Mortgage

May 14, 2010 - (RealEstateRama) — WHAT: Mortgage Bankers Association (MBA) 1st Quarter 2010 National Delinquency Survey (NDS) Media Conference Call. Conducted quarterly since 1972, MBA’s National Delinquency Survey covers more than 40 million loans on one-to-four-unit residential properties, representing more than 80 percent of all first-lien residential mortgage loans outstanding in the United States.

Washington, DC - May 14, 2010 - (RealEstateRama) -- The country’s tight economy and challenging mortgage market are making it even more difficult for low- to moderate-income working families to purchase and keep their homes. Addressing those challenges was the focus of the “Workforce Housing Solutions”

McLean, VA - May 13, 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 4.93 percent with an average 0.7 point for the week ending May 13, 2010, down from last week when it averaged 5.00 percent. Last year at this time, the 30-year FRM averaged 4.86 percent. The 30-year FRM has not been lower since the week ending December 10, 2009, when it averaged 4.81 percent

WASHINGTON, D.C. - May 13, 2010 - (RealEstateRama) -- Robert E. Story, Jr., CMB, Chairman of the Mortgage Bankers Association (MBA) issued the following comment today, reacting to passage in the Senate of the Landrieu/Isakson and Crapo Amendments to S. 3217, the Restoring American Financial Stability Act of 2010.

New York, NY - May 13, 2010 - (RealEstateRama) -- Lenders sharply cut prime mortgage lending in communities of color in recent years — for both home purchases and refinancing of existing mortgages.

Tulsa, Ok - May 13, 2010 - (RealEstateRama) -- The Tulsa World reports Oklahoma has the lowest percentage of upside-down mortgages in the country.

WASHINGTON, DC - May 12, 2010 - (RealEstateRama) -- Today, an amendment put forth by Oregon Senator Jeff Merkley and Minnesota Senator Amy Klobuchar to the Wall Street reform bill passed the Senate by a vote of 63-36.

McLean, VA - May 12, 2010 - (RealEstateRama) -- Freddie Mac (NYSE:FRE) announced today that in the first quarter of 2010, refinancing borrowers overwhelmingly chose fixed-rate loans, regardless of whether their original loan was an adjustable-rate mortgage (ARM) or a fixed-rate, according to Freddie Mac's quarterly Product Transition Report. While 30-year fixed-rate mortgages are still the most preferred product chosen for the new loan, 15-year fixed-rate mortgages gained favor among refinancers who previously held 30-year fixed-rate mortgages, balloon mortgages and ARMs. Overall, fixed-rate loans accounted for more than 95 percent of refinance loans during the quarter.

WASHINGTON, D.C. - May 12, 2010 - (RealEstateRama) -- (May 12, 2010) — The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 7, 2010. The Market Composite Index, a measure of mortgage loan application volume, increased 3.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 3.4 percent compared with the previous week.

PHOENIX, AZ - May 12, 2010 - (RealEstateRama) -- April J. Lucero, 46, of Phoenix, Ariz. was sentenced on May 10, 2010 to two years in prison for her conviction in August 2009 for her involvement in a mortgage fraud scheme in Phoenix, Ariz. Lucero pleaded guilty to one count of Conspiracy to Commit Mail, Wire and Bank Fraud, a felony, related to her participation in a two year conspiracy involving the purchase of 37 properties using fraudulent loan documents. Seven other co-conspirators were also charged and have pleaded guilty for their involvement in the conspiracy

Washington, DC - May 12, 2010 - (RealEstateRama) -- Restoring balance in the U.S. mortgage finance system is essential to stabilizing the real estate market, according to Realtors®, public policy officials and others gathered at the “Realtor® Town Hall Meeting: Strengthening and Stabilizing the U.S. Mortgage System” session today. The session is part of a three-day summit during the Realtors® Midyear Legislative Meetings & Trade Expo here this week.

WASHINGTON, D.C. - May 12, 2010 - (RealEstateRama) -- By July 1, all mortgage servicers participating in the Making Home Affordable Program will offer extra help for homeowners struggling to make their monthly mortgage payments because of unemployment. The Unemployment Program will offer homeowners a forbearance period to temporarily reduce or suspend their monthly mortgage payments while they seek re-employment.

WASHINGTON, DC - May 11, 2010 - (RealEstateRama) -- Today, Oregon’s Senator Jeff Merkley introduced an amendment to the Wall Street reform bill that will ban one of the most egregious mortgage practices that directly led to millions of families losing their homes.

BOSTON, MA - May 11, 2010 - (RealEstateRama) -- A former Adams man has been ordered to pay $185,657 in damages and civil penalties for engaging in mortgage fraud that resulted in a string of foreclosures in Adams, Greenfield, North Adams, and Pittsfield, Attorney General Martha Coakley’s Office announced today.AG Coakley’s Office obtained a Final Judgment against Richard E. Doherty, 65, of Norwich, Connecticut, resolving claims of mortgage fraud that were outlined in a 2008 lawsuit. The final judgment, entered by Suffolk Superior Court Judge Elizabeth Fahey last week, determined Doherty violated the Consumer Protection Act when he obtained loan proceeds by fraudulently procuring mortgages on multi-family homes and commercial buildings in communities in Western Massachusetts.

SACRAMENTO, CA - May 10, 2010 - (RealEstateRama) -- United States Attorney Benjamin B. Wagner announced today that a federal grand jury returned an indictment charging Jake Weathers, 34, Elk Grove, Glenn Watkins, 40, Elk Grove, Kevin Watkins, 25, Elk Grove, Frederick Davis, 40, Elk Grove, and Paul Yearby Jr., 29, of Fair Oaks, with 11 counts of mail fraud relating to their alleged operation of a mortgage fraud scheme that involved the defendants changing their names to Muslim names in order to obtain new credit and to conceal poor credit histories and other liabilities in their birth names.

MILFORD, CT - May 10, 2010 - (RealEstateRama) -- Total Mortgage Services, LLC, a leading mortgage lender and broker announced that it received its state of Pennsylvania Mortgage Lender License from the Pennsylvania Department of Banking and can now originate residential mortgage loans throughout Pennsylvania.

Washington, DC - May 10, 2010 - (RealEstateRama) -- The National Association of Realtors® is bringing together legislators, public policy makers and industry leaders this week to develop strategies and solutions for addressing ongoing challenges in the real estate market as the Realtors® Midyear Legislative Meetings & Trade Expo begins.

MIAMI, FL - May 10, 2010 - (RealEstateRama) -- Attorney General Bill McCollum and the Florida Interagency Mortgage Task Force today hosted a community forum in Miami to discuss the housing crisis. The event was designed to present a comprehensive approach for dealing with housing-related issues and provide information and assistance to consumers. Participating agencies included state agencies, law enforcement and regulatory authorities.

WASHINGTON, DC - May 10, 2010 - (RealEstateRama) -- HOPE NOW, the private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors announced today that its first quarter 2010 data shows a surge in solutions for troubled homeowners, including completed loan modifications, trial modifications and other workout plans

WASHINGTON, D.C. - May 10, 2010 - (RealEstateRama) -- If you are facing default on your mortgage or foreclosure on your home, watch out for the latest scam: phony “forensic mortgage loan audits.” Con artists claim that for an upfront fee, their audits can help you hold onto your home. Don’t believe them.

WASHINGTON D.C. - May 10, 2010 - (RealEstateRama) -- The historically slow recovery of the economy and lack of substantial job growth could cause negative, lasting effects on the current young generation and force many retirement age individuals to remain in the workforce, according to a study released today by the Mortgage Bankers Association (MBA). The impact of a higher unemployment rate for Americans aged 16 – 24 could have a lasting effect on lifetime earnings and attitudes toward risk and social policies. In addition, those nearing retirement are delaying retirement and reentering the labor force in an effort to rebuild some of the retirement wealth that was wiped out by the recession

AUSTIN, TX - May 6, 2010 - (RealEstateRama) -- As the month of April drew to a close, so too did the offer of an $8,000 federal first time homebuyer tax credit for qualified borrowers.

Washington, DC - May 7, 2010 - (RealEstateRama) -- Congressman Baron Hill successfully secured an amendment to the Home Star Jobs Bill, which was passed with bipartisan support by the U.S. House of Representatives yesterday evening, that will provide assistance to those living in older and unable-to-be updated manufactured houses to purchase new, energy-efficient ones. This helps Hoosiers in two important ways by replacing outdated homes (pre-1976) that cannot be weatherized, and creating a significant numbers of jobs in a hard-hit industry. In fact, the Systems Building Research Alliance estimates that Hill’s amendment will create more than 3,000 jobs in Indiana alone, and 50,000 nationwide

May 7, 2010 - (RealEstateRama) -- WHAT: The Mortgage Bankers Association’s (MBA) 2010 National Secondary Market Conference & Expo— ‘Ensuring Liquidity’. MBA’s Secondary Market Conference & Expo is the largest annual gathering for secondary market executives. Session topics will address top issues facing the secondary industry and will provide insight into operating in an evolving market as well as insight into the challenges and opportunities the future is likely to hold for mortgage bankers, investors, risk managers and portfolio lenders

McLean, VA - May 6, 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 5.00 percent with an average 0.7 point for the week ending May 6, 2010, down from last week when it averaged 5.06 percent. Last year at this time, the 30-year FRM averaged 4.84 percent.

WOBURN, MA - May 6, 2010 - (RealEstateRama) -- A Marblehead attorney has been indicted by a statewide Grand Jury for allegedly attempting to retrieve over $1.3 million dollars in mortgage funds in connection with a sophisticated mortgage fraud scheme. Leon Gelfgatt, age 49, allegedly used false documents to create the appearance that mortgages on several Massachusetts properties which were scheduled for impending sale had been transferred to a fake company created by Gelfgatt. Gelfgatt allegedly did this in order to obtain the payoff funds sent by real estate closing attorneys when the properties were sold.

WASHINGTON, DC - May 6, 2010 - (RealEstateRama) -- Fannie Mae (FNM/NYSE) today announced a new partnership that will accelerate response time and provide financial counseling to distressed Florida homeowners whose mortgages are owned by Fannie Mae and serviced by SunTrust.

May 5, 2010 - (RealEstateRama) -- A 49-year-old Fridley man has pleaded guilty in federal court in Minneapolis to defrauding eight mortgage lenders of $1.9 million. Appearing before United States District Court Judge David S. Doty earlier today, Taleb Mohamed Wazwaz pleaded guilty to one count of conspiracy to commit mortgage fraud through the use of interstate wires. Wazwaz was charged via an Information on April 19, 2010.

May 5, 2010 - (RealEstateRama) -- Quicken Loans, the nation’s largest online retail mortgage lender, and Junior Achievement of Arizona recently partnered in a job shadowing day with Metro Tech High School of Phoenix. Quicken Loans team members from the company’s Scottsdale office hosted 23 students, during a day designed to give students a unique and up-close look at the workplace

May 5, 2010 - (RealEstateRama) -- This Friday, May 7, 2010 Rep. Ed Royce (R-CA) will host a Combat Fraud Forum at the Cypress Community Center located at 5700 Orange Avenue from 1:00 p.m. to 3:00 p.m. Attendees will obtain information on identity theft, mortgage loans and lending, investment scams, charity fraud, Medicare fraud and more