The Pulse

MBA applauds the passage of homebuyer tax credit extension
Robert E. Story Jr., CMB, chairman of the Mortgage Bankers Association (MBA), has issued the following statement in response to the passage in the U.S. Congress of legislation to extend and expand the homebuyer tax credit: "At a time when... Read more
Freddie Mac PMMS: 30-year fixed rate dips below five percent
Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 4.98 percent with an average 0.7 point for the week ending Nov. 5, 2009, down from last week when it... Read more
Senate unanimously approves first-time homebuyer tax credit extension
The United States Senate has voted by a 98-0 margin to approve an extension of the $8,000 first-time homebuyer tax credit until April of 2010, thus negating the previous deadline of Nov. 30, 2009. The bill, which primarily focuses on... Read more
MBA study: Commercial and multifamily originations remained low in Q3
Commercial and multifamily mortgage loan originations for the third quarter of 2009 were 12 percent lower than during the second quarter of 2009, and 54 percent lower than during the same period last year, according to the Mortgage Bankers... Read more
Mortgage fraud investigation nabs more than 100 in Florida
United States Attorney A. Brian Albritton has announced the results of a nine-month-long Mortgage Fraud Surge investigation that has resulted in charges against more than 100 defendants and involves allegations concerning more than $400... Read more
Metrostudy: Twin Cities new housing market shows signs of improvement
“Despite a weak economy, there are signs that the Twin Cities new-home market is very close to a bottom,” said Ryan Jones, director of Metrostudy’s Twin Cities division. The rate of job losses (4.3 percent) throughout the Twin Cities’ 13-... Read more
Refi apps increase in latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) has released its Weekly Mortgage Applications Survey for the week ending Oct. 30, 2009. The Market Composite Index, a measure of mortgage loan application volume, increased 8.2 percent on a... Read more
San Francisco broker pleads guilty to defrauding lenders and financial institutions
Michael Chou pleaded guilty in federal court today to wire fraud conspiracy, United States Attorney Joseph P. Russoniello announced. In pleading guilty, Chou admitted that, in a scheme that began in 2003 and continued until approximately... Read more
Class-action suits against KB Home expand to Florida, North Carolina and South Carolina
A Central Florida homeowner forced into foreclosure has filed a class-action lawsuit against KB Home, Countrywide Financial and LandSafe Appraisal Services, claiming the three conspired to rig housing prices in Florida, South Carolina and... Read more
NAMB backs extension of first-time homebuyer tax credit: Letters submitted to House and Senate
On Nov. 2, 2009, the National Association of Mortgage Brokers (NAMB) sent a letter to the U.S. House of Representatives and the U.S. Senate requesting that they support the extension of the $8,000 First-Time Homebuyer Tax Credit. HR 3640,... Read more