Mortgage

WASHINGTON, D.C. - May 5, 2010 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 30, 2010. The Market Composite Index, a measure of mortgage loan application volume, increased 4.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 5.1 percent compared with the previous week.

McLean, VA - May 5, 2010 - (RealEstateRama) -- Freddie Mac (NYSE: FRE) announced today that it will not issue a Reference Notes® security on May 5, 2010. The company's 2010 Reference Notes calendar designates dates that it may use to announce the issuance of Reference Notes securities.

Events Hosted by Obama Administration’s Making Home Affordable Program, HOPE NOW and NeighborWorks® America at Nassau Coliseum. Washington, DC - May 5, 2010 - (RealEstateRama) -- Representatives from sixteen mortgage servicers, plus more than a dozen local HUD-approved housing counselors, were on hand last week in Uniondale, New York to assist struggling homeowners with their mortgages

WASHINGTON, DC - May 5, 2010 - (RealEstateRama) -- Community Bank Mortgage LLC, a subsidiary of the American Bankers Association, has selected SunTrust Mortgage Inc. as one of three preferred secondary market investors. With this selection, Community Bank Mortgage LLC owner banks can sell loans on a servicing-released basis to SunTrust Mortgage and access their full line of products, including jumbo loans.

Housing affordability and mortgage rates near record lows, while inventories are close to record highs. Mortgage lender experienced an over 50 percent increase in purchase loans in April compared to March. MILFORD, CT - May 3, 2010 - (RealEstateRama) -- Leading mortgage lender and broker Total Mortgage announced today that even though the first-time home buyer tax credit and repeat home buyer tax credit have expired, there are still a number of favorable market dynamics present in the housing market that continue to offer a once-in-a-lifetime opportunity for potential home buyers.

McLean, VA - April 30, 2010 - (RealEstateRama) -- Freddie Mac (NYSE: FRE) today issued the company's Monthly Volume Summary for March 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.

Providence, RI - April 28, 2010 - (RealEstateRama) -- Providence-based Homestar Mortgage has been named Rhode Island Housing’s top partner lender for 2009 and the first quarter of 2010.

TRENTON, NJ - April 29, 2010 - (RealEstateRama) -- Attorney General Paula T. Dow and Division of Law Director Robert Hanna announced today that a New Jersey loan modification company and its owners have agreed to an $11.45 million judgment to settle civil charges they defrauded homeowners who sought help in staving off mortgage foreclosure.

Atlanta, GA - April 29, 2010 - (RealEstateRama) -- On April 28, 2010, an Order to Cease and Desist issued by the Georgia Department of Banking and Finance (“Department”) to National Home Loan Advocates, LLC d/b/a www.nationalhomeloanadvocates.com located at 2591 Dallas Parkway, Suite 300, Dallas, Texas 75034 became final.This Order to Cease and Desist was issued by the Department after it obtained evidence that National Home Loan Advocates, LLC d/b/a www.nationalhomeloanadvocates.com engaged in residential mortgage brokering/lending activities without a license or under an applicable exemption in violation of O.C.G.A. § 7-1-1002

ORLANDO, FL - April 29, 2010 - (RealEstateRama) -- United States Attorney A. Brian Albritton announces that U.S. District Judge Anne C. Conway today sentenced Ramon Cendana (age 48, of Orlando) to more than six years in federal prison for his role in a mortgage fraud scheme. The Court also ordered Cendana to pay in excess of $240,000 in restitution to his victims. Cendana had pleaded guilty on January 27, 2010

McLean, VA - April 29, 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 5.06 percent with an average 0.7 point for the week ending April 29, 2010, down slightly from last week when it averaged 5.07 percent. Last year at this time, the 30-year FRM averaged 4.78 percent

April 29, 2010 - (RealEstateRama) -- The Federal Trade Commission has put a permanent stop to another mortgage foreclosure “rescue” operation that allegedly promoted bogus loan modification and foreclosure relief services. The case is one of 17 lawsuits the FTC has brought in the past 11 months in a crackdown on mortgage relief frauds that target financially strapped homeowners, and more cases are being investigated

Washington, DC - April 29, 2010 - (RealEstateRama) -- At a time when mortgage credit markets are still uncertain, Michael Bennet, U.S. Senator for Colorado, introduced a bill that will bolster Rural Housing Service loan programs on the brink of insolvency and ensure that families in Colorado's rural communities have the access to the credit they need to buy, build and repair their homes.

Median Borrower Reduced Interest Rate by 16 Percent. McLean, VA - April 29, 2010 - (RealEstateRama) -- In the first quarter of 2010, one-half of borrowers who refinanced their conventional loan lowered their mortgage interest rate by at least 16 percent according to Freddie Mac’s quarterly Refinance Report. The new interest rate was 0.9 percentage points or more below the old rate for one-half of borrowers

VIENNA, VA - April 28, 2010 - (RealEstateRama) -- The Financial Crimes Enforcement Network (FinCEN) today released new guidance, Advisory to Financial Institutions on Filing Suspicious Activity Reports Regarding Home Equity Conversion Mortgage Fraud Schemes, to assist financial institutions in guarding against fraud schemes perpetrated against senior citizens who use the Federal Housing Administration’s (FHA’s) Home Equity Conversion Mortgage (HECM) program, a form of reverse mortgage.

McLean, VA - April 28, 2010 - (RealEstateRama) -- Freddie Mac (NYSE:FRE) today reported that it had sold 207 HomeSteps® REO homes to first time buyers and other owner-occupants at morning and afternoon auctions in Las Vegas and Riverside/San Bernardino Counties that drew thousands of bidders on April 24 and 25. HomeSteps is the real estate sales unit of Freddie Mac and markets a nationwide selection of Freddie Mac-owned homes

McLean, VA - April 28, 2010 - (RealEstateRama) -- The National Association of Mortgage Brokers (NAMB) applauded the House Committee on Financial Services for passing three bills positively affecting the mortgage industry, clearing the bills for consideration by the full House of Representatives. The bills would, among other things, provide additional funding for the U.S. Department of Agriculture (USDA) Rural Housing Service Loan Guarantee Program (section 502 Loans); would extend the National Flood Insurance Program; and would provide necessary FHA reform to continue offering borrowers affordable mortgage options.

April 28, 2010 - (RealEstateRama) -- On Friday, May 7, 2010 Rep. Ed Royce (R-CA) will host a Combat Fraud Forum at the Cypress Community Center located at 5700 Cypress 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

WASHINGTON, D.C. - April 28, 2010 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 23, 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. On an unadjusted basis, the Index decreased 1.9 percent compared with the previous week

Destin, FL - April 28, 2010 - (RealEstateRama) -- A new company started to align bankers interests with upside down homeowners at risk of losing their homes may save 5 to 7 million mortgage holders from losing their homes to foreclosure

VIENNA, Va. - April 27, 2010 - (RealEstateRama) -- The Financial Crimes Enforcement Network (FinCEN) today released new guidance, Advisory to Financial Institutions on Filing Suspicious Activity Reports Regarding Home Equity Conversion Mortgage Fraud Schemes, to assist financial institutions in guarding against fraud schemes perpetrated against senior citizens who use the Federal Housing Administration’s (FHA’s) Home Equity Conversion Mortgage (HECM) program, a form of reverse mortgage.

Canton, GA - April 27, 2010 - (RealEstateRama) -- April 26, 2010—Realtor Colleen Moore recently made the switch to PrudentialGeorgia Realty. She is based out of Prudential Georgia Realty’s Cherokeeoffice, located on Riverstone Parkway in Canton.

Washington, DC - April 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 decreased 4 basis points to 5.09 percent in March. The average interest rate on 15- year, fixed-rate loans of $417,000 decreased 8 basis points to 4.57 percent in March. These rates are calculated from the FHFA’s Monthly Interest Rate Survey (MIRS) of purchase-money mortgages. These results reflect loans closed during the March 25-31 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-February.

Washintgon, DC - April 26, 2010 - (RealEstateRama) -- The Loan Modification Scam Prevention Network, led by Fannie Mae, Freddie Mac (NYSE:FRE), the Lawyers' Committee for Civil Rights Under Law and NeighborWorks America, today announced a national campaign to prevent loan modification scams through public education, complaint reporting and coordination with local, state, and federal enforcement agencies

WASHINGTON, DC - April 26, 2010 - (RealEstateRama) -- Representatives of the Financial Fraud Enforcement Task Force met in Detroit today for the third of a series of Mortgage Fraud Summits. The task force, established by President Barack Obama in November 2009 to wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes, is composed of representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement.

April 26, 2010 - (RealEstateRama) -- Troy David Chaika, age 43, has been indicted by a federal grand jury in Minneapolis for conspiring with others to bilk mortgage lenders out of more than $43 million by making materially false representations and concealing material information. The indictment, originally filed in U.S. District Court on April 12, was unsealed today following Chaika’s initial appearance in federal court. Specific charges include seven counts of wire fraud, three counts of mail fraud, one count of conspiracy to commit wire fraud and mail fraud

April 26, 2010 - (RealEstateRama) -- Two Prior Lake men and a man from California were charged in a federal indictment unsealed today in the District of Minnesota. The indictment, originally filed with the U.S. District Court in Minneapolis on April 21, 2010, alleges that Beau Wesley Gensmer, age 28, and Christopher Glenn Kennedy, age 30, both of Prior Lake, along with Cameron Roland Baird, age 29, of Los Altos, California, orchestrated a scheme to defraud mortgage lenders out of $3.1 million by causing mortgage loans to be funded based on false information. Specifically, each defendant was charged with 15 counts of wire fraud, one count of wire fraud conspiracy, and two counts of engaging in a monetary transaction derived from unlawful activity.

BALTIMORE, MD - April 22, 2010 - (RealEstateRama) -- Attorney General Douglas F. Gansler announced today that his Securities Division has ordered Montgomery County-based WEI Mortgage Corporation, and its principal, Wesley Yuan, to cease and desist violating Maryland’s securities laws. The order charges WEI Mortgage Corporation and Yuan with engaging in the offer and sale of unregistered, non-exempt securities in the form of “FPP” or “Funding Participation Program” promissory notes, while misrepresenting to investors that the FPP notes were not securities investments, and that the investments involved “little to no risks.”

Washington, D.C - April 22, 2010 - (RealEstateRama) -- Congressman Keith Ellison (D-MN) introduced the Flexible Licensing Compliance for Nonprofit Housing Employees Act of 2010. This legislation would extend the time nonprofit housing employees have to comply with mortgage loan origination licensing requirements set forth in the Secure and Fair Enforcement Mortgage Licensing Act of 2008 ("SAFE Act") to January 1, 2011.

MANCHESTER TWP., N.J. - April 20, 2010 - (RealEstateRama) -- Manchester Township Mayor Michael Fressola today joined representatives of the New Jersey Housing and Mortgage Finance Agency (HMFA) at the Town Hall Civic Center, 1 Colonial Drive, to announce that the township is the newest member of the Live Where You Work program.