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Latest Mortgage News Headlines |
| Last Updated Wednesday, July 23, 2008, 11:42 AM Texas Time |
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The majority of subprime borrowers in 2006 were not minorities, according to a new report. But nearly two-thirds were single. (July 23)
A California-based mortgage company is being kicked out of Washington because, the state claims, of deceitful advertising, faulty disclosures and unlicensed originators. The company, which collected average fees of more than $5,100 per loan, was criticized for failing to include required information in sponsored search engine ads. (July 23)
The chief executive officer of Residential Capital LLC being replaced. (July 22)
Earnings at the Federal Home Loan Banks held up as assets climbed. (July 22)
Stung by the loss of mortgage broker business, Washington Mutual Inc. saw quarterly mortgage production plunge. Losses, meanwhile, more than doubled from the prior quarter. (July 22)
After seven years in his job, the president and chief executive officer of the Mortgage Bankers Association is leaving. Taking his place will be the former CEO of a net branch operation that collapsed early last year. (July 22)
The growth in the volume of loans insured by the Federal Housing Administration has the U.S. Department of Housing and Urban Development looking to add more employees. (July 22)
SunTrust Banks Inc. reported declining originations, with new application activity indicating that further declines are ahead. Mortgage earnings worsened and delinquency was mixed. (July 22)
Job losses at Wachovia Corp., which today reported a massive loss, are expected to exceed 10,000. (July 22)
Mortgage professionals in Pennsylvania, Alaska, Indiana, New York and Arizona now face new laws regarding licensing, background checks and lending practices. (July 22)
Wachovia Corp. saw originations fall by nearly $10 billion and earnings tumble by more than $10 billion from a year earlier. (July 22)
A class-action lawsuit recently filed against Countrywide alleges a joint venture it operated with a major homebuilder was just a sham created to circumvent the Real Estate Settlement Procedures Act. (July 21)
Wachovia Corp. is exiting its wholesale lending business. The lender is not the only lender to abandon the broker channel. (July 21)
During its last quarter as an independent company, Countrywide Financial Corp. saw production tumble and losses soar. While the firm will continue its indirect business channels, some programs are being eliminated. (July 21)
Driven by a decline in home-equity loan activity, quarterly mortgage production tumbled at Bank of America Corp. The company saw a loss of nearly $1 billion from its consumer real estate operations. (July 21)
Mortgage-related company failures have fallen as the number of acquisitions has grown. (July 21)
Most provisions of the new rule become effective on Oct. 1, 2009. The requirement to establish an escrow account for property taxes and insurance in connection with higher-priced mortgage loans (a new category of loans added by the rule) is effective on April 1, 2010, (or Oct. 1, 2010, for higher-priced mortgage loans that are manufactured home loans). (July 21)
An "I hate mortgage brokers" campaign has been launched by a former real estate professional who is afraid to reveal her true identity over fears for her safety. (July 18)
The state of California claims it has uncovered "shocking new details" about how Countrywide Financial Corp. disregarded prudent underwriting and deceived borrowers. (July 18)
Flagstar Bancorp Inc. saw quarterly earnings and mortgage volume improve, though non-performing assets worsened. (July 18)
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An "I hate mortgage brokers" campaign has been launched by a former real estate professional who is afraid to reveal her true identity over fears for her safety.
The www.IHateMortgageBrokers.com Web site was announced Tuesday by Outrageous Enterprises LLC. The site was originally registered in March, according to data from Network Solutions.
The Chicago-based company lists Lisa LaShawn as the owner in the press release, though a special note indicated that her full name was withheld to protect her identity. (July 18)
Most provisions of the new rule become effective on Oct. 1, 2009. The requirement to establish an escrow account for property taxes and insurance in connection with higher-priced mortgage loans (a new category of loans added by the rule) is effective on April 1, 2010, (or Oct. 1, 2010, for higher-priced mortgage loans that are manufactured home loans).
The board advises in the preamble to the new rule that "nothing in this rule should be construed or interpreted to be a determination that acts or practices restricted or prohibited under this rule are, or are not, unfair or deceptive before the effective date of this rule."
The board also advises that "acts or practices occurring before the effective dates of these rules will be judged on the totality of the circumstances under other applicable laws or regulations" and that "acts or practices occurring after the rule's effective dates that are not governed by these rules will continue to be judged on the totality of the circumstances under other applicable laws or regulations." This appears to be an attempt by the board to preclude claims that certain existing practices constitute unfair or deceptive practices simply because the practices will be prohibited by the new rule. (July 21)
While the Federal Reserve Board's final unfair mortgage practices rule under the Truth in Lending Act is an important development, there is a related regulatory development of more immediate concern -- a board proposal to amend the Home Mortgage Disclosure Act rules to conform with the new TILA rules effective for loans closed on or after Jan. 1, 2009. (July 15)
Wachovia Corp. is exiting its wholesale lending business. The lender is not the only lender to abandon the broker channel. (July 21)
The state of California claims it has uncovered "shocking new details" about how Countrywide Financial Corp. disregarded prudent underwriting and deceived borrowers. (July 18)
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