The Pulse

HOPE NOW Alliance testifies: California workouts outpace foreclosures by a 2-1 margin
Faith Schwartz, executive director, of the HOPE NOW Alliance, testified before the State Assembly Select Committee on the Safety and Protection of At-Risk Communities in California. Schwartz testified that through October 2009, more than... Read more
New York appraisal business owner indicted in mortgage fraud scheme
Andrew T. Baxter, United States Attorney; Rene Febles, Special Agent in Charge, United States Department of Housing and Urban Development, Office of Inspector General, John F. Pikus, Special Agent in Charge, Albany Division of the Federal... Read more
HUD publishes proposed rule for state compliance with SAFE Act
The U.S. Department of Housing & Urban Development (HUD) has announced publication of a proposed rule setting the minimum standards that states must meet to comply with the Secure and Fair Enforcement Mortgage Licensing Act (SAFE Act)... Read more
CMSA to testify before House Financial Services Committee on covered bonds issue
Commercial Mortgage Securities Association (CMSA) will testify today before the House Financial Services Committee where it will share its perspectives on the U.S. covered bond market. Christopher Hoeffel, immediate past president of CMSA... Read more
Wells Fargo expands its use of HAMP in reducing foreclosures
Wells Fargo & Company has said that it continues to expand its use of the federal Home Affordable Modification Program (HAMP) and its other modification programs to reduce the number of foreclosed homes across the country. As of Nov.... Read more
MBA applauds increased funding for FHA, fraud prevention
Robert E. Story Jr., CMB, chairman of the Mortgage Bankers Association, has issued the following statement after the U.S. House of Representatives passed the conference report for HR 3288, the Consolidated Appropriations Act. The bill... Read more
Manhattan U.S. attorney charges president of mortgage firm in $23 million fraud scheme
Preet Bhara, the United States Attorney for the Southern District of New York, Joseph M. DeMarest Jr., the Assistant Director-in-Charge of the New York Field Division of the Federal Bureau of Investigation (FBI), and Richard H. Neiman, the... Read more
Obama Administration reports: Just over 30,000 of 700,00-plus loan mods made permanent
The Obama Administration has released the latest monthly report for the Making Home Affordable (MHA) loan modification program. As part of an ongoing commitment to transparency, the report includes, for the first time, the number of... Read more
Minnesotan defrauds CitiMortgage for more than $500,000
A 35-year-old Blaine, Minn. man has pleaded guilty to defrauding CitiMortgage out of $588,200.51 through a mortgage fraud scheme. Appearing before United States District Court Judge John Tunheim in Minneapolis, Jeffrey Michael Taylor... Read more
NAMB announces Call to Action on Regulation Z revisions
The Federal Reserve Board (The Board) Proposed Rule revising Regulation Z as it pertains to closed-end mortgages proposes major changes to mortgage disclosures, originator compensation, and anti-steering language. The comment period for... Read more