Headlines and Blogs from Around the Web
Louis Ragusa, who hasn’t paid his mortgage in two years, says he now has a chance to save his Blackwood, New Jersey, home from foreclosure after a hedge fund bought the loan.
It’s been a year of great change and the new normal is emerging for residential mortgage-backed security servicers, especially those focusing on the severely delinquent mortgage loans segment, according to the findings in the Fitch Ratings quarterly servicing index.
Good news for people shopping for a mortgage -- and for current homeowners facing foreclosure because they can no longer afford their home loan: New mortgage regulations drafted by the Consumer Financial Protection Bureau recently took effect and they provide a slew of new rights and protections for consumers.
While national home prices don’t appear to be entering bubble territory any time soon, certain local housing markets on the other hand are beginning to show signs of bubbling up, according to Trulia’s latest Bubble Watch.
Carrington Mortgage Services LLC wants to boost lending to “underserved” borrowers with FICO scores below 640 — “a sizable market that is largely ignored by today’s lenders,” the company said today in announcing it’s loosening underwriting on FHA, VA and USDA loan programs, extending eligibility to more property types and reducing overlays.
Redwood Trust Inc. (RWT:US), the biggest issuer of U.S. home-loan securities without government backing last year, ended a four-month absence from the market with a $341.9 million transaction.
Mortgage foreclosures are at a six-year low, according to data from Back Night (formerly Lending Processing Services), and that is helping boost the vast majority of local housing markets to their best showing since 2010.
Sterne Agee is initiating coverage on Altisource Portfolio Solutions (ASPS), a provider of servicing tools, with a neutral rating and $125 PT on its positive outlook for growth for non-bank MSR firms.
Bank of America is preparing to lay off 153 employees in Pasadena next month, according to a Worker Adjustment and Retraining (WARN) notice from the state Employment Development Department.
Analysts continue to weigh in on the Johnson-Crapo proposal for Fannie Mae and Freddie Mac reform and its expected long-term impact on capital markets. The Federal Mortgage Insurance Corporation is still years away even if the proposal does become law, but its impact on bond markets could be felt much sooner.
HSBC Holdings Plc (HSBA) was accused of targeting minority borrowers in Chicago with high-cost mortgage loans as Cook County, Illinois, followed other local governments in trying to hold subprime lenders liable for urban blight.
MetLife Inc. and Prudential Financial Inc. are cutting Wall Street’s middlemen out of the resurgent market for loans backed by some of the nation’s most-prized commercial properties.
Mortgage-related firings totaled nearly 22,000 in the fourth quarter of 2013, the highest level in six years, according to a tally by Mortgage Daily.
Despite all the fraud committed and money stolen in the housing crisis and crash of 2008, the masters of Wall Street won’t be subjected to perp walks now, or probably ever.
Carrington Mortgage Services lowered its minimum FICO score to 550 and expanded its guidelines on a number of FHA, VA and USDA loan programs in order to better focus on underserved borrowers, typically those in the sub-640 FICO score range.
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.