The Pulse

Georgia broker pleads guilty to fraud scheme
Edward William Farley of Hoschton, Ga., has pleaded guilty in federal district court to committing a mortgage fraud, a real estate investment “Ponzi” scam involving over 150 victims, a check-kiting scheme and a bankruptcy fraud. According... Read more
Mortgage fraud scheme earns Jacksonville man seven years behind bars
United States Attorney A. Brian Albritton announced that U.S. District Judge Henry Lee Adams Jr., has sentenced Juan Carlos Gonzalez (age 51, of Jacksonville, Fla.) to seven years in federal prison for conspiring to commit wire and bank... Read more
Survey cites opportunity for commercial investors to buy low in 2010
Commercial real estate industry investors and professionals remain decidedly negative, colored by distress over prospects for an extended period of anemic demand and costly de-leveraging, according to respondents of the Emerging Trends in... Read more
Ohio AG files second suit against servicers
Ohio Attorney General Richard Cordray has filed a lawsuit against American Home Mortgage Servicing Inc. (AHMSI), a Texas-based company servicing more than 12,000 sub-prime and prime mortgage loans in Ohio. The lawsuit alleges numerous... Read more
Ginnie Mae MBS continue to stabilize secondary market
The Government National Mortgage Association (Ginnie Mae) has announced that it guaranteed more than $38.6 billion in mortgage-backed securities (MBS) in October. For the first 10 months of calendar 2009, Ginnie Mae provided nearly $376... Read more
Fannie Mae announces Deed for Lease program
Fannie Mae has announced the implementation of its Deed for Lease Program under which qualifying homeowners facing foreclosure will be able to remain in their homes by signing a lease in connection with the voluntary transfer of the... Read more
Two FHA-approved lenders penalized by HUD
The U.S. Department of Housing & Urban Development (HUD) has announced that its Mortgagee Review Board (MRB) is imposing civil monetary penalties totaling $27,000 on two FHA-approved lenders in Wisconsin and Connecticut for a variety... Read more
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