 a.m. to announce a major law enforcement action against a nationwide mortgage company that misled and overcharged homeowners in financial distress. Federal Trade Commission Chairman Jon Leibowitz and U.S. Trustee Program Director Cliff White will be available to answer reporters’ questions.

BETHLEHEM, WEST BANK - June 3, 2010 - (RealEstateRama) -- Palestinian President Mahmoud Abbas today launched a landmark $500 million mortgage finance program that will double the number of Palestinian families who are able to purchase homes by offering long-term mortgages that will enable them to enjoy the benefits of home ownership without excessively burdening their monthly incomes

McLean, VA - June 3, 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 4.79 percent with an average 0.8 point for the week ending June 3, 2010, up slightly from last week when it averaged 4.78 percent. Last year at this time, the 30-year FRM averaged 5.29 percent.

McLean, VA - June 2, 2010 - (RealEstateRama) -- Freddie Mac (NYSE: FRE) is making more financing products eligible for its multifamily Capital Markets ExecutionSM (CME). Seniors housing mortgages and conventional structured finance transactions are now eligible for securitization into K Certificates, multifamily mortgage-backed securities.

WASHINGTON, D.C. - June 1, 2010 - (RealEstateRama) -- The Federal Trade Commission has named several new defendants and added new charges concerning so-called “forensic audits” to its lawsuit against an operation that allegedly bilked homeowners who were trying to lower their mortgage payments. The action is part of an ongoing crackdown on scams that target consumers who are behind in their mortgage payments or at risk of foreclosure.

WASHINGTON, D.C. - May 31, 2010 - (RealEstateRama) -- Quicken Loans, the nation’s largest online retail mortgage lender, and its family of companies received the Detroit Tigers Wives “Rookie of the Year” Award at the Susan G. Komen Detroit Race for the Cure on Saturday, May 22. The award is presented annually to the largest team participating in the Race for the first time.

Las Vegas, NV - May 27, 2010 - (RealEstateRama) -- Homeowners who are facing Las Vegas foreclosure can request that Richard Ballen, A successful Las Vegas Short Sale Agent, Henderson Short Sale Agent, and North Las Vegas Short Sale Specialist consult with them about their needs. In addition, Ballen has created a custom hardship package allowing the homeowner to complete the documents required by the bank to ease the process. Although Richard Ballen, a Coldwell Banker Wardley Realtor, never encourages a Las Vegas Short Sale, many homeowners in Las Vegas and surrounding areas are facing true hardships that force them to attempt a Short Sale rather than face Las Vegas Foreclosure.

Washington, D.C. - May 27, 2010 - (RealEstateRama) -- John A. Courson, President & CEO of the Mortgage Bankers Association (MBA), today announced that Bill Killmer has been named Senior Vice President of Legislative and Political Affairs, effective July 5, 2010.

McLean, VA - May 27, 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 4.78 percent with an average 0.7 point for the week ending May 27, 2010, down from last week when it averaged 4.84 percent. Last year at this time, the 30-year FRM averaged 4.91 percent. The 30-year FRM has not been lower since the week ending December 3, 2009, when it averaged 4.71 percent.

McLean, VA - May 27, 2010 - (RealEstateRama) -- Freddie Mac (NYSE: FRE) announced today that it priced its new 1.125% $6 billion two-year Reference Notes® security due on July 27, 2012. The issue, CUSIP number 3137EACK3, was priced at 99.918 to yield 1.163%, or 29 basis points more than two-year U.S. Treasury Notes. The issue will settle on Friday May 28, 2010

McLean, VA - May 27, 2010 - (RealEstateRama) -- Freddie Mac (NYSE: FRE) announced today that its Conventional Mortgage Home Price Index (CMHPI) Purchase-Only Series for the United States registered a 1.1 percent decline from the first quarter of 2009 to the first quarter of 2010. In the first quarter of 2010, the U.S. Index was down 2.1 percent (-8.0 percent annualized) relative to the fourth quarter, on a not-seasonally adjusted basis

Washington, DC - May 27, 2010 - (RealEstateRama) -- The Federal Housing Finance Agency today reported that the average interest rate on conventional 30-year, fixed-rate, mortgage loans of $417,000 or less increased 3 basis points to 5.12 percent in April. The average interest rate on 15-year, fixed-rate loans of $417,000 decreased 5 basis points to 4.52 percent in April. These rates are calculated from the FHFA’s Monthly Interest Rate Survey (MIRS) of purchase-money mortgages. These results reflect loans closed during the April 26-30 period. Typically, the interest rate is determined 30 to 45 days before the loan is closed. Thus, the reported rates depict market conditions prevailing in mid- to late-March.

Washington, D.C - May 27, 2010 - (RealEstateRama) -- NeighborWorks organizations around the U.S. are holding more than 150 events during national NeighborWorks Week (June 5-12, 2010) to inform tens of thousands of homeowners on how to avoid and report mortgage modification scams.