Headlines and Blogs from Around the Web
If you know about foreclosure fraud, the mass fabrication of mortgage documents in state courts by banks attempting to foreclose on homeowners, you may have one nagging question: Why did banks have to resort to this illegal scheme?
The sharp uptick in mortgage rates since the beginning of the year hasn't been music to the ears of folks who are either in the market to buy a home or haven't yet taken advantage of low rates to refinance older, higher-rate loans.
The Justice Department made a long-overdue disclosure late Friday: Last year when U.S. Attorney General Eric Holder boasted about the successes that a high-profile task force racked up pursuing mortgage fraud, the numbers he trumpeted were grossly overstated.
As federal authorities prepare to charge criminally two former JPMorgan Chaseemployees suspected of misrepresenting a multibillion-dollar trading loss last year, prosecutors in Manhattan are separately exploring ways to penalize the bank over the trading blowup that has come to be known as the ''London Whale.''
The Fannie Mae (FNMA) 3.5% coupon climbed 4/32 between Monday and Friday, which led conventional mortgage rate lower by approximately 0.125 percentage points.
Fannie released their second quarter results this morning. In their SEC filing, Fannie reported their Real Estate Owned (REO) declined to 96,920 single family properties, down from 101,449 at the end of Q1.
If it's Thursday, it must mean that JPMorgan Chase is in some kind of trouble again. This has become such a common thing that JPMorgan investors hardly bother to care any more.
It took them a while, but the Feds are finally going after some of the country’s biggest banks for alleged wrongdoing during the great housing and credit bubble.
PNC Financial Services Group disclosed on Thursday that the Justice Department and a federal consumer watchdog agency are investigating its mortgage lending practices, making it the latest big bank to encounter scrutiny stemming from the housing crisis.
Wells Fargo Bank and Deutsche Bank, as trustees for numerous performingmortgage loans has filed suit against the Cty of Richmond California and Mortgage Resolution Partners (MRP), alleging the proposed Richmond Seizure Program is an unconsttional use of Eminent Domain to seize mortgages that will produce profits for Richmond and MRP, a politically connected for profit corporation and its investors.
The most important question to ask about the Obama administration's proposals to wind down Fannie Mae and Freddie Mac and reform mortgage finance in the United States is quite simple: Will it work?
Wells Fargo & Co must face lawsuits by homeowners who claim the largest U.S. mortgage lender refused to offer them permanent mortgage modifications for which they had qualified, a federal appeals court ruled on Thursday.
The criminal investigation of JPMorgan Chase & Co.’s mortgage-backed securities practice is evidence a U.S. Justice Department task force set up to investigate causes of the financial crisis is finally getting some traction against banks blamed for ruining the economy.
"Ex Goldman Trader Found Guilty for Misleading Investors." "Bond Deal Draws Fine for UBS." "JPMorgan Settles Electricity Manipulation Case for $410 million." "Deutsche Bank Net Profit Halves on Charge For Potential Legal Costs."
Ocwen, the nation's largest subprime loan servicer, uses a check for $2.50 to automatically enroll unsuspecting customers in bogus home-warranty and service plans, a class claims in Federal Court.
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.