Headlines and Blogs from Around the Web
Last week, the GSEs released their numbers for the first quarter of 2013. Under normal circumstances, for normal companies, the figures would have simply represented strong financial performance for a couple market giants.
KeyBank Real Estate Capital, the CRE business unit of KeyCorp, Cleveland, has entered into a series of agreements that reportedly will make it the nation’s third-largest named servicer of commercial/multi-family loans, with a commercial mortgage servicing portfolio of about $205 billion, the company announced Thursday.
Mortgage servicing company Lender Processing Services Inc has agreed to pay $14 million to settle claims the company misled investors about improper practices underlying its business model, including the "robo-signing" documents, in connection with foreclosures.
Ally Financial Inc., the auto lender owned by U.S. taxpayers, may learn today how hard it will be to escape $25 billion in claims made against its bankrupt mortgage arm, Residential Capital LLC.
About 96,000 borrowers whose mortgages were serviced by former companies of Goldman Sachs and Morgan Stanley were sent foreclosure compensation checks for less than what they were supposed to get, the Federal Reserve Board said Wednesday.
Wells Fargo is facing a decline in mortgage loan demand and mortgage banking revenue, but the bank stands ready to quickly cut its expenses as volume declines.
The Dow Jones Industrials ended its run of record highs today, dropping 22 points. Playing a big role in that relatively minor decline was JPMorgan Chase, which fell 1.5%. Yet, the latest news came after the market closed for the day, as the California Attorney General sued the banking giant over allegations of illegal debt-collection tactics from more than 100,000 credit card holders.
Bank of America Corp(NYSE:BAC) has announced a deal to sell about $110 million worth of commercial mortgage servicing rights portfolio to a unit of KeyCorp for an undisclosed amount.
The appointment of Rep. Mel Watt, D-N.C., to head of the Federal Housing Finance Agency, the overseer of Fannie Mae and Freddie Mac, could have a substantial impact on the Home Affordable Modification Program (HAMP).
A judge narrowed a lawsuit by the U.S. against Bank of America Corp. over mortgages the bank and its Countrywide unit sold to Fannie Mae (FNMA) and Freddie Mac.
Financially strapped homeowners who are close to foreclosure may want to face the music now rather than continuing to struggle with their monthly payments. There's a high probability of losing the house anyway, even with the government's help.
Bank regulators keeping tally of checks cashed in the Independent Foreclosure Review (IFR) mailings put the running total at more than $2 billion as of Thursday, but that amount should have been higher if not for more fumbling by the paying agent, Rust Consulting.
On May 1, Obama nominated Watt to head the Federal Housing Finance Agency (FHFA). It replaced the Federal Housing Finance Board (FHFB), the Office of Federal Housing Enterprise Oversight (OFHEO), and the Department of Housing and Urban Development (DHUD).
Insurer MBIA guaranteed tens of billions' worth of securitized mortgages last decade, so when the housing bubble popped, it was left holding the bag on so many junky securities that it nearly collapsed. Part of its survival strategy was to sue the banks that allegedly lied about how dreadful the mortgages were, and last week the strategy paid off, big time.
In a previous post, we discussed a decision by the U.S. District Court for the District of Maryland that has recently been affirmed by the Fourth Circuit, Spaulding v. Wells Fargo Bank, No. 12-1973 (decided April 19, 2013). The Fourth Circuit, once again, did not preclude state law claims brought under the Home Affordable Modification Program (“HAMP”). However, the Court affirmed dismissal of these claims. In sum, plaintiffs may bring these claims, but they may still not be able to overcome the motion to dismiss hurdle.
The Mortgage News Ticker is a collection of news articles, magazine stories and blog posts from around the web. The opinion expressed are those of the news sources and do not reflect that of National Mortgage Professional Magazine, NationalMortgageProfessional.com, NMP Media Corp. or its affiliates.