While President Obama’s re-election will likely thwart hopes of altering Dodd-Frank or the CFPB (Consumer Financial Protection Bureau), a more immediate concern is the possibility that the U.S. Treasury Dept. may have to bailout the Federal Housing Administration’s Mutual Mortgage Insurance Fund, according to nationalmortgagenews. A Romney administration would likely …
A tax break that gives homeowners the opportunity to save thousands may expire by the end of the year unless it is renewed by Congress. CNNMoney informs MHProNews the Mortgage Forgiveness Debt Relief Act of 2007 protects homeowners from having to pay income taxes on the portion of their mortgage …
Bloomberg tells MHProNews the Dollar Index, which tracks American currency against that of six of our trading partners, rose 0.3 percent to a seven-week high on the news of President Obama’s re-election, a sign of a weakened dollar. The index hit 80.83 after touching 80.92. Investors are concerned the president …
BusinessWire informs MHProNews JPMorgan Chase Bank, N.A. is purchasing MetLife Bank, N.A.’s approximately $70 billion mortgage servicing portfolio as MetLife continues to divest itself of its bank holding company structure, a move it began in 2011 when it decided to no longer sell residential mortgages. MetLife Bank President Jim Rose …
As the result of damage inflicted by Hurricane Sandy, President Obama issued a disaster declaration for specific counties in Connecticut, New Jersey and New York, as well as the Mashantucket Pequot Indian Reservation in Connecticut. The Department of Housing and Urban Development (HUD) is offering disaster victims whose homes were …
Tracking the residential mortgage applications through a composite index and covering some 75 percent of all residential applications, the Mortgage Bankers Association (MBA) says new mortgage apps fell five percent for the week ending Oct. 26 on the heels of falling 12 percent and four percent the two previous weeks, …
In recent commercials on TV, Henry Winkler is promoting reverse mortgages, telling people they can continue to live in their homes without worry. Reverse mortgages permit homeowners 62 and older to borrow against the equity in their homes, and not repay the loan until they move or die. Homeowners still …
GlobeNewsWire tells MHProNews Cavco Industries, Inc. (Nasdaq:CVCO) will release its earnings report for the second quarter of fiscal 2013 Thurs., Nov. 1, 2012 after the close of the market. A live webcast conducted by senior management officials to discuss the results will follow the next day, Fri., Nov 2, at …
NationalMortgageNews tells MHProNews according to the Bankers Mortgage Association applications fell 12 percent for the week ending Oct. 19, 2012. Mortgage apps fell 4.2 percent the previous week, according to the trade group’s market composite index, which covers some 75 percent of residential retail lenders. Refinancings as a total of …
NationalMortgageNews says the new Mortgage Bankers Association (MBA) Chairwoman Debra Still says the mortgage industry has to repair its image from top to bottom toward rebuilding the housing and residential finance sectors. Noting lenders have to be committed to do a better job, she says, “Nowhere do we have more …
According to Mark Calabria, director of financial regulation studies at the Cato Institute, data collected by Lender Processing Service (LPS) reveals that for the first time, more than half of the borrowers in foreclosure have been in foreclosure previously. Writing in FinanceTownhall, Calabria says while first-time foreclosures have been falling …
House Financial Services Chairman Spencer Bachus (R-Ala.) released a report in rebuttal to Dodd-Frank supporters who claim the new law ends bailouts. Entitled, “The Dodd-Frank Act, the Persistence of ‘Too Big to Fail,’ and the Institutionalization of Government Bailouts,” the analysis asserts Section 204 of Dodd-Frank allows the FDIC to …
NationalMortgageNews reports loan modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP) rose to 76,000 in August, an increase over the 66,000 in July and 46,400 in June. Of the 59,459 proprietary loan modifications in August, Hope Now says 93 percent had fixed interest rates …
CNNMoney tells MHProNews while Citigroup reported a net profit of $468 million for the third quarter, including several significant losses, their mortgage originations, unlike other large lenders, fell 15 percent from a year earlier to $14.5 billion. Chief Financial Officer John Gerspach, admitting his company did not increase staff quickly …
In the latest weekly report from the Mortgage Bankers Association (MBA), nationalmortgagenews says mortgage applications dropped 1.2 percent for the latest weekly reading Oct. 5 following a 16.6 percent spike for the previous week ending Sept. 28. Refi applications accounted for 83 percent of the apps, much the same as …
WALB-TV reports White Plains, NY-based Drew Industries, Inc. (NYSE:DW) will ring the closing bell at the New York Stock Exchange on Fri., Oct. 5 in honor of Drew’s 50th anniversary as a publicly traded company. Drew’s initial public offering in 1962 denotes its involvement in real estate financing, management and …
MHProNews has learned the Federal Housing Administration (FHA) issued a reminder to approved FHA lenders to promptly release hazard insurance funds to disaster victims of Hurricane Isaac, as per loan documents. The Mortgagee Letter says in the past some lenders used hazard insurance proceeds to pay off the mortgage, leaving …
HousingWire tells MHProNews the shadow inventory dropped by 1.2 million troubled mortgages in the first six months of 2012. Although those numbers could double by the end of the year, four million underwater loans would remain, down from a high of six million in 2010. According to JPMorgan Chase, of …
HousingWire reports Republican presidential hopeful Mitt Romney, in his housing plan, promises to shortcut Pres. Obama’s foreclosure prevention programs with private deals between banks and borrowers by providing alternatives to foreclosure, like short sales, deed-in-lieu-of-foreclosure, and shared appreciation. He has slammed the qualified mortgage rule and vowed to overhaul the …
CNNMoney reports foreclosure filings increased one percent in August over July as lenders slogged through a backlog of delinquencies and defaults. Scheduled auctions, default notices and bank repossessions were filed on 193,508 properties in August. Despite the increase, filings fell 15 percent from a year earlier. Foreclosures are rising in …
